GOODYEAR TIRE & RUBBER CO /OH/ (GT): restructuring charge — Goodyear to cut 500 salaried jobs (~5%); EMEA Q4 operating loss ~$80M

GOODYEAR TIRE & RUBBER CO /OH/

Approved rationalization plan reducing global salaried staff by ~500 positions (5%) in Q1-Q2 2023.
Pre-tax charges of ~$55M, including ~$39M cash severance; $37M recorded in Q4 2022.
EMEA unit expects Q4 segment operating loss of ~$80M due to weak demand and inflation.
Plan expected to deliver $15M quarterly run-rate benefit from Q2 2023; $5M saved in Q1.
Actions complement Cooper Tire integration synergies and prior Melksham/TrenTyre exits.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.4

GOODYEAR TIRE & RUBBER CO /OH/ reported preliminary financial results for fourth quarter of 2022.

Period: fourth quarter of 2022
Result: preliminary results

Exact text from the filing

A copy of a News Release issued by The Goodyear Tire & Rubber Company (the “Company”) on Friday, January 27, 2023, describing certain aspects of its results of operations for the fourth quarter of 2022, is attached hereto as Exhibit 99.1.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

GOODYEAR TIRE & RUBBER CO /OH/ announced a restructuring with charges of approximately $55 million (approximately 5 percent reduction in salaried staff globally, or about 500 positions).

Type: restructuring
Charge: approximately $55 million
Headcount: approximately 5 percent reduction in salaried staff globally, or about 500 positions

Exact text from the filing

substantially complete the rationalization plan during the first and second quarters of 2023 and estimates total pre-tax charges associated with this action to be approximately $55 million, of which approximately $39 million are expected to be cash charges primarily for associate-related and other exit costs, with the remainder representing non-cash charges

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Source: SEC EDGAR

accession 0001193125-23-016853

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