GOODYEAR TIRE & RUBBER CO /OH/ (GT): restructuring charge — Goodyear approves 50% capacity cut at Fulda plant; expects $105-115M pre-tax charges

GOODYEAR TIRE & RUBBER CO /OH/

Plan reduces production capacity at Fulda, Germany facility by ~50%, affecting ~550 jobs (375 associates, 175 contracted).
Pre-tax charges estimated at $105M-$115M; $95M-$105M cash charges; ~$65M expected in Q2 2023.
Reduces tire SKUs by ~450, with ~200 transferred to other EMEA plants.
Expected to improve EMEA segment operating income by ~$15M in 2024 and ~$30M annually thereafter.
Rationalization expected substantially complete by end of 2024, subject to employee consultation.

Key facts

Extracted from this filing and checked against the source text.

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

GOODYEAR TIRE & RUBBER CO /OH/ announced a restructuring with charges of between $105 million and $115 million affecting Fulda, Germany tire manufacturing facility (EMEA segment) (approximately 550 job reductions at Fulda, consisting of 375 associates and 175 contracted positions).

Type: restructuring
Charge: between $105 million and $115 million
Affected area: Fulda, Germany tire manufacturing facility (EMEA segment)
Headcount: approximately 550 job reductions at Fulda, consisting of 375 associates and 175 contracted positions

Exact text from the filing

The Company expects to substantially complete this rationalization plan by the end of 2024 and estimates total pre-tax charges associated with this action to be between $105 million and $115 million, of which $95 million to $105 million is expected to be cash charges primarily for associate-related and other exit costs, with the remainder representing

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Source: SEC EDGAR

accession 0001193125-23-158977

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