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Stock Market & Financial Investment News

News Breaks
January 15, 2013
13:01 EDTGTGoodyear Tire on track to exceed 2013 N. America segment operating income goal
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June 25, 2015
09:08 EDTGTGoodyear Tire to close Wolverhampton, U.K., facility, cut 360-390 positions
The Goodyear Tire & Rubber Company said in a regulatory filing that on June 23, it approved rationalization plans in its Europe, Middle East and Africa strategic business unit in order to strengthen the company’s global competiveness. The rationalization plans include closing the Wolverhampton, United Kingdom mixing and retreading facility and transferring its production to existing manufacturing facilities across EMEA. The plans also include the transfer of consumer tire production from the manufacturing facility in Wittlich, Germany to existing manufacturing facilities in EMEA. These plans, which will result in a net reduction of approximately 360 to 390 associate positions, remain subject to consultation with relevant employee representative bodies.The company expects to be substantially complete with these rationalization plans by the end of 2016 and estimates total charges associated with these actions to be between $70M-$80M, or $60M-$70M after taxes and minority interest, of which $55M-$60M is expected to be cash charges primarily related to severance payments and contractual obligations and approximately $15M-$20M is expected to be non-cash charges primarily related to accelerated depreciation and other asset related charges. The company expects to record approximately $30M of charges in the second quarter of 2015 associated with these plans. Charges of approximately $10M are expected to be recognized in the second half of 2015.Once completed, these actions are expected to improve EMEA segment operating income by approximately $30M annually, beginning in 2017.

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