Posted: September 8, 2023 at 4:56 pm ET
Shares of Goodyear Tire & Rubber Co. GT rose 1.5% in the extended session on Friday after the tire company said it had embarked on a “workforce rationalization and reorganization plan” in Europe, Middle East and Africa aimed at improving its cost structure. “This restructuring is part of a broader set of actions the company expects to take to fundamentally streamline its business, improve its competitive position and drive growth,” Goodyear said in a statement. That broader plan will likely be shared with investors in the fourth quarter, Goodyear said. For EMEA, the proposed reorganization would lead to a reduction…
Goodyear Tire & Rubber Co. Stock
GT
rose 1.5% in the extended session on Friday after the tire company said it had embarked on a “workforce rationalization and reorganization plan” in Europe, the Middle East and Africa aimed at improving its manufacturing structure. costs. “This restructuring is part of a broader set of actions the company expects to take to fundamentally streamline its business, improve its competitive position and drive growth,” Goodyear said in a statement. That broader plan will likely be shared with investors in the fourth quarter, Goodyear said. For EMEA, the proposed reorganization would lead to a reduction of around 1,200 positions in several countries in the region and, at the same time, create around 500 new positions, the company said. The actions would result in “significant savings” of between $210 million and $230 million before taxes, starting next year, Goodyear said. Goodyear shares ended the regular trading day up 0.1%.