The Goodyear Tire & Rubber Company announced a plan to close its chemical manufacturing facilities in Niagara Falls, New York, and Bayport, Texas. The restructuring, which includes approximately 85 job reductions, is expected to be substantially complete by the end of 2027.
Key Details
- Financial Impact: The company expects to incur total pre-tax charges of $55 million to $75 million, with approximately $30 million in cash charges for plant decommissioning and other exit costs.
- Projected Savings: The closures are expected to improve Americas segment operating income by approximately $15 million to $20 million annually, beginning in 2027.
- Timeline: The plan is scheduled for completion by the end of 2027, with approximately $50 million of the pre-tax charges expected to be recorded by the end of 2026.