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February 1, 2013
06:24 EDTGTGoodyear Tire to exit farm tire business in EMEA region
On January 31, the company announced in an 8-K filing that it intends to exit the farm tire business in the Europe, Middle East and Africa region and, accordingly, GDTF has initiated a plan to also discontinue farm tire production at the Amiens North manufacturing facility, which would result in the full closure of that facility. GDTF has initiated communications with affected associates regarding the full closure of the Amiens North manufacturing facility. The plans remain subject to consultation with the European Central Works Council, GDTF’s employee representatives and other relevant bodies in the EMEA region. In conjunction with these actions, in 4Q12, it recorded $74M and now estimates that the total charges associated with the above plans will be at least $230M, $191M of which have now been recorded. The remaining charges will be recognized as costs are incurred in future periods. Non-cash charges for accelerated depreciation of approximately $20M are expected to be offset by non-cash pension curtailment gains. The actions would eliminate approximately 6M units of high-cost physical capacity, although GDTF currently produces approximately 1.3M tires per year at the Amiens North manufacturing facility. The actions are expected to improve EMEA operating income by approximately $75M annually, as compared to 2012 results, following the closure.
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November 25, 2014
07:42 EDTGTGoodyear may benefit in 2015 from Chinese tire duties, says Deutsche Bank
After the Department of Commerce assigned a higher than expected preliminary subsidy rate of 15.69% to tires exported from China, Deutsche Bank noted that additional tariffs on Chinese tires would likely have a significant impact on the U.S. tire market and be positive for companies like Goodyear (GT). Cooper Tire (CTB) is another publicly traded U.S. tire company. The firm notes that the ITC is scheduled to release the more significant preliminary ruling on whether Chinese tire makers dumped tires into the U.S. market around January 20, which could result in tariffs that would likely be significantly higher than the countervailing duty. Deutsche has a Hold rating and $29 price target on Goodyear.
05:51 EDTGTStocks with implied volatility movement; GT LOCO
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November 12, 2014
08:05 EDTGTGoldman to hold a conference
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