Goodyear To Cut 500 Jobs, Citing Significantly Weaker Demand
PremiumThe reductions will target salaried employees, representing about 5% of such positions across the company
Goodyear Tire & Rubber Co. will eliminate about 500 jobs, adding to the wave of layoffs sweeping corporate America as the company cuts costs in response to weak demand and rising inflation.
The reductions will target salaried employees, representing about 5% of such positions across the company, according to a statement Friday. The move, expected to be completed during the first half of this year, will results in pretax charges of about $55 million.
“Our fourth-quarter results fell short of our expectations given a significantly weaker industry backdrop, particularly in Europe," Chief Executive Officer Richard Kramer said in the statement. Tire demand fell about 12% during the period in the Europe, Middle East and Africa region, which will drag that unit to an operating loss of about $80 million.
Goodyear shares fell 4.5% as of 8:53 a.m. in New York. The company is slated to report full results for the fourth quarter on Feb. 8.
The company said it’s grappling with inflation in areas such as wages and benefits, countering the benefit from a decline in raw material costs.
This story has been published from a wire agency feed without modifications to the text.
Catch all the
Corporate newsand Updates on Live Mint. Download The
Mint News Appto get Daily
Market UpdatesBusiness News.
No Network
Server Issue
Internet Not Available
" + planName + ""; /* current plan info ends */ /* next billing html starts */ if (planData.next_billing_at != "" && planData.next_billing_at != "null" && typeof planData.next_billing_at != "undefined") {billingCycleText = "Next Billing Date : "; nextActivationDate = planData.next_billing_at; } else if (planData.expires_at != "" && planData.expires_at != "null" && typeof planData.expires_at != "undefined") {billingCycleText = "Expiry date : "; nextActivationDate = planData.expires_at; } else {billingCycleText = "Expiry date : "; nextActivationDate = planData.current_term_ends_at; } var nextBillingMonth = new Date(nextActivationDate).toDateString().split(" ")[1]; var nextBillingDay = new Date(nextActivationDate).getUTCDate(); var nextBillingYear = new Date(nextActivationDate).getFullYear(); var nextBillingHtml = nextBillingDay ? "" + billingCycleText + nextBillingDay + " " + nextBillingMonth + " " + nextBillingYear + "
FDIC Leadership In Flux After Harassment Probe Forces Chair To Quit
New York, NY — In a surprising turn of events, Martin J. Gruenberg, the long-serving Chair of the Federal Deposit Insu... Read more
Uncertainty Surrounds Iran's Leadership After Presidential Helicopter Crash
In a dramatic and unsettling turn of events, a helicopter carrying Iran's President Ebrahim Raisi crashed during a fligh... Read more
Jake Sullivans Diplomatic Mission To Israel For Ceasefire Talks
Jake Sullivan, America’s national security adviser, has embarked on a crucial diplomatic mission to Israel, aimed at p... Read more
Germany's Fragmented Government: A Crisis Of Leadership And Direction
Germany's government is struggling to maintain unity as internal conflicts within the coalition continue to escalate. Th... Read more
Strong Yen Reflects Positive Sentiment As Asian Equities Gain
The Japanese yen strengthened, reflecting positive sentiment as Asian equities posted gains. This trend highlights inves... Read more
Chinas Response To U.S. Tariffs: Threats And Predictions
Following the recent announcement by the Biden administration to impose new tariffs targeting $18 billion worth of Chine... Read more