Goodyear Tire to cut 700 jobs, sell retail stores in Asia-Pacific

GOODYEAR Tire & Rubber said on Friday (Sep 22) that it plans to cut 700 jobs and sell about 100 retail stores and fleet locations, under a rationalisation plan for its Asia-Pacific segment.

The move is expected to improve the segment’s operating income by approximately US$50 million to US$55 million in 2025, the tire manufacturer said, adding that the plan would also improve profitability in its Australia and New Zealand operations.

Goodyear would also exit nine warehouse locations, a regulatory filing showed.

It follows the company’s similar decision announced earlier in the month for Europe, the Middle East and Africa that would lead to 1,200 job cuts.

The Ohio-based company said the approved plan that is part of its broader restructuring effort would be completed by the end of 2024.

The pre-tax charges are estimated between US$55 million and US$65 million.

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Goodyear, in August, swung to a loss of 73 US cents per share for the second quarter, from a profit of 58 US cents per share a year earlier. REUTERS