Goodyear Tire & Rubber Co., March 22, 2011, said it expects its worldwide business profitability to reach a record $1.6 billion in 2013 and its core North American business will reach $450 million. Although the tire manufacturer in Akron, Ohio, has invested billions of dollars in factory construction and increased pension reserves. The North American’s largest tire manufacturer is also expected to invest approximately US$1.3 billion in capital investment over the next two years, half of which will be used for technical research and development of new products, as well as for the modernization of facilities and expansion of production scale. The very few financial forecasts released by the Goodyear company underscore the company’s confidence that the auto industry and the consumer sector will experience a sustained recovery after a three-year relative delay. Goodyear’s chief executive, Richard Kramer, expects the growth in tire demand to continue. The company plans to increase tire production by 5% over the next three years. His goal is to increase Goodyear's overall capacity from 195 million tires in 2010 to 173 million in 2013. The increase in production capacity will mainly focus on high-end tires. These tires, which are usually purchased by owners of sport utility vehicles or luxury cars, are more complex and expensive than ordinary tires, but they are also more profitable than competitive entry-level tires. Kramer said in an analyst meeting Tuesday that current trends show that continued sales of automotive and commercial trucks will drive product demand, especially in emerging markets.
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