Goodyear Tire & Rubber to Close Chemical Facilities in New York, Texas
MT Newswires Live
19 hours ago
Goodyear Tire & Rubber (GT) said in a late Thursday regulatory filing that it will shutter its chemical manufacturing facilities in Niagara Falls, New York, and Bayport, Texas.
The decision is expected to improve its Americas segment operating income by $15 million to $20 million annually, starting in 2027, per the filing.
The restructuring, expected to be completed by the end of 2027, will result in 85 job reductions and pre-tax charges of $55 million to $75 million related to plant exit costs and other non-cash and asset-related expenditures, according to the filing.
The company expects to record $35 million of charges in Q3 and $15 million during the remainder of this year, the filing stated.
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