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Goodyear Tire & Rubber Company (NASDAQ: GT) stands as one of the world's largest tire manufacturers, renowned for its innovation and tire technology. With its headquarters in Akron, Ohio, USA, Goodyear operates 50 plants in 22 countries, affirming its global footprint. The company's extensive product lineup includes tires for automobiles, trucks, buses, aircraft, motorcycles, mining equipment, farm equipment, and industrial machinery.
Founded in 1898, Goodyear has sustained a legacy of excellence in tire manufacturing. Its operations are divided into three primary segments: Americas; Europe, the Middle East, and Africa (EMEA); and the Asia Pacific. Each segment caters to the specific needs of its regional markets, ensuring high standards of performance and safety.
Recent achievements spotlight Goodyear's commitment to innovation. The company, in collaboration with ZF, a global leader in vehicle systems, successfully integrated Goodyear SightLine—a suite of tire intelligence technologies—with ZF's cubiX® vehicle motion control software. This synergy enhances driving dynamics and safety by providing real-time tire and road data to the vehicle’s chassis system.
Goodyear’s dedication to product quality is further exemplified by the launch of the GP-3E tire line, designed for off-the-road (OTR) applications. This versatile tire offers enhanced treadwear and traction, tailored to meet the demanding conditions of construction and material handling jobs.
Financially, Goodyear reported a net loss of $57 million in the first quarter of 2024, an improvement from the previous year. The company's
Goodyear Tire & Rubber Company (NASDAQ: GT) has announced it will release its second quarter 2024 financial results after market close on Wednesday, July 31, 2024. The company will host an investor conference call at 8:00 a.m. EDT on Thursday, August 1. Investors can access the call via Goodyear's website or by telephone. A replay will be available both online and via phone.
Goodyear, one of the world's largest tire companies, employs about 71,000 people and operates 54 manufacturing facilities in 21 countries. The company's Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, focus on developing cutting-edge products and services for the industry.
Goodyear Tire & Rubber Company (NASDAQ: GT) has announced the sale of its Off-the-Road (OTR) tire business to Yokohama Rubber Company for $905 million in cash. This move is part of Goodyear's strategic review and transformation plan, Goodyear Forward. The deal excludes OTR tires for U.S. military and defense applications, which Goodyear will retain. As part of the agreement, Goodyear will continue to manufacture certain OTR tires for Yokohama for up to five years post-closing.
The transaction, expected to close by early 2025, is subject to regulatory approvals and other conditions. Goodyear plans to use the proceeds to reduce leverage and fund initiatives related to its transformation plan. Evercore is acting as the financial advisor, while Sullivan & Cromwell LLP serves as the legal advisor for Goodyear in this deal.
Goodyear Tire & Rubber Company (NASDAQ: GT) has released its 2023 Corporate Responsibility Report, detailing its progress in sustainability and value creation for stakeholders. Key highlights include a 21.9% reduction in Scope 1 and 2 greenhouse gas emissions from 2019 levels and an increase in renewable electricity usage to 37%. The company introduced EcoReady, a tire made with 70% sustainable materials, in December 2023. Goodyear reported for the first time on high-priority topics such as Climate Decarbonization, Circularity, and Human Rights, aligned with Global Reporting Initiative standards. The report also notes a 15% increase in Employee Resource Group memberships and a 20% rise in volunteer participation. Additionally, Goodyear trained nearly 5,000 farmers in Indonesia to improve agricultural practices through sustainable sourcing initiatives. The full report is accessible on Goodyear’s Corporate Responsibility website.
Goodyear has launched the new Cooper® Discoverer® Stronghold™ AT tire, designed for maximum durability, comfort, and grip across various terrains. This tire features 3D sipe technology for stability, wide open grooves for solid traction in dirt and gravel, and a Three-Peak Mountain Snowflake Designation (3PMS) for snow traction. Jim Reese, Goodyear's director of Category Strategy and Planning, highlighted its enhanced handling, treadwear, and winter traction. The tire comes with a 60,000-mile treadwear warranty and a 45-day test drive guarantee. Available in 28 sizes for popular pick-up trucks and off-road vehicles, the Cooper Discoverer Stronghold AT is engineered to resist cutting, cracking, and tearing, making it suitable for demanding environments.
Goodyear Tire & Rubber Company (NASDAQ: GT) announced the retirement of Gary VanderLind, Senior Vice President and Chief Human Resources Officer, effective July 1, 2024. Nicole Gray will succeed him. CEO Mark Stewart praised VanderLind's nearly 40-year tenure, highlighting his contributions to organizational capability and associate engagement. Gray, who joined Goodyear in 2016, has extensive experience in labor and employment law, and has held senior HR leadership roles. Her appointment is seen as a strategic move to advance Goodyear's global HR functions and workforce planning.
The Goodyear Tire & Rubber Company (NASDAQ: GT) reported a first quarter 2024 net loss of $57 million, with an adjusted net income of $29 million. The segment operating income was $247 million, reflecting a strong performance. The Americas segment operating income more than doubled from the prior year to $179 million, with a segment operating margin of ~7.0%. The Asia Pacific segment operating margin increased by 350 basis points to 10.0%. The Goodyear Forward transformation initiatives delivered $72 million. The company's first quarter 2024 sales were $4.5 billion with tire unit volumes totaling 40.4 million.
The Goodyear Tire & Rubber Company (NASDAQ: GT) will announce its first quarter 2024 financial results after market close on May 6, followed by an investor conference call on May 7. The Company employs 71,000 people across 22 countries and operates two Innovation Centers. For more information, visit www.goodyear.com/corporate.
