GOODYEAR TIRE & RUBBER CO /OH/ (GT): restructuring charge — Goodyear to cut 850 jobs at Danville plant; expects $130-140M pre-tax charges

On January 30, 2025, The Goodyear Tire & Rubber Company (the “Company”) reached an agreement with the United Steelworkers and approved a plan to reduce the Company’s production capacity and production cost per tire in Americas. The plan includes approximately 850 job reductions, including associates and contracted positions, at its Danville, Virginia tire manufacturing facility, which will continue to produce aviation tires and conduct mixing operations. The Company expects to substantially complete this rationalization plan by the end of 2025 and estimates the total pre-tax charges associated with this action to be between $130 million and $140 million, of which $80 million to $90 million is expected to be cash charges primarily for associate-related and other exit costs and the remaining costs are expected to be non-cash charges primarily for accelerated depreciation, pension curtailment and other asset-related charges.