Tag: Goodyear Tire & Rubber
Goodyear announces Germany savings, plans for similar measures in USA
Goodyear Tire & Rubber says its decision to modernise two tyre factories in Germany, and in doing so lay off around 1,100 workers, will cut the tyre maker’s costs by US$60 million to $70 million a year. Chief financial officer Darren Wells anticipates that Goodyear will feel the “full benefit” of these additional earnings by 2022.
Goodyear: Drop in OE demand muzzles H1 2019 performance
There’s little good news to be found in the latest financial results from Goodyear Tire & Rubber. Sales and unit volumes were lower in the first half of this year, respectively dropping 5.7 per cent to US$7.2 billion and 3.3 per cent to 75.4 million units. The tyre maker also reported a net loss of US$7 million for the six months to 30 June 2019, a contrast to the net income of $232 million announced a year earlier; this result includes several significant items, most notably $107 million in rationalisation charges that are primarily related to modernisation plans and layoffs at two tyre plants in Germany.
Goodyear WEC tyres to debut at tomorrow’s ‘Prologue’ test
Teams from the FIA World Endurance Championship (WEC) will take to the track for ‘Prologue’ pre-season testing at Circuit de Barcelona-Catalunya tomorrow. One of the most significant moments of this anticipated public test session will be the return of Goodyear to international competition.
Goodyear reports Q1 2019 net loss
Sales and income were down at Goodyear Tire & Rubber in the first quarter of this year. Revenue in the three months to 31 March 2019 declined six per cent to US$3.6 billion; Goodyear attributes this result to unfavourable exchange rates and lower volume in its international businesses. The company reported first quarter segment operating income of $190 million in 2019, down from $281 million a year ago.
Goodyear names new SVP, general counsel
David E. Phillips, Goodyear Tire & Rubber's associate general counsel, Americas, has been appointed the company's senior vice-president and general counsel. He begins in this new role on 4 June.
Luxembourg: Goodyear investing in OTR tyre production
A total of US$36 million has been set aside to increase OTR tyre production at the Goodyear plant in Colmar-Berg, Luxembourg. The investment will also fund process improvements at the facility.
Goodyear: Q3 2018 results
Goodyear Tire & Rubber has reported Q3 2018 sales of US$3.9 billion, slightly up on a year earlier; improved volume, price/mix and higher sales in other tyre-related businesses were “substantially offset” by unfavourable foreign currency translation.
Goodyear’s McClellan to chair USTMA board
Stephen R. McClellan is the new chairman of the U.S. Tire Manufacturers Association’s (USTMA) Board of Directors. The president of The Goodyear Tire & Rubber Company’s Americas business unit began in this role on 3 October and will serve a two-year term. McClellan succeeds Jim Hawk, chairman, Toyo Holdings of America, Inc., who served as chairman of the USTMA Board since 2016.
Darren Wells back at Goodyear as CFO
A familiar face has returned to Goodyear Tire & Rubber. As of 20 September, Darren R. Wells is back with the tyre maker as executive vice-president and chief financial officer – a position he held between 2008 and 2013. He succeeds Laura Thompson, who in June announced her intention to retire in the first quarter of 2019 following a 35-year career with the company.
Aircraft tyres: Goodyear to appeal Australian ruling on Dunlop name
Rights to use the Dunlop brand name on tyres and related products are mainly divided up around the world between Goodyear Tire & Rubber and Sumitomo Rubber Industries. In Australia, Goodyear acts as rightsholder to the Dunlop brand, and this makes a recent court decision significant.
Goodyear awarded for safety improvement practices
The Goodyear Tire & Rubber Company was recently recognised by the U.S. Tire Manufacturers Association (USTMA) with a Leadership Award for promoting innovative practices to improve worker safety.
New Goodyear rubber procurement policy to guide supply chain development
In spite of alternatives such as guayule and Russian dandelion, the Hevea brasiliensis tree will remain an important source of rubber for tyre manufacturers. The Goodyear Tire & Rubber Company recognises this and has announced a new natural rubber procurement policy. The tyre maker says this new policy “reflects its strong commitment to the responsible sourcing of raw materials” and believes its implementation and adherence will help address deforestation, land grabbing, and human rights in the areas of the world where natural rubber is produced.