GOODYEAR TIRE & RUBBER CO /OH/ (GT): restructuring charge — Goodyear approves Asia Pacific rationalization plan with ~700 job cuts, $55-65M charges

GOODYEAR TIRE & RUBBER CO /OH/

Plan changes operating model to third-party distribution/retail, impacting 700 positions, 9 warehouses, ~100 stores.
Total pre-tax charges estimated $55-65M, with $40-50M cash for associate and lease exit costs.
Charges: ~$20M in Q3 2023, ~$5M in Q4 2023, remainder in 2024.
Expected improvement in Asia Pacific segment operating income of $50-55M annually starting 2025.
Plan subject to consultation; broader streamlining actions to be shared in Q4 2023.

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 $55 million and $65 million affecting Asia Pacific (approximately 700 positions).

Type: restructuring
Charge: between $55 million and $65 million
Affected area: Asia Pacific
Headcount: approximately 700 positions

Exact text from the filing

quarter. 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 $55 million and $65 million, of which $40 million to $50 million are expected to be cash charges primarily for associate-related and lease exit costs, with the remainder primarily

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Source: SEC EDGAR

accession 0001193125-23-240532

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