Skip to main content
EVENT TRACKER
Keep track of rescheduled, canceled industry events with our COVID-affected event tracker - Powered by Snap Finance
Close
Sister Publication Links
  • Rubber & Plastics News
  • European Rubber Journal
tb-logo
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • OPINION
    • CORONAVIRUS
    • AUTO INDUSTRY
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • FACTORY FIXES
    • GOVERNMENT & LAW
    • INTERNATIONAL
    • MOTOR SPORTS
    • NEW PRODUCTS
    • RETAIL TIRES
    • SERVICE ZONE
    • SEMA/AAPEX
    • SMALL BUSINESS
    • TIRE MAKERS
    • SPONSORED CONTENT
    • COVID takes dealers for roller-coaster ride
      A year later, pandemic's full tire industry impact unclear
      Tire Cologne canceled; rescheduled until 2022
      New round of Paycheck Protection Program funding opens
    • DTM switches horses mid-stream; awards race tire contract to Michelin
      Icahn Auto trims fiscal 2020 operating loss despite 14% lower sales
      Oshkosh unit gets contract for new USPS local delivery vehicle
      Sumitomo adds treadwear-detection to 'Sensor Core' toolkit
    • F1 extends Pirelli's supply contract through 2024
      Titan eyes solid recovery in 2021 as ag sector rebounds
      4 Wheel Parts celebrates 60th anniversary with deals, promotions
      CarAdvise partnering with RepairSmith mobile repair services
    • Goodyear joins connected mobility pilot program in Ohio
      Michelin launches high-scrub, weight-sensitive X One Multi T trailer tire
      TRAC Intermodal redirects retread biz 100% in-house
      Giti rolling out range of GT Radial-brand urban/regional truck tires
    • USTMA joins coalition supporting passage of Equality Act
      McMahon's Best-One increases its minimum wage to $15
      Oshkosh unit gets contract for new USPS local delivery vehicle
      Conti recalling 94,000 Conti-, General-, Barum-brand LT/SUV tires
    • F1 extends Pirelli's supply contract through 2024
      Maxam adding multipurpose radial, solid OTR tires
      Goodyear names Patterson to lead Cooper integration efforts
      DTM switches horses mid-stream; awards race tire contract to Michelin
    • F1 extends Pirelli's supply contract through 2024
      DTM switches horses mid-stream; awards race tire contract to Michelin
      Bridgestone World Solar Challenge canceled due to pandemic restrictions
      Pirelli, Goodyear ink sedan racing series contracts in Canada, Europe
    • Snap-on debuts Triton-D10 diagnostic tool with scan, lab scope capabilities
      Maxam adding multipurpose radial, solid OTR tires
      Michelin launches high-scrub, weight-sensitive X One Multi T trailer tire
      Giti rolling out range of GT Radial-brand urban/regional truck tires
    • COVID takes dealers for roller-coaster ride
      Investment groups to acquire Mavis Tire network
      Vogue Tyre offers $75 rebate on set of 4 tires during March
      4 Wheel Parts celebrates 60th anniversary with deals, promotions
    • Snap-on debuts Triton-D10 diagnostic tool with scan, lab scope capabilities
      Pennzoil offering carbon-neutral lubricants for passenger cars
      Washington dealership uses new-school solution for recruiting auto techs
      Marinucci: Customers may ignore dangerous conditions
    • TIA seeking nominations for Tire Industry Hall of Fame
      SEMA survey shows resilient auto aftermarket in 2020
      SEMA scholarships and loan forgiveness now available
      WTC hosting webinar Jan. 20 on load-capacity standards
    • SEMA survey shows resilient auto aftermarket in 2020
      Trade groups oppose minimum wage increase proposal
      New stimulus package fixes PPP loan confusion
      Vaccine may usher sense of normalcy
    • Goodyear joins connected mobility pilot program in Ohio
      Titan eyes solid recovery in 2021 as ag sector rebounds
      Michelin launches high-scrub, weight-sensitive X One Multi T trailer tire
      Goodyear names Patterson to lead Cooper integration efforts
    • Sponsored By Yokohama Tire Company
      7 questions to ask consumers when they need tires for a crossover SUV
      Sponsored By Yokohama Tire Company
      Stocking Tires for Crossover SUVs
      Sponsored By AppointmentPlus
      Three Important Lessons Learned for the Tire Business During a Pandemic
      Sponsored By Yokohama Tire Company
      7 questions to ask consumers when they need tires for a crossover SUV
  • SHOP FLOOR
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Video: Balancing Tire
      Safety tips for wheel balancing
      An introduction to wheel balancing
      Wheel weights: Balancing form with function
    • Video: Demounting
      Tire changer types, tips and trends
      How to clear rim rust and corrosion
      An introduction to demounting, mounting and inflation
    • Video: Safety
      Customers
      Considerations for shop safety policies
      Introduction: Creating a culture of safety
    • Video: Tire Repair
      Essential tools, materials and equipment for tire repair
      An introduction to tire repair
      How to properly patch a puncture
    • Video: TMPS Service
      The life-saving work of TPMS
      An introduction to TPMS service
      The importance of proper relearn procedures
    • Video: Training
      Internship ideas to attract tech talent
      Choosing the right auto service tech school
      Intro: Finding and training technicians
    • Video:Vehicle Lifting
      The gravity of proper lift points
      Safety essentials when using jack stands
      An introduction to lifts and lift safety
    • Video: Wheel Torque
      The importance of torque specifications
      Introduction to proper wheel installation
      Torque check and recheck recommendations
  • Multimedia
    • VIDEOS
    • PHOTOS
    • PODCASTS
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
  • Data
    • DATA STORE
  • Resources
    • DIRECTORY
    • CLASSIFIEDS
  • ADVERTISE
  • DIGITAL EDITION
  • Awards
    • Tire Dealer Humanitarian Award
MENU
Breadcrumb
  1. Home
  2. News
January 28, 2000 01:00 AM

2000 to be year of consolidation — Gibara

  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    LAS VEGAS (Jan. 28, 2000) — Goodyear still plans on becoming a $20 billion to $23 billion company by 2003, but don´t expect any major moves to occur in 2000.

    Instead, look for the tire maker to digest and consolidate following last year´s strategic alliance with Sumitomo Rubber Industries Ltd.

    That deal gave Goodyear control of Dunlop tire operations in North America and Europe, adding $2.5 billion in annual sales and 6 percentage points of global tire market share.

    "This is a year when we get back to the basics of concentrating on sales growth in our existing businesses," said Chairman Samir Gibara during Goodyear´s annual dealer conference in Las Vegas.

    It´s only natural to take a pause following a major acquisition before resuming a new round of expansion, he added.

    Goodyear struggled last year in a number of areas. Its fill-rate level fell below 50 percent, angering tire dealers, its stock price slid precipitously, the company was dropped from the Dow Jones Industrial Average and its North American Tire unit posted an operating loss of $108.9 million in the third quarter.

    "We had a bad year last year," Mr. Gibara acknowledged. "But that doesn´t take away from our ability to reach our sales goals."

    Still, don´t expect to see the start of a turnaround in 1999´s financial results, which will be released Feb. 9.

    "They will reflect neither the solid groundwork we have accomplished for the future nor Goodyear´s unquestionable underlying strengths," he said.

    However, the first quarter of 2000 and each quarter thereafter will show improvement, the chairman said.

    He also foresees an upswing later for the company´s stock price, which dipped from a mid-year high of about $65 a share to currently below $25.

    The company´s removal from the Dow required millions of shares of Goodyear stock to be sold, creating a supply and demand imbalance and downward pressure on the stock price, Mr. Gibara said.

    But he expects share demand will pick up as the company´s performance improves, the automotive industry regains favor with institutional investors and the selling by Dow fund holders slows by mid year.

    In 2000, Goodyear will focus on four areas to become a better supplier, Mr. Gibara told dealers.

    The first priority is consolidation and integration. "This is important to you in North America because we will be helping fill your needs for competitively priced, good-quality, value-line tires from our low-cost facilities in Eastern Europe and Turkey, as well as Brazil, Mexico and Venezuela," he said.

    The company also will expand its aftermarket tire business faster than the original equipment segment to provide more replacement tires, higher fill rates, faster delivery and better service.

    Goodyear will continue to modernize its plants and invest heavily in research and development to improve product quality, he said. The company also will continue its practice of sourcing products globally to meet local needs.

    "In a nutshell, our corporate strategy for 2000 will reinforce our No. 1 position in our No. 1 market — North America," Mr. Gibara said.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    tb-logo
    Reader Services
    • Contact Us
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber & Plastics News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
      • OPINION
      • CORONAVIRUS
      • AUTO INDUSTRY
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • FACTORY FIXES
      • GOVERNMENT & LAW
      • INTERNATIONAL
      • MOTOR SPORTS
      • NEW PRODUCTS
      • RETAIL TIRES
      • SERVICE ZONE
      • SEMA/AAPEX
      • SMALL BUSINESS
      • TIRE MAKERS
      • SPONSORED CONTENT
    • SHOP FLOOR
      • BALANCING
      • DEMOUNTING
      • SAFETY
      • TIRE REPAIR
      • TPMS
      • TRAINING
      • VEHICLE LIFTING
      • WHEEL TORQUE
    • Multimedia
      • VIDEOS
      • PHOTOS
      • PODCASTS
    • Events
      • ASK THE EXPERT
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
    • Data
      • DATA STORE
    • Resources
      • DIRECTORY
      • CLASSIFIEDS
    • ADVERTISE
    • DIGITAL EDITION
    • Awards
      • Tire Dealer Humanitarian Award