AKRON (Commodity Online) : World’s No.1 tyre manufacturer, The Goodyear Tire & Rubber Company, Thursday reported fourth quarter 2010 net loss at $177 million (73 cents per share), compared with net income of $107 million (44 cents per share) in the 2009 quarter.
The company has also decided to close down the Tennessee Plant employing 1,900 associates which is expected to provide annual cost savings of approximately $80 million.
“I'm very pleased with Goodyear's performance in the fourth quarter and the full year of 2010. Our operating results reflect significant recovery, with improvement across all of our businesses versus last year despite escalating raw material costs," said Richard J. Kramer, chairman and chief executive officer.
"We also remain firmly committed to improving our competitiveness and, as a result, have announced plans to close our Union City, Tenn. plant.", he added.
Goodyear's fourth quarter 2010 sales were $5.1 billion, up 14 percent from the 2009 quarter. Tire unit volumes totaled 45 million, up 4 percent from 2009.
Thursday, February 10, 2011
Goodyear on slippery road, suffers $177 mn Q4 net loss
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment