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Goodyear Closes Tennessee Plant Early

On Feb. 10, Goodyear announced its intention to close the plant by the end of 2011.

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AKRON, Ohio — The Goodyear Tire & Rubber Co. announced it has ceased production at its tire manufacturing facility in Union City, Tenn. On Feb. 10, Goodyear announced its intention to close the plant by the end of 2011.

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"When we announced our intention to close the plant, we expected the shutdown would occur by year-end," said Chairman and CEO Richard Kramer. "Since then, the product transfers to the other Goodyear plants have been completed more quickly than expected. We are now able to meet the needs of our consumer tire customers without further production in Union City."

As a result of the accelerated closure and payments to approximately 1,800 associates under the federal Worker Adjustment and Retraining Notification Act, Goodyear expects to record additional after-tax charges of approximately $20 million. The majority of these additional charges will be recorded in the second quarter of 2011.

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