Goodyear Tire & Rubber Co. has extended its shutdown of tire manufacturing plants in the Americas "until further notice."
Goodyear was the first tiremaker to shut down its tire plants in the U.S., and its original announcement, issued March 18, said the shutdown would last until "at least April 3."
In an updated statement to Modern Tire Dealer, the company says the suspension of operations at all manufacturing plants in the Americas will continue "in light of the ongoing decline in market demand resulting from the rapid spread of COVID-19."
"We are closely monitoring market demand signals, inventory and supply levels and warehouse and distribution operations to continue delivery of Goodyear products."
The update comes days after Goodyear circulated on social media platforms a letter from Chairman, CEO and President Rich Kramer. In that letter Kramer wrote that beyond the health crisis are the economic impacts of COVID-19.
"We've seen original equipment manufacturers shutting production and demand at dealerships around the world slow to almost a standstill. This demand shock is not just true of the tire industry; it's happening across multiple industries."
He continued, "We will be leveraging our existing inventory to serve our customers, demonstrating care for them during this crisis."