- Goodyear Tire & Rubber Co GT said it lasts cost saving measures citing the challenging industry environment and inflationary cost pressures.
- The company expects that the planned rationalization and restructuring of the workforce will result in a reduction of approximately 5% or approximately 500 jobs worldwide.
- The company expects the reorganization to be completed in the first and second quarters. These actions are in addition to the cost synergies associated with the Cooper Tire integration.
- GT expects to record approximately $55 million in pre-tax charges associated with these actions. First quarter savings are expected to be $5 million.
- “Our fourth quarter results came in below expectations given a significantly weaker industry environment, particularly in Europe,” said Richard J. Kramer, chairman, CEO and president.
- Goodyear will report fourth quarter 2022 financial results after market close on February 8, 2023.
- price action: GT shares trade 4.69% lower at $10.98 on the last check Friday premarket.
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