GOODYEAR TIRE & RUBBER CO /OH/ (GT): restructuring charge — Goodyear approves closure of two German tire plants with $575-600M pre-tax charges

GOODYEAR TIRE & RUBBER CO /OH/

Closes Fulda and Fürstenwalde facilities; ~1,750 job reductions (1,500 associates, 250 contingent).
Total pre-tax charges of $575-600M, of which $425-450M cash costs; non-cash portion ~$150M.
Expects ~$190M charge in Q4 2023, additional $90-110M in 2024, and $110-130M in 2025.
Annual run-rate savings target: $60M by end-2025, $100M by 2026, $120M by 2027.
Plan supersedes May 2023 plan to cut Fulda production by 50%; mixing center in Fürstenwalde continues.

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 $575 million and $600 million affecting Europe, Middle East and Africa (EMEA) (approximately 1,750 job reductions at Fulda and Fürstenwalde, consisting of 1,500 associates and 250 contracted and temp).

Type: restructuring
Charge: between $575 million and $600 million
Affected area: Europe, Middle East and Africa (EMEA)
Headcount: approximately 1,750 job reductions at Fulda and Fürstenwalde, consisting of 1,500 associates and 250 contracted and temp

Exact text from the filing

complete the closure of Fulda by 2025 and closure of Fürstenwalde by the end of 2027. The Company estimates total pre-tax charges associated with these actions to be between $575 million and $600 million, of which $425 million to $450 million is expected to be cash charges primarily for associate-related costs and other exit costs, with the remainder representing

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Source: SEC EDGAR

accession 0001193125-23-278860

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