Goodyear announces Germany savings, plans for similar measures in USA

Goodyear Tire & Rubber says its decision to modernise two tyre factories in Germany, and in doing so lay off around 1,100 workers, will cut the tyre maker’s costs by US$60 million to $70 million a year. Chief financial officer Darren Wells anticipates that Goodyear will feel the “full benefit” of these additional earnings by 2022.

In addition, Wells recently reported that Goodyear is “working on a significant restructuring plan to reduce low value, high cost capacity” in the USA. The tyre maker expects that this will result in “savings at least as high as the actions in Germany”. Goodyear has yet to announce specific details of the measures planned for its US factories.