Goodyear to restructure EU unit, cut 150 jobs.Goodyear Tire and Rubber, Akron, OH, announced a restructuring of its European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community business unit to slash costs, saying it expects to cut more than 150 jobs. The revamp is expected to create annual savings in selling, administrative general expenses in excess of $10 million. The cost reduction actions are expected to result in total restructuring charges of approximately $20 million ($15 million after tax), all cash-related. Goodyear, negotiating 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. of America on a new contract, will probably push the union for permission to close at least one U.S. plant that makes low-profit, private-label tires, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a JP Morgan Securities analyst. Goodyear could save $100 million a year by shutting a factory in Texas or North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. and shifting the work to countries with lower costs, analysts reported. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion