Home Add to Favorite Contact Submit  
           23 October, 2019


    
Category:  Press » Machinery

 

Goodyear Comments on Venezuelan Currency Devaluation

Popularity:
         Views: 1840
2010-01-19 06:48:54     
The Goodyear Tire & Rubber Company

On January 8, 2010, the Venezuelan government announced the devaluation of its currency (the bolivar fuerte) and the establishment of a two-tier exchange structure.

The official exchange rate has been devalued from 2.15 bolivar fuerte to each U.S. dollar to 4.30, except in the case of essential goods, for which the rate is 2.60. Some of the tires and raw materials The Goodyear Tire & Rubber Company (NYSE: GT) imports into Venezuela have been classified as essential, while others have not. The company is evaluating the list of goods classified by the Venezuelan government as essential to determine the exchange rates applicable to its imports.

Separately, Venezuela has been designated hyper-inflationary effective January 1, 2010, and as such, all future foreign currency fluctuations will be recorded in income.

While Goodyear continues to evaluate the impact of these actions by the Venezuelan government, it expects to record a charge associated with the devaluation, which if calculated at the 4.30 exchange rate would be approximately $150 million (62 cents per share) in the first quarter of 2010. This charge relates to the remeasurement of its balance sheet, net of tax. To the extent that Goodyear imports are classified as essential, this impact could be reduced. At December 31, 2009, without giving effect to the devaluation, Goodyear had approximately $370 million in cash denominated in bolivar fuerte in Venezuela. The devaluation will not have any impact on Goodyear's 2009 results of operations or financial position.

The future results of Goodyear's Venezuelan operations will be affected by many factors, including the company's ability to take actions to mitigate the effect of the devaluation, further actions of the Venezuelan government, economic conditions in Venezuela such as inflation and consumer spending, and the availability of raw materials, utilities and energy.

"We have a strong business in Venezuela with an outstanding and experienced leadership team that is focused on managing through the changes taking place in the Venezuelan market," said Robert J. Keegan, Goodyear's chairman and chief executive officer.

Goodyear is one of the world's largest tire companies. It employs nearly 70,000 people and manufactures its products in 59 facilities in 24 countries around the world. Its two Innovation Centers in Akron, Ohio and Colmar-Berg, Luxembourg strive to develop state-of-the-art products and services that set the technology and performance standard for the industry.

Certain information contained in this press release may constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, which affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: deteriorating economic conditions or an inability to access capital markets; our ability to realize anticipated savings and operational benefits from our cost reduction initiatives or to implement successfully other strategic initiatives; actions and initiatives taken by both current and potential competitors; pension plan funding obligations; increases in the prices paid for raw materials and energy; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; a labor strike, work stoppage or other similar event; our failure to comply with a material covenant in our debt obligations; the adequacy of our capital expenditures; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

Specialized in: Tire - Car Tires - Automobile Tires - Light Truck Tires - Suv Tires - Rv Tires - Passenger Tires - Truck Tires - Off-the-road-tires - Aircraft Tires - Goodyear - Goodyear Tire - Racing - Blimps - Charles Goodyear - Eagle - Wrangler - Aquatred - Fortera - Assurance - Eagle F1
URL: http://www.goodyear.com
Print press release      Bookmark this page
Related Press releases 
Mestek Machinery to Exhibit at 2017 AHR Expo (Popularity: ): Las Vegas, Nevada - January 26, 2017 -- Mestek Machinery Inc., headquartered in Cedar Rapids, Iowa, has been recognized by the AHR Expo and its co-sponsors (ASHRAE and AHRI) as being a finalist in the Tools & Instruments Category of the 2017 AHR Expo Innovation Awards Competition for its Pro-Fabriduct® Manufacturing System.The Pro-Fabriduct® is a modular designed processor that integrates over 20 manufacturing processes into one combination residential/commercial rectangular duct ...
Montana Online Machinery Auction Sets Record (Popularity: ): Miles City, MT - May 19, 2016 -- On Mothers Day, thirty four sellers sold 370+ lots of farm machinery & related items in Miles City, Montana. Over 586 buyers registered from the USA & Canada to bid on assets from the Duane Leidholt Estate and others.Sales topped $1.38 million dollars with 177 successful buyers. Top selling items included John Deere farm equipment and Kenworth farm trucks. The entire auction ...
Semiconductor Machinery Manufacturing in the US Industry Market Research Report from IBISWorld Has Been Updated (Popularity: ): New York, NY - January 14, 2014 -- Semiconductor machinery manufacturing encompasses the necessary equipment for semiconductor production, including wafer-processing, assembly and packaging. According to IBISWorld Industry Analyst Darryle Ulama, “The industry is characteristically volatile; demand depends on conditions in downstream semiconductor manufacturing, which undergoes rapid technological change and shifts in the global supply chain.” Industry performance also relies on downstream demand for electronic products, such as TVs, computers and ...
EXAIR's Super Blast Safety Air Guns with Extensions Offer High Power for Hard to Reach Blowoff (Popularity: ): December 11, 2013 -- EXAIR’s Super Blast Safety Air Guns have always provided high quality performance for your blowoff, drying or cleaning needs. Now, they are available with 3 foot and 6 foot extension pipes. These CE compliant Super Blast Safety Air Guns with Extension Pipes provide strong blowing force to clean large areas quickly and the extensions allow you to reach areas not easily accessible.Extension Pipes give you a ...
RFcnn.com Has Introduced Its Latest Collection of G703 Mini Baluns (Popularity: ): November 26, 2013 -- RFcnn.com is one of the world’s leading balun suppliers. Its balun products include G703 Mini baluns, E1 mini baluns, E2 mini baluns, 1.6/5.6 mini baluns, BNC mini baluns, and many others. Recently, the company has introduced its latest collection of G703 Mini baluns and launched a collection of these new items.According to the CEO of the company, the promotion is launched for the international clients. “Our ...

Press release home snapshot 


Related Business 
Barreiro, Carmen Elena (Popularity: ): This site describes a traditional Venezuelan harpist, her repertoire, and biographic information, as well as the origin of the Venezuelan harp tradition
Auto Currency Conversion For Magento Shop (Popularity: ): The "Currency Geo Filter" Magento module defines a user's country by IP Adress and automatically displays product prices in your customer's home currency. The client can manually switch any other currency from the multi currency list pre-selected by the web shop administrator.
Currency Path (Popularity: ): Have you ever wondered where the currency notes your use travel? Well, now you can trace the path a currency note takes with Currency Path. So how does Currency Path work? Registered members enter the serial number of their currency notes into our database, so we can track the movement of these notes. Over a period of time more users will add locations to the currency notes already in our ...
Periodontist Goodyear (Popularity: ): Get Teeth in a day & Dentures at affordable prices for the residents of Peoria & Goodyear. Our Dentist is been voted as the best Periodontist in town.
Dona arepa restaurant (Popularity: ): Each of our dishes is backed with over 30 years of Chef Joao's experience in typical Venezuelan cuisine. Besides of a complete menu in the most tipical dishes we also have an extensive AREPAS' menu with original combinations. You can also find cachapas, tequeños, mini-empanandas and Venezuelan cheeses; guayanés y de mano.
Goodyear Air Conditioning Repair (Popularity: ): Goodyear air conditioning repair offers residential, commercial and multifamily Air Conditioning and Heating service, repair and installation throughout the Phoenix Metro Valley. Goodyear air conditioning repair's mission is to provide affordable, professional, high quality and exemplary service built on honesty, education and high ethical standards.
Currency Exchange Rate (Popularity: ): Currency exchange rate, foreign exchange rates and foreign currency rates it all sounds so confusing use our currency converter to ease your confusion. CurrencyRate.com is sponsored by PersonalFX & CorporateFX. We offer commercial and personal currency services to the business sector operating for institutions, large corporates, SMEs as well as private individuals.
Forex Currency Converter (Popularity: ): Currency exchange rates for all major currencies converted. Forex currency converter Calculators are all free and can be used online or throughout mobile devices. Find the latest Foreign exchange and currency information for investors, traders and travelers.
Currency Converter Calculator Online (Popularity: ): USD Currency Calculator! We aim to provide you with quick and easy currency conversion for the most popular USD conversions including CAD, GBP, CNY, JPY, and more! See our most popular USD conversions for more information on each individual currency and its conversion to the USD. USD Currency Calculator is your exchange-rate source with a constantly-updated matrix of the most popular USD conversions. When you need to know your buying ...
Foreign Currency and Coin Exchange (Popularity: ): At Foreign Currency and Coin Exchange we are here to serve our customers by helping them with all of their currency needs. We will exchange your foreign currency, bills and coins, from just about every country in the world. We buy silver coins, gold coins, collectible coins and sets as well. We will even buy your obsolete currency that has no exchange value anymore.