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Goodyear extended EMEA tyre production shutdown into 2023

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Goodyear reported that fourth-quarter 2022 tyre production levels were 3.5 million units below 2021 when executives published the firm’s full-year 2022 figures in February. That move was enacted in order to “control working capital given the weaker volume environment.” Now officials have confirmed that they decided to extend the pre-planned winter production shutdown into the first quarter of 2023 in the Europe Middle East and Africa (EMEA) region in order to rebalance inventories.

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  1. Price mix contributed more to Goodyear EMEA 3Q figures than Cooper Tire sales
  2. Goodyear to cut 5% of salaried staff globally, $80 million 4Q loss expected in EMEA
  3. Europe to bear 40% of Goodyear’s global job cuts
  4. Goodyear reports losses of $104 million in Q4 2022, points the finger at Europe
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Integrating sustainability throughout the organisation: Goodyear EMEA VP talks sustainability

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Goodyear

“Sustainability” is not new, but it has really stepped into the foreground in the last couple of years. Furthermore, while “sustainability” is often used synonymously with terms like “green” and “ecological”. It is increasingly used in a much more strategic and philosophical manner to refer to areas across the gamut of environmental as well as corporate and social responsibility domains. At the same time, others have accused businesses of using such language as a means of jumping on the bandwagon and even “greenwashing” their companies to make them appear more sustainable than they are. March’s Tyres & Accessories takes a look at all these points and asks how they relate to the tyre business, beginning with this preview of an interview with Xavier Fraipont, Goodyear VP product development EMEA that will be published in the March edition of Tyres & Accessories magazine.

Tyres & Accessories logoThis article is a preview of the full interview that will be published in the March edition of Tyres & Accessories magazine. Not a subscriber? No problem, click here to become one.

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Related news:

  1. Price mix contributed more to Goodyear EMEA 3Q figures than Cooper Tire sales
  2. Goodyear to cut 5% of salaried staff globally, $80 million 4Q loss expected in EMEA
  3. Europe to bear 40% of Goodyear’s global job cuts
  4. Goodyear reports losses of $104 million in Q4 2022, points the finger at Europe
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Goodyear MEA appoints Afaneh commercial tyre business director

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Goodyear

Goodyear has appointed Hamzeh Afaneh as director of its commercial tyre business in the Middle East & Africa (MEA). Afaneh has spent almost sixteen years in the tyre business, occupying a series of sales and business development roles based in Jordan and the UAE with Bridgestone, Continental and most recently Goodyear as commercial regional manager in early 2021. He led Goodyear’s team for the Gulf Cooperations Council (GCC) and near East regions, growing commercial tyre sales and delivering tailored digital solutions to customers. He was the recipient of Goodyear’s Chairman’s Award in 2022. Announcing his appointment, the company notes his experience of brand marketing, sales and business development across the region.

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  1. Roadbot roadblock – Middle Eastern tyre factory stalls due to pandemic
  2. Europe to bear 40% of Goodyear’s global job cuts
  3. Roadbot’s $600 million UAE tyre plant
  4. Goodyear reports 42% net sales increase in 2021, EMEA back in black
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Europe to bear 40% of Goodyear’s global job cuts

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The news that Goodyear lost $104 million in the fourth quarter of 2022 won’t be welcome in the company’s Europe Middle East and Africa (EMEA) region. The official figures also confirmed projections a fortnight earlier that EMEA’s own fourth-quarter 2022 loss of $80 million would make up the lion’s share of the red numbers. Back then, Goodyear’s Ohio-based global executives announced plans to cut 5 per cent of the firm’s global salaried workforce and official statements featured implicit references to the underperformance of the EMEA region, raising questions about how many jobs would be cut in Europe.

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  1. Goodyear to cut 5% of salaried staff globally, $80 million 4Q loss expected in EMEA
  2. Cooper Tire joins the Goodyear team
  3. Integration on-track: Goodyear reports 16% growth plus greater synergies from Cooper Tire acquisition
  4. Price mix contributed more to Goodyear EMEA 3Q figures than Cooper Tire sales
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Goodyear reports losses of $104 million in Q4 2022, points the finger at Europe

Goodyear

Goodyear reported net losses of $104 million (£85.81 million; 96.71 million euros) in its fourth-quarter 2022 results. By comparison, the same period of 2021 saw $553 million of income. Meanwhile, net sales grew six per cent to $5.374 billion in the period despite 3 per cent lower unit volumes compared with the same period in 2021.

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Related news:

  1. Goodyear to cut 5% of salaried staff globally, $80 million 4Q loss expected in EMEA
  2. Integration on-track: Goodyear reports 16% growth plus greater synergies from Cooper Tire acquisition
  3. Price mix contributed more to Goodyear EMEA 3Q figures than Cooper Tire sales
  4. Cooper Tire joins the Goodyear team
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Kono to lead Toyo Tires’ EMEA sales operation

Toyo Tire Corporation has appointed Masaomi Kono division general manager of its Europe, Africa & Middle East sales division and also, confusingly, general manager of said division, as well as general manager of the Europe, Africa & Middle East sales department. Kono begins in these roles, and presumably will receive slightly larger business cards, on 1 April 2023.

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  1. Toyo Tires adjusting management team to facilitate Europe tyre plant project
  2. Toyo Tires tweaks R&D HQ’s organisational structure
  3. Wider remit for Toyo Tires’ Hirao
  4. Toyo Tires setting up European R&D centre
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Goodyear to cut 5% of salaried staff globally, $80 million 4Q loss expected in EMEA

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Goodyear

Goodyear Tire & Rubber Company is planning “rationalization and workforce reorganization” actions that would result in a 5 per cent reduction in salaried staff globally, or about 500 positions. According to executives, the move has been prompted by the “challenging industry environment and cost pressure driven by inflation.” However it is also attributed to weaker-than-expected fourth-quarter results:

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Related news:

  1. Integration on-track: Goodyear reports 16% growth plus greater synergies from Cooper Tire acquisition
  2. Price mix contributed more to Goodyear EMEA 3Q figures than Cooper Tire sales
  3. Cooper Tire joins the Goodyear team
  4. Goodyear reports 42% net sales increase in 2021, EMEA back in black
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Goodyear reports 42% net sales increase in 2021, EMEA back in black

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Goodyear

The Goodyear Tire & Rubber Company has reported full-year 2021 net sales of $17.5 billion, a 42 per cent increase on 2020. According to Goodyear, this was primarily due to “the Cooper Tire merger, higher volume, improvements in price/mix and increased sales from other tyre-related businesses.”

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  1. Integration on-track: Goodyear reports 16% growth plus greater synergies from Cooper Tire acquisition
  2. Yokohama profits tumble 49%
  3. EMEA tyre business supports Goodyear Q3 results
  4. Price mix contributed more to Goodyear EMEA 3Q figures than Cooper Tire sales
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Price mix contributed more to Goodyear EMEA 3Q figures than Cooper Tire sales

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Goodyear

The completion of Goodyear’s takeover of Cooper on 7 June this year brought with it the first indications of the scale of Cooper’s sales in the Europe Middle East and Africa (EMEA) market. Before that point, Cooper only reported sales figures for their “International Tire Operations”, which includes sales generated worldwide outside EMEA.

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  2. Integration on-track: Goodyear reports 16% growth plus greater synergies from Cooper Tire acquisition
  3. Goodyear set to buy Cooper Tire for US$2.5 billion
  4. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
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Integration on-track: Goodyear reports 16% growth plus greater synergies from Cooper Tire acquisition

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Goodyear

The Goodyear Tire & Rubber Company has published figures that show its third-quarter 2021 sales were $4.9 billion, up 42 per cent compared with a year ago. Of course, much of this increase was driven by the company’s acquisition of Cooper Tire, but growth still came in at 16 per cent with the benefits of the Cooper merger excluded. At the same time, Goodyear executives also reported that the company now expects circa 50 per cent greater Cooper merger-related synergies than before. Specifically, this means a benefit of $250 million in run-rate synergies by mid-2023 up from an initial forecast of $165 million. And what’s more, the company expects to realize approximately $20 million of these savings in 2021. No estimates for 2022 synergies are being released until at least the end of 2021 and more likely February 2022 when full-year 2021 data has been processed.

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  1. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
  2. Cooper shareholders approve Goodyear merger
  3. Cooper Tire joins the Goodyear team
  4. Price mix contributed more to Goodyear EMEA 3Q figures than Cooper Tire sales
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Birla Carbon announces EMEA price increase

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Birla Carbon will increase the price for all products produced in the Europe, Middle East and Africa (EMEA) region by 97 euros per metric tonne. All shipments made on or after 1 June 2021 are subject to the price increase.

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Roadbot roadblock – Middle Eastern tyre factory stalls due to pandemic

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Roadbot tyres

In January 2019, the ground was broken on the US$614 million Roadbot tyre plant in Abu Dhabi. Local news sources described the project as a milestone in the capital of the United Arab Emirates as recently as January 2020. However, the project has since hit a roadblock as a result of the coronavirus pandemic.

Tyres & Accessories has seen documents that show how recent progress has been limited, though initial steps seem to have progressed well. Specifically, the official letter from Roadbot Tyre Industries dated July 2020 confirms that all the necessary planning applications, architectural designs and structure drawings have been approved and completed. Yet critical machinery work came to a standstill in March 2020.

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  1. Roadbot’s $600 million UAE tyre plant
  2. Pyramids Tires: $350 million Egyptian factory begins manufacturing
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Continental reorganises replacement tyre businesses in EMEA

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Continental

Continental has merged its passenger and truck tyres replacement businesses in Europe, the Middle East, and Africa. Philipp von Hirschheydt, former head of the passenger tyres replacement business in the EMEA region, leads the new business unit. This transformation started on 1 January, 2020, becoming effective on 1 July, 2020. Conti states that it has merged the businesses to “increase customer centricity while increasing the overall efficiency of the organisations.” In making this organisational change, Conti has shifted its structure to align with customer groups rather than product categories.

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  1. Management reshuffle for Conti’s aftermarket truck tyre business
  2. Benack heading Continental’s reorganised Fleet Solutions department
  3. Obituary: Alexander Bahlmann
  4. Conti CEO warns staff of job cuts
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Exide EMEA bought by lenders, but still up for sale

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Following news that Exide Technologies entered Chapter 11 bankruptcy protection on 19 May 2020, Exide has been bought by long-term lenders who have injected cash, but remains up for sale until the end of July. Specifically, the new owners of Exide EMEA and Asia-Pacific are subject to conditions outlined in the transaction document to “maintain continued employment of the company’s workforce in these regions”. For example, as part of the agreement, the ad hoc lender group has provided additional liquidity of up to $75 million. The agreement also includes a “go-shop” period with a bid submission deadline and auction to be held in early July 2020.

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Exide enters bankruptcy

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Exide slideExide Technologies

On 19 May battery manufacturer Exide Technologies entered chapter 11 bankruptcy protection, announcing “a comprehensive strategy to best position its businesses in North America, EMEA, and Asia-Pacific to benefit its employees, customers, suppliers, and other stakeholders across the globe.” In short, the strategy puts the Exide’s US business in chapter 11 and sells the Europe Middle East and Africa (EMEA) to the firm’s long-term lenders.

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