GoodYear Tire and Rubber Company has announced that they will be adjusting operations to properly align production capacity to a continuously declining market. From a continuous operating schedule, GoodYear will shift to a five-day, three shift operation starting July 6 in Union City, Tennessee.

This adjustment comes in the light of a ratification agreement between the United Steel Workers and the local government which allows schedule changes. 550,000 associates will receive buyout packages as part of the change.

Goodyear is one of the world’s largest tire companies. It employs approximately 71,000 people and manufactures its products in more than 60 facilities in 25 countries around the world.

(Source) Press

Tags: countries around the world, declining market, goodyear, goodyear tire and rubber, goodyear tire and rubber company, local government, ratification, schedule changes, shift operation, tire companies, union city tennessee, united steel workers

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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

Tags: brand strength, cobwebs, core brand, down economy, economic constraints, economic environment, goodyear, goodyear tire rubber, goodyear tire rubber company, highway fuel economy, tire brand, tire companies, weathering

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GoodYear has kept the ball rolling and has once again strengthened its hold as one of the admired companies in the car industry today. Among companies in Fortune’s World’s Most Admired Companies’ Motor Vehicle Parts category, Goodyear was the highest-ranked tire company, the No. 1 ranked U.S.-based company and ranked No. 2 overall.

In the global Motor Vehicle Parts category, Goodyear was ranked either No. 1 or No. 2 in five of the nine key attributes measured. Goodyear was top-ranked in Use of Corporate Assets and Social Responsibility, and ranked second in Innovation, Quality of Products and Services and Global Competitiveness.

Among U.S. companies in the global category, Goodyear was ranked No. 1 or No. 2 in all nine attributes. The tire maker was top-ranked in Innovation, Quality of Products and Services, Use of Corporate Assets, Social Responsibility, Quality of Management, People Management and Global Competitiveness.

Goodyear led its key global tire competitors by a wide margin in the overall rankings as well as in all nine attributes measured in the survey.

The Fortune Most Admired lists are considered “the definitive report card on corporate reputations.” They use a rigorous assessment of industry executives, board directors and securities analysts to determine a company’s overall reputation.

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

Tags: fortune, global tire, goodyear, motor vehicle, tire companies, tire company, tire maker

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