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Goodyear laying off 5,000

Published Wednesday, February 18, 2009

The Goodyear Tire & Rubber Co. announced it would lay off 5,000 employees and freeze salaries as the company announced a net loss in the fourth quarter of 2008. Goodyear said it would also eliminate between 15 and 25 million units of additional manufacturing capacity worldwide over the next two years, reduce inventory levels by more than $500 million, and cut capital expenditures to between $700 million and $800 million. In addition, Goodyear said it will launch more than 50 new tires globally in 2009 targeted to key segments. This includes the Assurance Fuel Max tire ...

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