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Demand for high performing quality tires in the 63-inch size, used exclusively on the largest earthmoving and mining equipment, has exceeded supply globally for some time. This demand remains strong, even during the current economic slowdown, because of the economic advantages these tires deliver to customers in longer run hours and less downtime.
"This is a long-term strategic decision that reflects Goodyear's commitment to deliver products for OTR customers' changing demands," said John P. Cavanaugh, vice president of Goodyear's off-highway tire business. "Goodyear's innovative product-development and manufacturing processes make us uniquely qualified to design and construct a 63-inch tire for the high expectations of customers."
The 63-inch radial tire is a natural extension of the company's full OTR line-up, which has included 57-inch radial tires for nearly 20 years.
"The Goodyear 63-inch tire is a highly engineered product, leveraging Goodyear's design technologies and experience in materials development, process improvements and manufacturing enhancements on large 57-inch radial tires," said Cavanaugh. "The Goodyear 63-inch tire was created through a collaborative effort involving multi-discipline teams and will be assembled with latest generation manufacturing equipment."
As part of its capital investment strategy, Goodyear announced plans to upgrade its Topeka, Kansas, plant, where work has already begun to prepare for production of the 63-inch tires.
The tires will be produced in a range of sizes and tread depths, including 59/80R63 and 53/80R63 and E3 and E4 tread depths.
Goodyear is one of the world's largest tire companies. It employs nearly 70,000 people and manufactures its products in more than 59 facilities in 24 countries around the world. Its two Innovation Centers in Akron, Ohio and Colmar-Berg, Luxembourg strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear, go to www.goodyear.com/corporate.
Certain information contained in this press release may constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, which affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: deteriorating economic conditions or an inability to access capital markets; our ability to realize anticipated savings and operational benefits from our cost reduction initiatives or to implement successfully other strategic initiatives; actions and initiatives taken by both current and potential competitors; pension plan funding obligations; increases in the prices paid for raw materials and energy; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; a labor strike, work stoppage or other similar event; our failure to comply with a material covenant in our debt obligations; the adequacy of our capital expenditures; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.
SOURCE The Goodyear Tire & Rubber Company
http://www.goodyear.com
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