Posted in | News | Rubber and Elastomer

Goodyear to Slash 340 Jobs

Sep 13 2004

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The Goodyear Tire & Rubber Company today announced that its Engineered Products and Chemical businesses are implementing rationalization programs to reduce costs in their operations. The company will record rationalization charges in the third quarter of 2004 in connection with these actions.

The company will record a charge of between $23.5 million and $27.5 million for programs in its Engineered Products business. It plans to reduce about 240 positions through these actions by the end of the third quarter of 2005. The company expects to make future cash expenditures of between $4.5 million and $6.5 million in connection with this action. Additionally, Goodyear plans to reverse between $4 million and $8 million of reserves related to previous Engineered Products programs.

Goodyear expects to record a charge of between $5.5 million and $6 million and reduce about 100 positions in the Chemical business by the end of this year. The company expects to make future cash expenditures of between $2 million and $2.5 million in connection with this action.

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