18 February 2010 21:17 [Source: ICIS news]
HOUSTON (ICIS news)--US styrene-butadiene rubber (SBR) producer and tyre manufacturer Goodyear Tire & Rubber reported sales of $4.4bn (€3.2bn) in the fourth quarter of 2009, a year-on-year increase of 7% from 2008 amid an uptick in the domestic economy, the company said on Thursday.
The sales figures were supported by an increase of 8% in tyre unit volume, pointing to an improvement in global tyre demand and growth, Goodyear said.
“Tire demand around the world has begun to recover and we look forward to year-over-year global growth in 2010. The degree of recovery, however, varies considerably by geography and product segment,” said Robert J. Keegan, chairman and chief executive officer.
Goodyear’s fourth quarter net income was $107m, which stood in stark contrast to a loss of $330m in the fourth quarter of 2008.
The improvement points to a slowly-healing economy, and is good news to US SBR producers, a consultant for an SBR producer said.
“We’re seeing an increase in demand from tyre producers, and an increase in construction and manufacturing activity will help SBR demand, too,” the consultant said.
February US SBR prices for 1502 non-oil grade product were 93-96 cents/lb ($2,050-2,116/tonne, €1,497-1,545/tonne) and prices for 1712 oil extended grade product were 85-89 cents/lb, according to global chemical market intelligence service ICIS pricing.
SBR producers include Goodyear, International Specialty Products (ISP), Lion Copolymer and Negromex.
($1 = €0.73)
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