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Goodyear to cut 1,100 jobs in Germany as it cuts tire production, modernizes plants

Goodyear Tire & Rubber Co. disclosed Tuesday that it expects to cut 1,100 jobs in Germany, as part of its plan to modernize tire manufacturing facilities and curtail production. The tire maker said it expects to record charges of $135 million, with $90 million recorded in the first quarter of 2019, as a result of the facility rationalization plan, which is expected to be completed during 2022. The company expects changes to the layout of the plants, efficiency gains from new equipment and the decision to curtail production of tires for declining, less profitable segments of the tire market to lead to the job cuts. Goodyear said the savings from the plan is expected to boost operating income for its Europe, Middle East and Africa business by an annualized $60 million to $70 million over a 3-year period beginning 2020.

First found on: uk.finance.yahoo.com And then on: 1 other references