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

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Staff Writer |
Europe   Goodyear expects changes to the layout of the plants

Goodyear Tire & Rubber Co. expects to cut 1,100 jobs in Germany, as part of its plan to modernize tire manufacturing facilities and curtail production.

Goodyear 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 facilities in the plan are the Goodyear Dunlop Tires Germany GMbH's facilities in Hanau and Fulda.

Goodyear 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.

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