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
    • New round of Paycheck Protection Program funding opens
      Vaccine may usher sense of normalcy
      Cover-up: More retailers requiring face masks to curb COVID
      USW alleges COVID-19 violations at Kumho plant
    • Johnson named president, managing partner of Arnold Motor Supply
      Conti starts production of ‘HL' load index tires for select OE customers
      GM banking on 'BrightDrop' EV to build commercial van business
      Stengel promoted to president of NAPA parent Genuine Parts Co.
    • ITC votes to keep duties in place on China P/LT tire imports
      NLRB certifies USW as bargaining unit for Kumho plant in Georgia
      Air France renews tire supply deal with Michelin
      Hwa Fong joins Taiwan tire makers' bid for alternative to import duties
    • Love's plans to add over 30 stores in 2021 with Truck Care/Speedco services
      Linglong planning U.S. launch of 'Hubtrac' truck tire brand in 2021
      Evolving delivery trends good for CV tire sector — Cooper exec
      Conti adding light-duty products to General Tire OTR tire lineup
    • ITC votes to keep duties in place on China P/LT tire imports
      Hwa Fong joins Taiwan tire makers' bid for alternative to import duties
      New stimulus package fixes PPP loan confusion
      USW opposes Taiwan tire makers' dumping counterproposal
    • ITC votes to keep duties in place on China P/LT tire imports
      Air France renews tire supply deal with Michelin
      Russia's Kama Tyres expanding truck, ag tire capacities
      OK Tire adds Cooper, GT Radial passenger tires, Michelin, BFGoodrich commercial tires
    • New NASCAR, F1 tire designs delayed due to COVID
      U.K. race series extends contract with Goodyear through 2026
      Goodyear Racing staying on track
      General Tire Canada renews sponsorship deal with Raceline Network
    • Hunter adds ‘FastBlast' bead-seating for LT/SUV tire changing
      Linglong planning U.S. launch of 'Hubtrac' truck tire brand in 2021
      Hankook doubles size range of Ventus V2 all-season UHP line
      Conti adding light-duty products to General Tire OTR tire lineup
    • Updated ALI lifting points guide covers vehicle model years 2000-2021
      VIP Tires opens 20th store in New Hampshire, in Keene
      Hunter adds ‘FastBlast' bead-seating for LT/SUV tire changing
      Manley: Tire dealers look to future
    • Updated ALI lifting points guide covers vehicle model years 2000-2021
      Hunter adds ‘FastBlast' bead-seating for LT/SUV tire changing
      Johnson named president, managing partner of Arnold Motor Supply
      AMRA to host 5 educational webinars in Feb., March
    • WTC hosting webinar Jan. 20 on load-capacity standards
      Denver's Brian Sump named AAPEX Shop Owner of the Year
      DUB, TIS Wheels founder Myles Kovacs is SEMA Person of the Year
      AAPEX: Using social media to promote your business
    • New stimulus package fixes PPP loan confusion
      Vaccine may usher sense of normalcy
      2020 Review: PPP loans give boost to small businesses
      Latest COVID relief bill includes $325B in small-business support
    • ITC votes to keep duties in place on China P/LT tire imports
      Nokian Tyres to add up to 150 jobs at U.S. factory
      Hwa Fong joins Taiwan tire makers' bid for alternative to import duties
      New NASCAR, F1 tire designs delayed due to COVID
    • 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
  • SHOP FLOOR
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Video: Balancing Tire
      Choosing the right balancing equipment
      Safety tips for wheel balancing
      An introduction to wheel balancing
    • Video: Demounting
      Demounting Equipment
      Making rims ready for a tight seal
      Tire changer types, tips and trends
    • Video: Safety
      Making friends with OSHA
      Ergonomics on the shop floor
      Customers
    • Video: Tire Repair
      Tire repair: Shining a light on visual inspections
      Staying safe when repairing a tire
      Essential tools, materials and equipment for tire repair
    • Video: TMPS Service
      Decoding sensor data for TPMS diagnosis
      Replacement TPMS sensor overview
      The life-saving work of TPMS
    • Video: Training
      Advantages of apprentice program partnerships
      Options and resources for CE tech training
      Internship ideas to attract tech talent
    • Video:Vehicle Lifting
      All types of lifts for all types of work
      Tips and recommendations for lifting safety
      The gravity of proper lift points
    • Video: Wheel Torque
      Using torque sticks to speed service times
      The danger of too much, too little torque
      The importance of torque specifications
  • Multimedia
    • VIDEOS
    • PHOTOS
    • PODCASTS
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
  • Data
    • DATA STORE
  • Resources
    • DIRECTORY
    • CLASSIFIEDS
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
April 14, 2015 02:00 AM

Goodyear talks up long-term growth; online tire site rolls out

Tire Business Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    (Goodyear photo)
    Richard Kramer

    AKRON (April 14, 2015) — Goodyear's management told shareholders at their annual meeting in Akron on April 13 that the company is targeting long-term growth through “a balanced approach of investing in our business and carefully managing costs.”

    Chairman and CEO Richard Kramer noted the tire maker achieved record annual segment operating income of $1.7 billion — an 8-percent increase over 2013 — and generated $1 billion of free cash flow from operations.

    “These results help fuel our capital allocation plan, which balances investing in our business, paying down debt, and returning cash to shareholders,” he said.

    “In 2015, our market-back innovation will not be limited to tires. As you likely have heard, Goodyear will become the first tire manufacturer in the U.S. to start selling consumer replacement tires online; in fact, we will launch the first phase of our roll-out this week.

    “This new buying option will allow consumers to purchase tires online and have them installed by authorized dealers in our industry-leading distribution network.

    “The preference for buying goods and services online — often through mobile devices — is being driven by a new generation of consumers. In the U.S. alone, 80 million Millennials with $1 trillion in buying power are entering the market. By embracing digital technology to simplify the tire buying process — and keeping our network of aligned dealers as an integral part of the process — we believe we will be the industry leader in this space and with these new consumers,” he said.

    Mr. Kramer also noted that the company's new tire plant, to be built in a yet-to-be-announced location in the Americas, will support market growth in both North America and Latin America.

    “We expect our new, state-of-the-art manufacturing plant to come on line in 2017 and will provide us with more of the high-value tires consumers are increasingly demanding in those regions,” he added.

    “The preference for buying goods and services online — often through mobile devices — is being driven by a new generation of consumers." — Richard Kramer, Goodyear chairman and CEO

    Goodyear grew its market share in Brazil and Mexico with a double-digit increase in consumer replacement volume as it revamped its portfolio to take advantage of the MegaTrend shift to HVA products, he said.

    Meanwhile, “winning in China is at the heart of our strategy in Asia, and we recently opened a new development center in Pulandian (China) to strengthen our competitive position in the world's fastest growing tire market. The new facility will give us an advantage in the marketplace and help us build closer relationships with OEMs in China to increase the speed to market and meet their needs faster and more efficiently,” Mr. Kramer told shareholders.

    The Europe/Middle East/Africa market “remains our most challenging business,” he admitted.

    “We had year-over-year segment operating income growth of $140 million in 2014. Our product leadership in the region was confirmed by strong third-party endorsements and our continued leadership in European tire labeling. The Goodyear EfficientGrip Performance tire recently earned ‘double-A' grades for wet grip and fuel efficiency, the highest grade possible according to EU standards. We expect to add more AA tires to our highly graded portfolio in 2015.”

    During the meeting, shareholders re-elected 13 members of the company's board of directors to one-year terms. They also approved amendments to Goodyear's Articles of Incorporation and Code of Regulations to reduce the voting standard to remove directors, to eliminate cumulative voting and to reduce the voting standard for certain business combination transactions.

    They also voted to ratify the appointment of PricewaterhouseCoopers L.L.P. as the company's independent registered public accounting firm for 2015.

    A shareholder proposal regarding simple majority voting was not approved. In an advisory vote, shareholders approved the compensation of the company's named executive officers.

    Related Articles
    Goodyear confirms Mexico as new plant site
    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
    • List Rental
    • 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