Devaluation in Venezuela did not affect Goodyear
04 december 2009
In Venezuela, on January 8, 2010, it was announced that the bolivar, the country's local currency, would be devalued. Among the companies that analysts believed would be affected was the German company Goodyear.
The official response from German representatives was as follows:
Despite the change in the bolivar's exchange rate to the US dollar from 2.15 to 4.30, Goodyear is not experiencing any difficulties in Venezuela, since most tires are considered essential goods, for which a rate of 2.60 has been established. Cheap imports have allowed Goodyear to stay afloat. Additionally, inflation has been noted in the country, which is helping to drive Goodyear's progress along its planned course.
The official response from German representatives was as follows:
Despite the change in the bolivar's exchange rate to the US dollar from 2.15 to 4.30, Goodyear is not experiencing any difficulties in Venezuela, since most tires are considered essential goods, for which a rate of 2.60 has been established. Cheap imports have allowed Goodyear to stay afloat. Additionally, inflation has been noted in the country, which is helping to drive Goodyear's progress along its planned course.