Goodyear discusses production plans
Earlier this week, Goodyear Tire & Rubber Co. explained its manufacturing plans to investors and analysts. Topics discussed included the closing of Goodyear's mixing plant in Tyler, Texas, as well as the status of its China plant relocation and expansion project.
No date has been announced for the closing of the Tyler plant, but Goodyear officials say it will shut down by the end of the year.
Goodyear will move forward with the $500 million relocation of its plant in Dalian, China, to a new, larger plant.
Goodyear explained that its Amiens, France, plants are being converted to high value-added production. Goodyear defines high value-added tires as greater or equal to 17 inches in diameter with narrow sidewall depths, silica or "multi-zone" tread and speed ratings of H or higher.
Company officials say this change is part of the company's strategy to stay vibrant and profitable.
Goodyear recorded net income of $75 million on net sales $5.2 billion for the second quarter ended June 30, 2008. That compares to income of $56 million on sales of $4.9 billion for the same period in 2007.