GOODYEAR TIRE & RUBBER CO /OH/ (GT): restructuring charge — Goodyear to close Kariega, South Africa plant; ~900 jobs cut, $100-110M charges

GOODYEAR TIRE & RUBBER CO /OH/

Approves closing Kariega manufacturing facility in EMEA unit; ~900 job reductions including associates and contracted positions.
Total charges $100M-$110M; cash portion $45M-$55M for associate-related and exit costs; non-cash portion for accelerated depreciation and asset-related.
Expects ~$40M charges in Q2 2025 and ~$60M during remainder of 2025; substantially complete by end of 2025.
Plan expected to improve EMEA segment operating income by ~$10M in 2026 and annually thereafter.
Proposed rationalization remains subject to consultation with employee representative bodies.

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 $100 million and $110 million affecting Europe, Middle East and Africa (“EMEA”) business unit (approximately 900 job reductions).

Type: restructuring
Charge: between $100 million and $110 million
Affected area: Europe, Middle East and Africa (“EMEA”) business unit
Headcount: approximately 900 job reductions

Exact text from the filing

On June 2, 2025, The Goodyear Tire & Rubber Company (the “Company”) approved a proposed plan to close our manufacturing facility in Kariega, South Africa in the Europe, Middle East and Africa (“EMEA”) business unit. The proposed plan includes approximately 900 job reductions, including associates and contracted positions, and is expected to be substantially complete by the end of 2025. The total charges associated with this action are expected to be between $100 million and $110 million, of which $45 million to $55 million are 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 and other asset-related charges.

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Source: SEC EDGAR

accession 0001193125-25-135902

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