AKRON (April 12, 2000)—Goodyear expects its net sales to grow to more than $15 billion in 2000 and its net income to almost double from the $240 million reached in 1999, Chairman Samir Gibara told shareholders April 10.
Mr. Gibara said the tire maker is focusing on turning around its financial performance by concentrating on growth from within—increasing sales, reducing debt and lowering manufacturing costs. The company reported sales of $12.9 billion in 1999.
During the first quarter, shipments of Goodyear and Dunlop tires to North America and running plants at full capacity have returned the tire maker to "satisfactory" fill rates, he said.
Goodyear´s alliance with Sumitomo Rubber Industries Ltd. is expected to save Goodyear $116 million in 2000—$6 million more than originally estimated, Mr. Gibara said.
He reiterated what he had told analysts in February that Goodyear will increase its productivity in all areas of business and shortly announce new e-commerce initiatives.
Meanwhile, Goodyear´s stock that same day rose $3.31 to close at $28.38. ©