Goodyear Tire & Rubber, Akron, OH, announced that its Engineered Products and Chemical businesses are implementing rationalization programs to reduce costs in their operations.
Goodyear Tire & Rubber, Akron Akron (ăk`rən), city (1990 pop. 223,019), seat of Summit co., NE Ohio, on the Little Cuyahoga River; inc. 1865. Once the heart of the nation's rubber industry, Akron still contains the headquarters of some rubber corporations and chemical and , OH, announced that its Engineered Products and Chemical businesses are implementing rationalization rationalization, in psychology: see defense mechanism. programs to reduce costs in their operations. The company will record rationalization charges in the third quarter of 2004 in connection with these actions. The company will record a charge of between $23.5 million and $27.5 million for programs in its Engineered Products business. It plans to reduce about 240 positions through these actions by the end of the third quarter of 2005. The company expects to make future cash expenditures of between $4.5 million and $6.5 million in connection with this action. Goodyear expects to record a charge of between $5.5 and $6 million and reduce about 100 positions in the Chemical business by the end of this year. The company expects to make future cash expenditures of between $2 million and $2.5 million in connection with this action.
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