Goodyear Tire and Rubber Company

Origin

The Goodyear Tire & Rubber Company was founded in 1898 by Frank Seiberling in Akron, Ohio. Goodyear manufactures tires for automobiles, commercial trucks, light trucks, SUVs, race cars, airplanes, farm equipment and heavy earth-mover machinery.

Even though he had no connection with the company, it was named after Charles Goodyear. Goodyear invented vulcanized rubber in 1839. The first Goodyear tires became popular because they were easily detachable and low maintenance.

Goodyear is known throughout the world for the Goodyear Blimp. The first Goodyear blimp flew in 1925. Today it is one of the most recognizable advertising icons in America. The company is the most successful tire supplier in Formula One history, with more starts, wins, and constructors' championships than any other tire supplier. They pulled out of the sport after the 1998 season. It is the sole tire supplier for NASCAR series.

    History

The first Goodyear factory opened in Akron, Ohio in 1898. The thirteen original employees manufactured bicycle and carriage tires, rubberhorseshoe pads, and poker chips. The company grew with the advent of the automobile.

In 1901 Frank Seiberling provided Henry Ford with racing tires. In 1903, Paul Weeks Litchfield is granted a patent for the first tubeless automobile tire. By 1908 Ford was outfitting his Model T with Goodyear tires. In 1912 Goodyear manufactured its first aircraft tire.

In 1911 Goodyear started experimenting with airship design. It later manufactured airships and observation balloons for the United States Army Air Service during World War I. The transport and reconnaissance capabilities that Goodyear provided contributed significantly to the Allied victory.

In 1916, Litchfield finds land in the Phoenix area to be suitable for growing long-staple cotton, needed for reinforcing rubber in tires. The 36,000 acres purchased were controlled by the Southwest Cotton Company, formed with Litchfield as president. (This included land that would develop into the towns of Goodyear and Litchfield Park).

In 1924, Litchfield as Goodyear Vice President forges a joint venture with the head of Zeppelin to form the Goodyear-Zeppelin Corporation.

Our Mission

Constant improvement in our products and services to exceed the expectations of our customers and people.

Our Vision

Become a market-focused tire company providing superior products and services to end-users and to our channel partners, leading to superior returns for our shareholders.

Awards and Recognitions 

• o    Goodyear was recognized by the Ohio NAACP as a "continued supporter of the goals and programs of the largest, oldest and strongest civil rights organization in the country, the NAACP."
• o    Imprensa Magazine, a Brazilian publication, recognized Goodyear as a sustainable company in the plastic and rubber category.
• o    For the second year, Goodyear was listed among other top companies in the latest edition of Superbrands India.
• o    The Goodyear plant in Lawton, Oklahoma, was selected as one of Oklahoma’s "Best Companies to Work For" by Oklahoma Magazine.
• o    Goodyear remains one of Germany's most attractive employers in the automotive industry, as recently confirmed by the CRF Institute, which named the company "Top Automotive Employer for 2011-2012."
• o    For the second consecutive year, Goodyear was named one of China's "Top Employers."
• o    For the third year in a row, Goodyear received the Reader's Digest Trusted Brand Gold award in the tire category in Malaysia. 

     Plants

The Goodyear Tire & Rubber Company is structured into the following units:

§  Asia Pacific Region

§  Dan Smytka, President

§  Europe, Middle East & Africa Business

§  Arthur de Bok, President

§  Latin American Region

§  Jaime C. Szulc, President

§  North American Tire

§  Steve McClellan, President

Performance 

• Charges resulting from the early redemption of senior notes, $86 million (35 cents per share).

• Rationalizations, asset write-offs and accelerated depreciation charges, $14 million (6 cents per share).

• Discrete tax charges, $3 million (1 cent per share).

• Net insurance recoveries resulting from impact of Thailand flood, $5 million (2 cents per share).

• Net gains on asset sales, $3 million (1 cent per share).