20 May 2004 00:52 [Source: ICIS news]
TORONTO (CNI)--US tyre maker Goodyear said Wednesday it is "continuing to explore" the sale of its chemicals business.
But Goodyear chief executive Robert Keegan firmly declined to give analysts an update on the proposed sale during the company’s 2003 results conference today.
He stressed, however, that Goodyear’s chemicals business had a strong fourth quarter and so far in 2004 "that business has been very strong as well."
Officials also pointed to cost-savings in the chemicals business from Goodyear’s six-sigma programme.
Goodyear earlier today reported 2003 chemicals operating income of nearly $120m (Euro100m) on sales of $1.2bn, compared to a 2002 operating income of $89m and sales of $940m.
Goodyear said early last year that its chemicals business is for sale and it is looking for a buyer.
Goodyear’s chemicals business is focused on basic and high-performance polymers, antioxidants, latex and adhesive resins sold to customers worldwide.
Goodyear is based in Akron, Ohio.
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