GOODYEAR TIRE & RUBBER CO /OH/ (GT): restructuring charge — Goodyear approves EMEA restructuring: net 700 job cuts, $210-230M pre-tax charge

GOODYEAR TIRE & RUBBER CO /OH/

1,200 positions eliminated; 500 new roles in Romania shared services, net reduction of ~700.
Total pre-tax charges between $210M and $230M, substantially all cash, primarily associate-related costs.
Expected annual savings of ~$100M by 2025 from 2022 baseline, with savings beginning in 2024.
Actions subject to consultation with employee representative bodies in certain countries; expect substantial completion in 2025.

Key facts

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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 $210 million to $230 million affecting Europe, Middle East and Africa ("EMEA") (approximately 1,200 positions across multiple countries within EMEA while also creating approximately 500 new roles prin).

Type: restructuring
Charge: approximately $210 million to $230 million
Affected area: Europe, Middle East and Africa ("EMEA")
Headcount: approximately 1,200 positions across multiple countries within EMEA while also creating approximately 500 new roles prin

Exact text from the filing

in significant savings beginning in 2024 and to be substantially complete in 2025. The total pre-tax charges associated with these actions are expected to be approximately $210 million to $230 million, substantially all of which are expected to be cash charges primarily for associate-related and other implementation and exit costs. The amounts and timing of the

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Source: SEC EDGAR

accession 0001193125-23-231597

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