Goodyear expects $150m hit following Venezuelan devaluation

ERJ staff report (DS)

Akron, Ohio — Goodyear has responded to press speculation over the impact of the financial crisis in Venezuela on its business. Goodyear said it expects to record a charge of around $150 million in the first quarter of 2010 due to economic measures taken by the Venezuelan government.

Venezuela has suffered from hyper inflation, and has announced a two-tier currency exchange rate against the US dollar.

The official exchange rate has been devalued from 2.15 bolivar fuerte to each U.S. dollar to 4.30, except…

To read more,please login or register below.

This is the first step to more free
content, user offers, subscriptions
and more.
Log in here using the Email Address
and Password you signed up with