GoodYear Upbeat Despite Current Crisis
Tuesday, April 7th, 2009
With all businesses being hit hard by the down economy, a familiar tire brand is shaking off the cobwebs of the looming crisis and announced their focus for weathering the economic constraints that are making businesses crawl for survival.
In his address at The Goodyear Tire & Rubber Company’s 2009 Annual Shareholder Meeting today, Chairman and Chief Executive Officer Robert J. Keegan said he remains confident in Goodyear’s ability to drive performance during challenging economic conditions and emerge in a position of competitive strength.
“It is very clear to us that given the challenging 2009 economic environment, our intense focus on the Seven Strategic Drivers remains a solid strategic foundation,” Keegan said.
“As we address our market challenges head-on, we are not creating a new path. Rather we will be taking a proven path to the next level.”
Keegan identified three specific areas that he said will keep the company on its path toward success. These are:
- Top line – encompassing new product leadership, building core brand strength and leveraging Goodyear’s industry-leading distribution network;
- Lowering costs – aggressively aligning Goodyear’s cost structure with today’s lower industry volumes; and
- Managing for cash – focusing on the strength of Goodyear’s balance sheet and generating funds to reinvest in the business.
Keegan said his confidence is strengthened by the support of Goodyear’s dealers and their enthusiasm about the company’s global plans to launch more than 50 new products in 2009.
Among these new products is Goodyear’s Assurance Fuel Max tire, which is now available at Goodyear retailers. Assurance Fuel Max provides 27 percent less rolling resistance than the standard Assurance tire. This equates to a 4 percent improvement in highway fuel economy.
Goodyear is one of the world’s largest tire companies. It employs approximately 75,000 people and manufactures its products in more than 60 facilities in 25 countries around the world.
(Source) Press
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