Goodyear Tire & Rubber Co. lost more than a quarter of its market value Friday after the tire manufacturer said it expects significant pressure from rising input prices to persist into 2022.
With Goodyear’s costs rising for everything from labor to commodities to shipping, the company projected it will face meaningfully higher prices through the first half of 2022. Raw materials alone will likely cost the company $700 million to $800 million more in the six months through June compared with a year earlier, executives said. They added that logistics and energy expenses are also on an uptrend.
