Goodyear Tire To Cut 700 Jobs, Sell Retail Stores in Asia Pacific

Goodyear Tire & Rubber has revealed plans to cut 700 jobs and divest approximately 100 retail stores and fleet locations as part of a rationalization initiative in its Asia Pacific segment. This move is projected to enhance the segment's operating income by about $50 to $55 million in 2025, with a concurrent improvement in profitability for Australia and New Zealand operations. Additionally, Goodyear will exit nine warehouse locations as part of this restructuring effort, which is set to conclude by the end of 2024, incurring estimated pre-tax charges between $55 and $65 million.