secwatch.observer — SEC 8-K summary
======================================

Issuer:     GOODYEAR TIRE & RUBBER CO /OH/ (GT)
CIK:        0000042582
Form:       8-K
Filed at:   2023-11-16T23:59:59+00:00
Accession:  0001193125-23-278860
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.05
LLM model:  deepseek-v4-flash:cloud@v2

Goodyear approves closure of two German tire plants with $575-600M pre-tax charges
--------------------------------------------------------------------------------

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/42582/000119312523278860/0001193125-23-278860-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/42582/000119312523278860/d896186d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-278860

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer