Goodyear tyres see losses narrow
By Denna Bowman
Goodyear tyres saw sales rise and losses narrow in the first quarter of the year amid growing car sales.
Losses at the Ohio-based tyres manufacturer were $47 million, an improvement over $333 million for the same period in 2009.
Revenue also rose 21 per cent in the period to $4.33 billion on stronger sales of tyres in all regions.
Richard Kramer, the new chief executive of Goodyear, said: “We are very pleased with our strong first quarter performance.”
Kramer, who took over the post from Robert Keegan two weeks ago, pointed to cost cutting measures that put Goodyear’s operating numbers in the black.
“As markets around the world continue to improve, we are starting to see the benefits of the strategic actions we took last year, including our commitment to launch innovative new products during an economic downturn.
“The strategic actions contributed to strong growth in both sales and earnings, positioning us well as the global economy continues its recovery.”
Last year Goodyear cut 5,700 jobs in a bid to trim costs during the economic downturn.
Number: Z8037079
Reg: NKF419
