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Dated: 22 February 2010

Not Such a Good Year for Goodyear

Recent figures released by US-based tyre manufacturer Goodyear would not have been pleasant reading for anyone involved in the company. Last year the losses suffered by the company totaled a rather hefty £243 million. This was in a year when they axed approximately 5,700 jobs across the globe to try and cuts costs.

At present the number of people in Britain employed by the tyre giants is said to be around 1,200 - the majority of the jobs are based in England.

On top of the news that losses were so high, figures for the amount of sales made throughout 2009 were down £2 billion compared to the year before. It has been a fairly similar story for other tyre manufacturers as consumers cut back on buying new tyres thanks to the current economical climate.

What made matters worse in 2009 was the sharp decline in demand from the motor industry as it suffered heavily in the worst recession to hit vehicle manufacturers for over fifty years.

When asked about the poor sales numbers and large losses, the chairman and chief executive officer of Goodyear – Robert Keegan - said, ““Our fourth quarter results were solid. Tyre demand around the world has begun to recover and we look forward to year-over-year global growth in 2010. We remain confident, but many challenges, including high raw material costs and weak commercial truck tyre demand, will persist in 2010.”

Despite the fact that demand for tyres has slowly began to increase once again, as the economy struggles to get going, the commercial market for tyres in both Europe and North America is very fragile. So for all tyre manufacturers it could be a very long 2010.

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