Goodyear Tire and Rubber Company is a renowned American multinational tire manufacturer headquartered in Akron, Ohio. Founded on August 29, 1898, by Frank Seiberling, Goodyear is a key player in the global tire industry, offering products for a diverse range of vehicles including passenger vehicles, commercial trucks, and aircraft.
Corporate Overview:
- Type: Public
- Traded as: Nasdaq: GT; S&P 400 component
- Industry: Manufacturing
- Headquarters: Akron, Ohio, U.S.
- Number of Locations: 1,240 tire and auto service centers; 57 facilities worldwide
- Key People: Richard J. Kramer (Chairman, President, and CEO)
- Products: Tires
- 2020 Revenue: US$12.32 billion
- Number of Employees: 72,000 (2021)
History and Milestones:
- Early History (1898-1926): Originally manufacturing bicycle and carriage tires, rubber horseshoe pads, and poker chips, Goodyear expanded with the automobile’s advent. In 1901, Goodyear provided racing tires for Henry Ford, and in 1903, they introduced the first tubeless automobile tire. The company also played a significant role in aviation, making its first airship envelope in 1911.
- Expansion (1926-1970): Goodyear became a public company in 1927 and led innovations like “tundra tires” for aircraft. Post-WWII, they focused on tire business and technological advancements.
- Radial Tire Transition: Goodyear was the only major U.S. tire company to remain independent into the 21st century, largely due to its successful adaptation to radial tire technology.
- Diversification and Goldsmith Affair (1986): The company underwent significant restructuring in response to a takeover attempt by James Goldsmith.
- 1990 to Present: Modernization efforts and expansion into new markets characterized Goodyear’s strategy in recent decades. Notable developments include the introduction of environmentally friendly tires and the partnership with Zeppelin to build airships.
Subsidiaries and Global Presence: Goodyear has a vast global presence, with numerous subsidiaries including Cooper Tire & Rubber Co., Dunlop Tyres, The Kelly Springfield Tire Company, and more. The company also has a significant influence in motorsport as the sole tire supplier for NASCAR.
Controversies and Environmental Record: Goodyear has faced its share of controversies, including issues related to foreign relations in Indonesia during the 1960s and pay discrimination lawsuits in the U.S. The company has also been scrutinized for its environmental record, being identified as a major corporate producer of air pollution in the U.S.
Goodyear Products: Goodyear produces a wide range of tires for various vehicles, including Wrangler and Assurance series for passenger vehicles, commercial truck tires, aviation tires, and off-road tires. They also manufacture products for industrial applications like air springs, conveyor belts, and rubber tracks.
Corporate Structure and Leadership: The company’s board of directors includes notable figures like James A. Firestone and Werner Geissler. Richard J. Kramer has been the CEO and president since 2010.
Recent Developments: In recent years, Goodyear has made significant strides in innovation, including the development of a self-regenerating concept tire with AI features and the formation of TireHub, a joint distribution network with Bridgestone. The company also faced legal challenges, like the $40.1 million lawsuit regarding asbestos exposure and the cessation of operations in Venezuela due to hyperinflation.