Manufacturing Industry

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Losses dominate the tyre scene; falling sales and joint ventures are the main features of this year's 'Top Ten' tyre producers. (World Tyre Report)

European Rubber Journal, January, 1991 by Davis, Bruce

Among tyre manufacturers, 1990 will be remembered as a red letter year - red as in severe losses.

Of the |Top Ten' manufacturers, only Cooper Tire & Rubber Co. and Hankook Tire Mfg. Co. reported increases in net profits.

Michelin, Goodyear and Pirelli made losses and Bridgestone, Continental, Sumitomo, Yokohama and Toyo had significant falls in profit. The industry is stepping up measures to trim overheads and restore profitability.

Losses have meant personnel cutbacks for Michelin, Goodyear and Pirelli. Michelin is cutting 16 000 jobs over two years, including nearly 5000 in its home country, France.

Michelin will probably report a loss this year of more than $300 million and could conceivably not be back in the black until 1993....

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