Goodyear Tire and Rubber Company, located in Akron, Ohio is the world’s leading tire producer.
This company specializes in producing tires and rubber goods for passenger cars, light trucks and buses as well as producing aviation parts.
Company History
Goodyear Tire and Rubber Company, one of the world’s premier rubber and tire producers. Based out of Akron, Ohio with operations worldwide, Goodyear manufactures tires, belts, hoses and other rubber products for automobiles, aircraft, trucks and buses as well as other transportation equipment.
Since 1898, Goodyear Tire and Rubber Company has become a global leader in tire industry. Much of its success can be attributed to its people and places; additionally, Goodyear has an impressive history of creating innovative products.
Over its history, the company has made multiple pivots to better meet customer needs. These shifts include shifting production to low-wage countries or adopting more flexible work rules within the United States, producing innovative products while broadening distribution channels and increasing productivity.
Current products for which this company manufactures and sells are tires for various vehicles. Additionally, special-purpose tires for aviation, commercial trucks and racing cars are produced as well.
In 1903, this company received a patent for creating the first tubeless tire. Soon thereafter they expanded into aviation industry by producing first airplane tires in 1919; eventually moving onto designing and manufacturing blimps.
Goodyear was known for their unique vulcanization process that produced all-weather tires for both cars and motorcycles at the end of the 20th century, often sporting diamond-studded patterns to perform effectively in all types of weather conditions.
Goodyear Tire and Rubber Company currently faces the daunting challenge of disposing of unwanted tires in their stockpile. According to them, 253 million tires are dumped annually in the U.S. The firm aims to reduce this number through innovative technological solutions that extend tire lifespan twice over while improving retreading techniques.
The company is widely respected as an example of responsible business conduct and environmental stewardship, becoming an innovator in recycling scrap tires while simultaneously finding alternative uses for millions of old tires that otherwise go to landfills each year.
Goodyear is also active on the board of directors of the Environmental Protection Agency (EPA), where its employees take pride in actively contributing to environmental efforts by reducing waste produced by their company and pioneering efforts to use scrap tires as energy sources in powering plants and homes.
Tires
Goodyear offers tires for an extensive variety of vehicles, including cars, trucks, SUVs and vans. In addition, Goodyear produces motorcycle and scooter tires as well as high performance racing tires.
Goodyear Tire and Rubber Company was established in 1898, and continues to lead the global tire industry through innovation. They offer various warranties such as 30-day money-back guarantees or road assistance that cover repair costs should a puncture occur.
Goodyear offers an impressive selection of all-season, winter and ultra-high performance (UHP) tires to meet every need imaginable – their Assurance all season tire provides solid all-weather traction while simultaneously reducing road noise for an enhanced driving experience.
As well as its performance abilities, the Assurance All Season tire features a tread pattern designed to channel water and slush away from its tread for improved handling on wet or snowy roads. Furthermore, its block design enhances contact between hard braking and road surfaces for greater puncture resistance and enhanced safety.
Goodyear offers off-road tires designed specifically to handle rough terrain and muddy conditions for drivers looking for adventure. Available in several sizes and featuring extra strength features such as DuPont Kevlar for added strength and durability, these off-road tires make driving even more adventurous!
The company offers several tire types tailored specifically for your vehicle and its make/model combination, each equipped with innovative technologies that produce special traction and handling abilities.
When selecting tires, it is crucial that you choose a brand which is well known and respected by other drivers. This will allow you to get the best price while preventing potential disappointment should a problem arise.
Goodyear offers competitive tire prices, but you could save even more by selecting a manufacturer offering discounts or promotions when purchasing new set of tires. They also provide a FIXD sensor which monitors tire lifecycle tracking so that rotations can be scheduled as necessary – saving both time and money over time.
Rubber & Chemicals
Goodyear manufactures a comprehensive assortment of rubber and chemicals used for various applications, including tires, golf and tennis balls, shoes, automotive and industrial belts and hoses, sealers and paint, bandages and tape adhesives, carpeting asphalt housewares latex gloves toys and novelties.
The company’s tire division manufactures and markets an extensive variety of tires for passenger cars, light trucks, SUVs and performance vehicles – as well as offering retreads, repair products and maintenance products.
Goodyear offers more than tires; in addition to tires they also produce industrial and industrial hose, air springs, conveyor belts, shoe products and power transmission solutions. Their three chemical plants specialize in specialty polymers and rubber chemicals for the tire and rubber industries.
Goodyear has taken steps to reduce costs and boost productivity at most of its plants by switching them over to seven-day work schedules, leading to reduced costs and greater production.
Goodyear places a strong focus on safety. In October 2017, its Houston chemical plant earned Voluntary Protection Program (VPP) Star Status by the Occupational Safety & Health Administration (OSHA).
Goodyear has earned VPP certification through an exhaustive process requiring them to pass stringent evaluations on-site and conduct employee interviews.
Goodyear Houston becomes the fourth Goodyear chemical plant in the US to attain VPP Star certification, underscoring their dedication and longstanding tradition of safety leadership.
Goodyear Chemical Plants have all received VPP status, and Goodyear continues to enhance its safety and health programs by training employees on new and cutting-edge technologies and practices, which reduce injuries while simultaneously raising employee morale.
Goodyear Rubber Company operates three rubber plants located in Houston, Cincinnati and Akron that produce chemicals including butadiene, styrene, chloroprene and an ortho-toluidine-sulfonated compound that are sold worldwide.
According to the National Institute for Occupational Safety and Health (NIOSH), ortho-toluidine is an acute or chronic lung irritant known to be carcinogenic in humans, as well as animal studies where kidney, liver and brain cancers were detected.
Engineered Products
Goodyear Engineered Products division is one of the world’s premier manufacturers of rubber hoses, conveyor belts and power transmission belts for industrial, military and transportation customers worldwide. Although a significant contributor to Goodyear’s overall revenue stream, Engineered Products does not fall within its traditional core tire business operation.
Carlyle Group purchased its tire division for around $1.5 billion cash and will use the proceeds of sale to reduce debt, address legacy obligations, invest in growing core consumer and commercial tire businesses and improve balance sheets.
Carlyle Managing Director Daniel Pryor said his firm sees Goodyear Engineered Products as an “incredibly healthy” business with immense growth potential in various markets. Pryor highlighted three elements that made Goodyear Engineered Products attractive as investments: its ability to take advantage of opportunities domestically and overseas; an outstanding management team which led the company out of bankruptcy; and ample potential for expansion.
Price pointed out on Wednesday that one benefit of the deal will be to free up more capital for its tires division, which has an agreement with United Steelworkers to increase high-value added production capacity in North America. Engineered Products won’t compete for funding from their parent company any longer – something Engineered Products had been competing for with regard to tire funding from parent company.
Goodyear has not emerged unscathed yet from its financial woes, according to KeyBanc analyst Saul Ludwig. Goodyear must first shed noncore properties like its off-the-road and international farm tire operations before undertaking a stock offering down the line, according to Ludwig.
That will enable Goodyear to move closer toward an investment-grade credit rating, which would reduce borrowing costs, as well as help the company make structural adjustments necessary to remain competitive, according to analysts.
Continental, the competitor to Goodyear that owns Veyance Technologies which used to manufacture many products made by Engineered Products, may drop the Goodyear name after closing their sale of Veyance Technologies to Engineered Products. According to reports in Lincoln Nebraska’s Journal Star newspaper on Tuesday, products manufactured at Veyance would now bear ContiTech instead of Goodyear branding.