Goodyear will keep inventory down in 2010
"It's certainly not our intent to return to the levels of inventory we had in 2008," Goodyear Tire & Rubber Co. Chairman, CEO and President Bob Keegan said earlier today, Oct. 28, during a conference call to discuss Goodyear's third quarter results.
"We believe we can keep working capital relavtively flat next year," he said.
Goodyear officials revealed that the Akron, Ohio-based company closed two of its distribution centers and stopped using several public warehouses this past year. The tiremaker plans to exit more public warehouses next year and in 2011.
Goodyear posted net income of $72 million on net sales of nearly $4.4 billion for the third quarter vs. income of $31 million on sales of $5.1 billion for the same period a year ago.