Goodyear

History

2023: Plant closures and employee layoffs

On November 16, 2023, the American manufacturer of automotive tires and rubber products Goodyear Tire & Rubber announced a reorganization, during which two plants will be completely closed. This will lead to the reduction of almost 1,800 jobs.

Information on the restructuring is sent to. U.S. Securities and Exchange Commission (SEC) We are talking about the curtailment of operations at German enterprises in Fürstenwald and Fulda. It is expected that this initiative will help reduce production costs and improve competitive positions in the To Europe Middle East and Africa (region). EMEA At the same time, the company has three more production sites in, Germany located in Hanau, Reese and Wittlich.

In the process of closing the factories, about 1,750 people will lose their jobs. They will receive severance pay and other payments due. Goodyear expects costs associated with restructuring and downsizing to range from $575 million to $600 million. The bulk of this amount will be reflected in the company's financial flows by 2025, and the remaining funds by the end of 2027.

The closure of two production sites in Germany is being carried out as part of a larger business optimization program in the EMEA region. Goodyear aims to achieve annual savings of about $60 million by the end of 2025, $100 million by the end of 2026 and $120 million by the end of 2027.

At the same time, Goodyear announced that the CEO and president of the company, Richard Kramer, will resign in 2024. It is noted that under the leadership of Kramer, Goodyear became one of the most responsible companies in the world according to Newsweek, the best companies in the world according to Time, the most respected companies in the world according to Fortune and the most respected companies in the world according to Forbes.^[1]

1961: Backlit Tires

Backlit tires developed by Goodyear in 1961.

Notes