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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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January 28, 2015
09:59 EDTGTOn The Fly: Analyst Downgrade Summary
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07:47 EDTGTGoodyear Tire downgraded at SunTrust
As previously reported, SunTrust downgraded Goodyear Tire to Neutral from Buy. The firm lowered estimates due to weaker mining datapoints and pending changes to Venezuela's currency system. Price target lowered to $28 from $34.
06:05 EDTGTGoodyear Tire downgraded to Neutral from Buy at SunTrust
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January 23, 2015
10:54 EDTGTGoodyear Tire recalls 48,500 SUV tires after finding small tread cracks, AP says
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January 22, 2015
08:04 EDTGTChinese anti-dumping tariffs positive for tire companies, says Deustche Bank
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07:43 EDTGTGoodyear rises after U.S. sets dumping margins on Chinese tire makers
The U.S. Department of Commerce announced its affirmative preliminary determination in the antidumping duty investigation of imports of certain passenger vehicle and light truck tires from the People’s Republic of China. Commerce preliminarily determined that imports of certain passenger vehicle and light truck tires from China have been sold in the U.S. at dumping margins ranging from 19.17% to 87.99%. Mandatory respondents Giti Tire Global Trading and Sailun Group received preliminary dumping margins of 19.17% and 36.26%, respectively. All other producers/exporters in China received a preliminary dumping margin of 87.99%. Shares of Goodyear Tire (GT) are up 1.7% in pre-market trading following the determination, while Cooper Tire (CTB) is up 0.7%.

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