AKRON (Sept. 10)—Goodyear plans to cut 340 jobs in its Engineered Products and Chemicals businesses by late 2005 to cut costs in both operations.
About 100 positions will be trimmed in the Chemicals division in 2004, a company spokesman said, and the cutbacks should be completed by year-end. Goodyear expects to record a charge of between $5.5 million and $6 million to cover the reductions and anticipates it will make future cash expenditures of between $2 million and $2.5 million as part of the rationalization plan.
The Engineered Products business will eliminate 240 jobs by the end of the third quarter of 2005 and record a charge of between $23.5 million and $27.5 million to cover the plan. Goodyear figures it will make future cash expenditures of between $4.5 million and $6.5 million in connection with the action.
Included in the Engineered Products division's reductions are about 80 jobs at a warehouse in Lincoln, Neb. Approximately 70 positions have already been eliminated at another Lincoln warehouse, which has been closed. The warehouse operation is being moved to a new distribution center in Moberly, Mo.