Goodyear Tire & Rubber Co. says its integration of Cooper's remaining operations was "largely completed" during the first quarter "with the successful migration of both ERP and HR systems in January."
This will allow Goodyear "to fully capture the benefits of our announced run-rate cost synergies to $250 million by the second quarter of this year.
"In addition to executing planned actions to drive efficiencies during the quarter, we've combined our portfolio of brands as part of our product screen, enabling an unmatched product offering across the entire value spectrum of our customers and consumers," said Goodyear in a letter to investors.
"We are also leveraging our TireHub distribution and Goodyear retail networks with our combined product portfolio. With these actions successfully achieved, our business is well-positioned for margin expansion and sustainable value creation."
On May 4, Goodyear announced it lost $101 million during the first quarter of 2023 compared to net income of $96 million during the same period last year.
