Manufacturing Industry
Goodyear lifts Lastikleri stake. (Tyre news).(Goodyear Tire & Rubber Co., acquires greater share of Turkish subsidiary)(Brief Article)(Statistical Data Included)
European Rubber Journal, September, 2002 by Raleigh, Patrick
Goodyear Tire & Rubber Co. is increasing its ownership of Goodyear Lastikleri to 74.6 percent by acquiring an extra 15.2-percent stake in its Turkish subsidiary. The $15.9-million acquisition of shares from Koc Holding AS confirms Goodyear's commitment to the local market, Goodyear said. With plants in Izmit and Adapapazari, Goodyear Lastikleri manufactures and distributes tyres for the Middle East. Employment stands at 1470.
Meanwhile, lower raw material costs, cost reductions and currency translations helped Goodyear increase operating income in the European Union, both in the second quarter and first half of 2002. The earnings gains included a $5-million contribution from currency movements in the second quarter, the company said.
The positive...
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