29 Jun 2004
By Patrick Raleigh, ERJ On-line news editor
Akron, Ohio- Goodyear Tire & Rubber Co. is now the sole owner of Sava Tires d.o.o., having acquired Sava dd's remaining 20-percent in the Kranj, Slovenia-based tyre maker, Goodyear has announced.
The $52-million acquisition, strengthens Goodyear's position as the No. 2 tyre maker in Europe and enhances its low-cost sourcing capabilities, claimed Robert Keegan, Goodyear's chairman and CEO.
Sava Tires exports more than 80 percent of its production, mainly to other European countries and is “playing an important role in our success in Europe,†according to Keegan, in a 29 June press statement.
Goodyear acquired a 60-percent stake in Sava Tires in 1998, and bought an additional 20 percent in 2002. The US group's interests in Slovenian firm are operated by Goodyear Dunlop Tires Europe- its 75 percent-owned joint venture with Sumitomo Rubber Industries Ltd.
In the first quarter of 2004, Goodyear said sales for its European-based tyre businesses were 20 percent higher than in the same period last year, while operating income rose 144 percent.
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