Goodyear Plans Cost Reduction Actions in Non-Tire Businesses - aftermarketNews

Goodyear Plans Cost Reduction Actions in Non-Tire Businesses

Goodyear Tire & Rubber Co. is implementing rationalization programs to reduce costs in operations at its Engineered Products and Chemical businesses. The company will record a charge of between $23.5 million and $27.5 million for programs in its Engineered Products business and plans to reduce about 240 positions by the end of the third quarter of 2005.

AKRON, Ohio — Goodyear Tire & Rubber Co. is implementing rationalization programs to reduce costs in operations at its Engineered Products and Chemical businesses.

The company will record a charge of between $23.5 million and $27.5 million for programs in its Engineered Products business and plans to reduce about 240 positions by the end of the third quarter of 2005. Goodyear said it company expects to make future cash expenditures of between $4.5 million and $6.5 million in connection with this action. Additionally, Goodyear plans to reverse between $4 million and $8 million of reserves related to previous Engineered Products programs.

Goodyear expects to record a charge of between $5.5 million and $6 million and reduce about 100 positions in the Chemical business by the end of this year. The company expects to make future cash expenditures of between $2 million and $2.5 million in connection with this action.

The company will record rationalization charges in the third quarter of 2004 in connection with these actions.

For more information about Goodyear, go to: http://www.goodyear.com.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

FCS Introduces 16 New Numbers in April

The new numbers cover many popular applications, including the Jeep Compass, Lexus GX470, Mazda 3, Nissan Armada, Ram 1500 and more.

FCS Introduces 16 New Numbers in April

FCS Automotive announced the release of 16 new numbers in April, including:

4 Air Spring to Coil Spring Conversion Kits (1,523,241 vehicle in operation)

1 Shock Absorber (1,225,184 vehicles in operation)

1 Suspension Strut (1,225,184 vehicles in operation)

10 Complete Strut Assemblies (3,368,969 vehicles in operation)

US Motor Works, LLC Releases New Fuel Pumps

The latest release includes coverage for Toyota and Mazda applications.

MAHLE Awarded Thermal Management Module Contracts

The total order volume across both projects is just under €1.5 billion.

MAHLE Thermal Management Modules
Dill Air Controls Acquires Exactra, Inc.

“The expertise and equipment from Exactra’s many years of experience in the industry are critical to our continued growth,” said Brian Rigney, Dill president.

Dill Air Controls Acquires Exactra Inc.
Philips Announces Xperion 6000 LED Under Hood Work Light

It features a motion detection switch that allows mechanics to turn the light on and off with a wave of their hand.

Other Posts

Stoneridge Releases Inaugural Sustainability Report

The report highlights the company’s progress on Environmental, Social and Governance initiatives.

Stoneridge Releases Inaugural Sustainability Report
ZF Expands SACHS CDC Shock Line for U.S., Canada

The release expands ZF’s line by more than 70 percent, reflecting growing demand for advanced damping technology in the aftermarket.

ZF expands line of SACHS CDC shocks for U.S. and Canada
Clarios to Supply High-Performance AGM Battery to Major OEM

It offers up to 80% reduction in CO2 emissions over traditional AGM batteries, in many cases, Clarios said.

Continental Tire Opens Retread Solutions Center in South Carolina

The company said it hopes to uncover new improvements and technologies to innovate the retread process.

Continental Tire Opens Retread Solutions Center in South Carolina