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August 05, 2016 02:00 AM

Brexit 'immaterial' to Goodyear in United Kingdom

European Rubber Journal Report
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    AKRON—Goodyear does not expect the United Kingdom referendum decision to leave the European Union to cause any major disruption to its U.K. business, according to Richard Kramer, the firm's chairman, president & CEO.

    “Given that production in the U.K. has been diminished greatly (over recent years), I don't think we see any significant disruption coming there,” he said in a recent conference call to discuss second-half earnings. “We like our business in the U.K., and we certainly think we can manage through this.”

    These views were reinforced by Laura Thompson, chief financial officer and executive vice president, who described Brexit as largely “immaterial,” to Goodyear's U.K. business.

    She noted the company no longer manufactures tires in the nation and the country represents only around 2.5 percent of its sales.

    “It's primarily consumer tires, and … we import all of the tires into that region,” said Thompson. Thompson, however, added that there was still a large question about the impact of Brexit on Europe. “The impact on growth there, over time, (has) yet to be determined,” she commented.

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