The company’s namesake, Charles Goodyear, invented vulcanized rubber in 1939. However, he had very little to do with the Goodyear tire company. His name was chosen for the company as a tribute to his amazing discovery.
Frank Seiberling founded the company by buying a production facility with money lent to him by his brother-in-law. Goodyear production began in November 1898 and was perfectly timed to match the new bicycle trend. They did very well in creating tires for the millions of new bicycles. They had a famous catchphrase at the time: “More people ride on Goodyear tires than any other kind.”
A large contract for the company, from Ford Motors, propelled the company to great heights. They were the official tires for Ford’s Model T and we all know how successful they were at the time. Goodyear quickly became the world’s largest tire producer and became a well-recognized household name in the early 20th century. They made tires for planes, cars, machines, you name it. They had developed a kind of prestige and recognition rarely achieved by brands at that time. By the early 1900s, they were recognized as the world’s largest rubber producer.
It was then that the company began to diversify and expand its operations into a few different industries, such as space travel and nuclear power production. Some of these were commercial failures, but many were far from it. Goodyear was, in fact, one of the main manufacturers of the space shuttle and also produced aircraft for the US military. It was around this time that Goodyear reinvested a substantial sum in renovating its original facility in Akron, Ohio.
Goodyear’s blimp did wonders for the company’s image and marketing and is almost more famous than its logo. They remain the most successful tire manufacturer in Formula One with the most wins and championships to their credit. They left Formula One in 1998 but are still a major player in Nascar.
Michelin and Bridgestone have done a great job of becoming serious competitors to the Goodyear brand and knocking it out of pole position. So while Goodyear may no longer be at the top of the list, its name, prestige and history live on. Forbes magazine rated them as one of the most valuable companies in the world. Some of the subsidiaries currently under the Goodyear umbrella are: Sava, Fierce, Fulda, Dunlop, Bluestreak and Regetta.
