31 July 2012 17:00 [Source: ICIS news]
HOUSTON (ICIS)--Goodyear has cut its 2012 full-year forecast for tyre volumes after recording a 9% year-on-year decline in second-quarter volumes, the US-based tyre major said on Tuesday.
Goodyear CEO Richard Kramer said that global tyre volumes are now similar to those seen at the depth of the 2009 global financial and economic crisis.Kramer said that Goodyear now expects to see a year-on-year decline of 5%-7% in 2012 tyre volumes. The company's previous projection, from April, was for a 2% decline.
“We remain confident that long-term growth in the global tyre industry will continue, but at a slower pace near term than previously forecast due to continued economic challenges, particularly in ?xml:namespace>
Last week, France-based tyre major Michelin lowered its 2012 tyre volume forecast, saying it expects a 3-5% decline in volumes. In April, Michelin had forecast that volumes would remain stable year on year.
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