Goodyear Strengthens Commitment to Sustainable Procurement of Soybeans

Rhea-AI Summary

Goodyear Tire & Rubber Company (NASDAQ: GT) announced a new sustainable soybean oil procurement policy on March 18, 2021, aimed at responsible sourcing and environmental sustainability. The policy emphasizes human rights, responsible land use, and environmentally friendly soybean processing. Goodyear's use of soybean oil surged 73% in 2020 compared to 2019, moving towards a goal of full petroleum oil replacement by 2040. The initiative aligns with Goodyear’s commitment to increased sustainable materials across its product lines, enhancing vehicle performance with innovative tire technologies.

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• Increased use of soybean oil by 73% in 2020 compared to 2019, showcasing commitment to sustainability.
• New soybean oil procurement policy ensures responsible sourcing and environmental sustainability.

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AKRON, Ohio, March 18, 2021 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) today announced a new sustainable soybean oil procurement policy that reflects its strong commitment to the responsible sourcing of raw materials. The company believes that, through this policy, it can help guide processors, farmers, and all other members of the supply chain to establish practices and make sound environmental and social decisions related to the growing, harvesting, and processing of soybeans. 

"Goodyear's use of soybean oil is growing, and we want our actions to make a difference in the lives of soybean farmers and others in the soybean supply chain," said Maureen Thune, VP and Chief Procurement Officer. "Our new policy will help guide us as we work with processors, farmers, and others to strengthen the sustainability of the global soybean supply chain."

Building upon the company's Business Conduct Manual and Supplier Code of Conduct, the policy, which can be reviewed here, features these important components:

• Human Rights – Goodyear will work to ensure its soybean oil supply chain supports and protects the rights of all involved and fosters a positive working environment at all levels of the supply chain.
• Responsible Land Acquisition and Use – Goodyear will work to promote an environmentally and socially responsible soybean supply chain, free from deforestation and land grabbing.
• Soybean Oil Processing – Goodyear expects its soybean oil suppliers to manufacture their products in a responsible and environmentally friendly manner.
• Soybean Growing and Harvesting – Goodyear encourages its suppliers and any sub-suppliers to implement the best-known cultivation and agricultural practices, including, as applicable, those outlined by The Round Table for Responsible Soy.
• Supplier Alignment – Goodyear encourages its soybean oil suppliers and sub-suppliers to demonstrate commitment to responsible practices.
• Policy Implementation and Compliance – Goodyear is committed to the corruption-free and transparent implementation of the policy.

As part of its commitment to sustainable sourcing, Goodyear is increasing its use of sustainable materials in its products, including soybean oil. Goodyear scientists and engineers – with the support from the United Soybean Board – developed a tread compound in which soybean oil replaced some or all petroleum-derived oil, discovering that soybean oil helps keep a tire's rubber compound pliable in changing temperatures, a key performance achievement to maintaining and enhancing vehicle grip on roadways.

Goodyear commercialized this innovation in its Assurance WeatherReady™ consumer tire line in 2017, the Eagle Enforcer All Weather™ in 2018, the Eagle Exhilarate™ in 2019 and the Goodyear Assurance ComfortDrive in 2020.

Goodyear's 2020 use of soybean oil increased 73% over 2019 usage, making progress toward its long-term goal of full petroleum oil replacement in its products by 2040.

Goodyear's soybean oil procurement policy is effective immediately and applies to all soybean-based materials sourced by Goodyear operations worldwide.

About The Goodyear Tire & Rubber Company

Goodyear is one of the world's largest tire companies. It employs about 62,000 people and manufactures its products in 46 facilities in 21 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate.

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SOURCE The Goodyear Tire & Rubber Company

FAQ

What is Goodyear's new soybean oil procurement policy?

Goodyear's new soybean oil procurement policy focuses on sustainable sourcing, emphasizing human rights, responsible land use, and environmentally friendly processing.

How much did Goodyear increase its use of soybean oil in 2020?

Goodyear increased its use of soybean oil by 73% in 2020 compared to the previous year.

What are Goodyear's long-term goals regarding soybean oil?

Goodyear aims for full petroleum oil replacement in its products by 2040.

When was Goodyear's soybean oil procurement policy announced?

The policy was announced on March 18, 2021.

What benefits does soybean oil provide in tire manufacturing?

Soybean oil helps maintain rubber pliability in changing temperatures, enhancing vehicle grip on roadways.