trending Market Intelligence /marketintelligence/en/news-insights/trending/6AXFdikIqsAgpPM1R9zAew2 content esgSubNav
In This List

Goodyear to cut 1,100 jobs in Germany

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

Gauging Supply Chain Risk In Volatile Times

Blog

The Future of Risk Management Digitization in Credit Risk Management

Blog

Climate Credit Analytics: Diving into the model


Goodyear to cut 1,100 jobs in Germany

Goodyear Tire & Rubber Co. expects to cut about 1,100 jobs in Germany as part of a rationalization plan that involves improving facilities and reducing tire production in the less profitable segments, according to a March 19 SEC filing.

The Ohio-based tire-maker said it plans to modernize Goodyear Dunlop Tires Germany GmbH's tire manufacturing facilities in Hanau and Fulda, Germany and increase the production of premium, large-rim-diameter consumer tires. It expects these initiatives to improve operating income for its Europe, the Middle East and Africa business by $60 million to $70 million on an annualized basis for a three-year period from 2020.

Goodyear said it will consult with relevant employee representative bodies regarding the proposed changes.

The company added that it expects to incur at least $135 million in total pretax charges from the plan, which is projected to be completed in 2022.