US Goodyear forecasts tyre industry growth in 2010
28 October 2009 21:47 [Source: ICIS news]
HOUSTON (ICIS news)--US tyre producer and styrene butadiene rubber (SBR) consumer Goodyear Tire & Rubber Company anticipates year-over-year global industry growth in 2010, especially in markets featuring high-value-added features, the company said on Wednesday.
Goodyear, which produces SBR for its tyres, said it also anticipated growth in tyres with larger rim diameters and fuel-efficient technology.
North American sales for the quarter ended 30 September totalled $4.4bn (€3.0bn), down 15% from third-quarter 2008 figures amid lower demand and other factors.
Unit volume tyre sales in the third quarter were down 21%, while replacement tyre shipments were up less than 1%, reflecting the slowdown in tyre-related businesses.
However, third-quarter sales were up 11% from the second quarter, the Akron, Ohio-based tyre maker said.
Tyres are a key end market for SBR.
An SBR market source said the US market saw an uptick in demand in the third quarter in the aftermath of destocking during the first half of the year, and as a result of the
However, auto sales, and hence SBR demand, have slowed again, the source said.
Low demand would make it difficult for SBR producers to push through price increases that result from higher production costs, producers said earlier this year.
Goodyear’s segment operating income for the third quarter was $275m, up from $24m in the second quarter and up from $266m in the third quarter of 2008.
Third-quarter net income was $72m, up from $31m for the same quarter a year earlier. New savings in the third quarter were $195m, resulting in total savings of $540m during the first nine months of the year, Goodyear said.
Additional reporting by Brian Ford
($1 = €0.68)
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