Goodyear to close Texas plant in early 2008.Goodyear Tire & Rubber, Akron, OH, expects to complete the closing of its tire plant in Tyler, TX, in the first quarter of 2008 under plans to reduce private-label tire business in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Goodyear agreed to keep the plant open through 2007 under a new contract with the United Steelworkers United Steelworkers (USW) historic labour union representing workers in steel, aluminum, and other metallurgical industries for much of the 20th century. In the U.S. Union that members ratified rat·i·fy tr.v. rat·i·fied, rat·i·fy·ing, rat·i·fies To approve and give formal sanction to; confirm. See Synonyms at approve. in December, ending a nearly three-month long strike. The plant has 1,100 workers. The tire maker expects charges of $155 million to $160 million to close the plant, including pension and retiree medical costs, accelerated depreciation Accelerated Depreciation Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years of the life of an asset. Notes: The straight-line depreciation method spreads the cost evenly over the life of an asset. , asset write-offs and severance. |
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