AKRON, Ohio -- Goodyear Tire & Rubber Co. is buying out some 550 workers at its Union City, Tenn., tire plant as part of a move to “align North American production capacity with weak industry demand.”

The buyout plan had been previously agreed to by the United Steelworkers local representing the plant.

Goodyear said production at the passenger and light truck/SUV tire plant would be rolled back from a 24/7 schedule to a five-day, three-shift operation on July 6.  

The plant employs 2,300 workers, Goodyear said. Goodyear said it expects to record after-tax restructuring charges associated with this action of approximately $60 million, primarily in the second quarter of 2009. (Courtesy of Tire Review/Akron)