Goodyear Tire & Rubber Co. has extended its shutdown of tire manufacturing plants in the Americas "until further notice." Goodyear was the first tiremaker to shut down its tire plants in the U.S., and its original announcement, issued March 18, said the shutdown would last until "at least April 3."
In an updated statement to Modern Tire Dealer, the company says the suspension of operations at all manufacturing plants in the Americas will continue "in light of the ongoing decline in market demand resulting from the rapid spread of COVID-19."
"We are closely monitoring market demand signals, inventory and supply levels and warehouse and distribution operations to continue delivery of Goodyear products."
The update comes days after Goodyear circulated on social media platforms a letter from Chairman, CEO and President Rich Kramer. In that letter Kramer wrote that beyond the health crisis are the economic impacts of COVID-19.
"We've seen original equipment manufacturers shutting production and demand at dealerships around the world slow to almost a standstill. This demand shock is not just true of the tire industry; it's happening across multiple industries."
He continued, "We will be leveraging our existing inventory to serve our customers, demonstrating care for them during this crisis."
While giving credit and appreciation to the Goodyear team, Kramer also noted, "We are open for business. Many of our manufacturing plants are shut down temporarily and many other teams are working from home, but the world still needs Goodyear to lean in and deliver our products and services to those who need them -- first responders, health care workers, commercial fleets and others who are so essential to keeping the world's supply chain running."
Our Chairman, CEO & President shared some of his thoughts regarding COVID-19 with our associates. While the message is important for our associates to hear, we wanted to share it beyond, to our customers, communities and families. We are all in this together! #Covid19 pic.twitter.com/A5ehkgCXpf— The Goodyear Tire & Rubber Company (@GoodyearTireCo) March 30, 2020