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

Goodyear to cut 1,100 jobs in Germany

Blog

Japan M&A By the Numbers: Q1 2022

Blog

Insight Weekly: M&A outlook; US community bank margins; green hydrogen players' EU expansion

Blog

Global M&A by the Numbers: Q2 2022

Blog

SEC Climate Disclosure Requirements Heating Up: How to Take Action


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.