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Goodyear.

Goodyear

Goodyear will further cut back production at its North American tire plants because of sluggishness and the current overcapacity in the industry for passenger and radial truck tires, the company said in a statement. About 400 indefinite employee layoffs will result at three passenger tire plants in Gadsden, AL; Union City, TN; and Valleyfield, Quebec. These cutbacks are in addition to reduced operating schedules at Gadsden and Union City. The two factories will close for five days in June and July, and workers will not work on the July 4 holiday and will take one week's vacation. Reduced schedules were also announced at truck tire plants in Danville, VA, and Topeka, KS, and at an industrial tire plant in Madisonville, KY.

Goodyear reported first quarter sales of $2.5 billion and a net loss of $90.1 million. Operating income in the tires and related segment was $62.8 million on sales of $2 billion. General products segment operating income was $57.7 million on sales of $458.5 million.
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Title Annotation:Corporate, financial news; Goodyear Tire and Rubber Co. production cuts at North American plants
Publication:Rubber World
Article Type:Brief Article
Date:Jul 1, 1991
Words:171
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