TIRE COMPANY
OCTOBER 12 ,2021
Brief Summary Of Goodyear Company
A brief summary of Goodyear company that producing tires for all kind of vehicles from more than a hundred years ago
The Goodyear Tire & Rubber Company is an American multinational tire manufacturing company founded by Frank Seiberling on August 29, 1898. In 2017, Goodyear was one of the top four tire manufacturers in the world with Bridgestone (Japan), Michelin (France) and Continental (Germany).
Goodyear’s headquarters are located in Akron, Ohio and the company was named after Charles Goodyear, an American inventor of vulcanized rubber. It became widely popular because they were easily detachable and required little maintenance.
Goodyear manufactures tires for automobiles, commercial trucks, light trucks, motorcycles, SUVs, race cars, airplanes, farm equipment bicycle tires and heavy earth-moving machinery.
In 1901 Goodyear provided Henry Ford with racing tires and in 1903, Paul Weeks Litchfield, Goodyear president and CEO was granted a patent for first tubeless automobile tire.
During World War II Goodyear manufactured F4U Corsair fighter planes for the US Military. The War also forced the ending of partnership between Goodyear and German Luftschiffbau Zeppelin Company that built two Zeppelins in the United States.
The first Goodyear advertising blimp flew in 1925 and is one of the most recognizable advertising icons in America. The company pulled out of the Formula One (F1) as tire supplier after the 1998 season.
In 1983, Goodyear acquired the natural gas company Celeron Corporation in exchange for stock valued at more than $740 million. Also in 1983, marked the three billionth tire produced by Goodyear. In October 1986, James Goldsmith, a British financier purchased 11.5% of Goodyear common stock. This was considered as a Greenmail attack by some.
Greenmail is the action of purchasing enough shares in a firm to challenge a firm’s leadership with the threat of a hostile takeover to force the target company to buy the purchased shares back at a premium in order to prevent the potential takeover.
Their revenue in 2020 was US$ 12.32 billion with operating income reaching US$ 538 million. The net income was US$ 1.254 billion and total assets reached US$ 16.506 billion. As per December 2020 Goodyear had around 62.000 employees worldwide.
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