By Denna Bowman
Goodyear tyres lost £223 million in the first quarter due to the weak global demand for its products.
Yet despite also suffering an almost 30 per cent decline in sales, the tyres manufacturer is confident it has made progress positioning itself to rapidly take advantage of opportunities as the market recovers.
Robert J. Keegan, chairman and chief executive of Goodyear, said: “Our markets presented us with the challenges we expected in the first quarter, and in some cases more.
“While we aren’t satisfied with our results, they generally reflect the difficult market conditions.
“Our ongoing innovation played a significant role in driving our first quarter top line as we continued to take the right cost and cash actions to weather the economic downturn and position our company to rapidly take advantage of opportunities as the markets recover.”
Goodyear has also enjoyed early success with 23 new product launches in the first quarter – there are around 30 more planned globally during 2009.
And in North America, Goodyear-brand market share increased during the first quarter in the consumer and commercial replacement markets.
Mr Keegan said: “Based on the consumers’ purchases and the resultant market share gains we have enjoyed with the Goodyear brand, it is evident that the markets are rewarding innovation – and innovation is the key cornerstone of our overall strategy.”