Recently, Goodyear Tire & Rubber announced that it has updated its asset allocation plan for 2014-2016.
The reporter learned that the new plan reaffirmed Goodyear’s financial goals for 2014-2016, including: the average annual growth rate of operating revenue was 10%-15%; the free cash flow of operations increased year by year. The company still expects its tire sales to increase by 2%-3% over 2013 in 2014.
Richard Claymer, Goodyear’s president and chief executive officer, said: “The new program demonstrates Goodyear’s strong commitment to a balanced development in key areas, including providing cash returns to shareholders and high-return growth projects. Investing and realizing investment-grade credit rating indicators."
The reporter was informed that among many initiatives, investment in the construction of a new factory in the Americas has become the biggest highlight of its new program. Goodyear said it will invest US$300 million more to help the company establish a new factory to support the North American and Latin American markets and tap into the expected growth potential of the high value-added tire market in these two regions.
Kramer said: “The demand for Goodyear high value-added tire products from consumers in North America and Latin America is growing. This has created an excellent opportunity for us to invest in plants and expand production capacity in the Americas. This will help us In the long-term development process after 2016, we will further consolidate our leading position and drive revenue growth."
It is reported that Goodyear plans to invest about 500 million US dollars to build a new factory. The plant will also be one of the world's most advanced plants at Goodyear, with an initial production capacity of approximately 6 million tires per year. At present, the company is currently selecting a site for the new plant to ensure that it can provide full support to customers in North America and Latin America. The new plant is expected to start production in the first half of 2017.
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