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The first quarter was characterized by muted economic activity and weak demand, with customers still destocking, especially in the first weeks of the new year. Overall, sales fell 11 percent to 4.0 billion euros. Volumes declined by 14 percent. Higher prices offset some of the volumes lost and compensated for inflation effects. Earnings before interest and taxes, depreciation and amortization (adjusted EBITDA) declined by 44 percent to €409 million.

Elliott is one of Goodyear’s largest investors because it has strong conviction in the significant value-creation opportunity achievable at the Company, the letter said. Despite the Company’s strong brand, leading market share and favorable industry tailwinds, Goodyear’s stock has meaningfully and consistently underperformed. The Company’s poor stock performance is a direct result of its significant margin erosion, suboptimal go-to-market strategy, and unfocused brand strategy, which have collectively led to a loss of investor confidence, according to the letter.

Continental started 2023 with solid results, in line with its expectations. The technology company anticipates a further improvement in earnings over the course of the year, in particular due to rising production figures for passenger cars and light commercial vehicles, inflation-related price adjustments and cost discipline. As a result of inflation, the company is expected to incur additional costs in 2023 of around €1.7 billion for materials, wages and salaries as well as energy and logistics. Continental is maintaining its outlook for 2023.

Audi is factory-fitting its RS 6 Avant performance with the Continental SportContact 7 premium tires. Thanks to its outstanding characteristics, the tire has performed impressively in numerous tests and also won over the Ingolstadt-based carmaker. Continental has obtained global approval for equipping the Audi RS 6 Avant performance with the 22-inch version.

ARP Materials announced the promotion of Brian Sauers to the position of Vice President of Sales and Marketing. In this new role, Sauers will lead the company’s Sales and Marketing efforts across North America.

Leibinger introduced the world’s first intelligent coding & marking system – the IQJET – on May 3 in Düsseldorf, the day before the opening of the interpack trade show. The IQJET is ideally suited for the direct coding and marking of products and packaging. It can be used in the food and consumer goods sectors (FMCG), as well as for applications in the industrial sector

PPG announced that Christine Camsuzou, currently interim chief procurement officer (CPO), has been appointed vice president, procurement and CPO, effective immediately. Reporting to Ram Vadlamannati, senior vice president, operations, Camsuzou will be responsible for leading PPG’s global procurement team, processes and strategy.

Dow advanced to 7th place on the 2023 DiversityInc Top 50 Companies for Diversity list, which was announced yesterday at DiversityInc’s celebratory event in New York City. Dow’s sixth consecutive year earning a placement on the list highlights the Company’s commitment, progress and advancement in inclusion, diversity, and equity.

TBC Corporation (“TBC”) names Sam Kato as the company’s new president and chief executive officer. Kato, who served as TBC’s chief administrative officer for the last two years, replaces Laurent Bourrut who is retiring after completing his assignment to position the company for strategic growth amid the evolution of the tire industry. Bourrut will remain an executive advisor to Kato and TBC.

The Goodyear Tire & Rubber Company announced the latest additions to the Kelly Tire portfolio with the new Kelly Edge® Touring A/S and Kelly Edge® Sport. Both products are built to deliver all-around performance with the security and responsiveness today’s drivers demand and fit a sensible budget. Available now in over 75 of the most popular sizes, for all major vehicle makes and models, the new Kelly Edge® Touring A/S and the Kelly Edge® Sport tires are made with an innovative tread design and incorporate features and compounds meant to offer security and performance for daily commuting.