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Economy and Business


Goodyear reports record quarterly earnings in North America
Economist: Second quarter earnings are part of a strategy that's paying off as Goodyear considers where it should build a new tire plant
by WKSU's LYNDSEY SCHLEY


Reporter
Lyndsey Schley
 
Akron has been hoping to attract a new Goodyear plant to go along with the company's global headquarters.
Courtesy of Goodyear
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In The Region:

Akron-based Goodyear Tire and Rubber Company saw record quarter earnings in North America but stocks still dropped as investors were hoping for even higher numbers.

However, University of Akron economics professor Dennis Byrne says the company continues to do very well. He says sales were down for the company from last year, but that is part of a larger strategy.

LISTEN: BYRNE ON SALES

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“Tire companies at one time tried to sell as many tires as they could and there was a competition to be the biggest tire producer in terms of number of units," Byrne says. "Goodyear has begun to break away from that and say they’d like to be the most profitable. So, they are trying to move away from making every sale to making sales that make sense in terms of their profitability.”

Goodyear’s second quarter earnings were released today.

In May, Goodyear announced it will open a new plant in North America, which Akron is competing for. Byrne says the tire companies moved away from Akron because of older technology and an unfavorable labor environment, but he says the labor force now has a reputation for being well-educated and motivated.

However, Byrne says a big remaining issue would be finding the space for the plant.

LISTEN: BYRNE ON PLANT

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(0:14)

“Tire plants usually are located in very rural, semi-urban areas where they have huge amounts of land and tracts of land where they can build the plants," Byrne says. "I don’t know what in this particular area meets that definition.”

Byrne says while that may detract from the city’s appeal, another strength is Akron's proximity to natural resources.

Goodyear says it will announce the new plant’s location during the first quarter of 2015.

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