By Denna Bowman
Goodyear tyres exceeded its targets for 2010 and is well positioned to achieve its future goals, according to the company’s chairman and chief executive officer.
Richard J. Kramer also expressed confidence in the tyres manufacturers strategy during his address at the Annual Shareholder Meeting yesterday.
Goodyear’s financial results reflected significant improvement in all four regional tyre businesses, most notably North American Tire’s return to profitability, according to Kramer.
Among the achievements he highlighted were:
• Price/mix improvements that offset the impact of higher raw material costs,
• The high percentage of new products in the company’s overall lineup,
• Cost actions and fixed cost recovery that flowed to the company’s bottom line, and
• Significant investments in the company’s future growth in targeted market segments.
These accomplishments, Kramer said, “are evidence of our positive momentum and give us confidence that, in 2011, we will continue to strengthen our leadership position in the industry.”
He said Goodyear will do this by being first with customers, the leader in targeted market segments and the leader in innovation.
Kramer said: “As confident as I am in our strategies and plans, there’s a critical element that brings them to life. That’s our team. From management to the shop floor, the men and women around the world who represent The Goodyear Tire & Rubber Company form the best team in the industry.
“Our customers, consumers, suppliers and shareholders deserve nothing less. Because of the passion, talent and strength of these 72,000 associates, I continue to look forward with enthusiasm and optimism to a bright future for Goodyear.”