Goodyear Tire to cut 500 jobs given 'significantly weaker' industry backdrop

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Goodyear stock sinks after tire maker to layoff 500 employees, warns that fourth-quarter results were below expectations

Shares of Goodyear Tire & Rubber Co. fell Friday, after the tire maker said it was reducing its salaried workforce by about 5%, as part of a restructuring in response to a “challenging” industry environment and inflation-related cost pressures.

The... Shares of Goodyear Tire & Rubber Co. fell Friday, after the tire maker said it was reducing its salaried workforce by about 5%, as part of a restructuring in response to a “challenging” industry environment and inflation-related cost pressures. “While our businesses have performed at a high level through the volatility of the past several years, the uncertain near-term macroeconomic outlook and continuing impacts of inflation make these difficult actions necessary to position our business for future success,” said Chief Executive Richard Kramer.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines