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April 05, 2006 02:00 AM

Goodyear to close plant in England, slash costs

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    AKRON (April 5)—Goodyear plans to close a high-cost tire plant in England, cease bicycle tire production at a factory in Poland and make cuts at other business units as part of its plan to cut costs in its global operation.

    The company said it is meeting with union representatives in preparation to close its Goodyear Dunlop Tyres UK passenger tire facility in Washington, England, an action that it said will save the firm about $20 million annually and result in charges of between $75 million and $85 million before taxes. It estimated the cash portion of the charge at between $35 million and $40 million.

    The Washington facility is the only plant closing it is making at this point, a spokesman said.

    Goodyear also is shutting down the bicycle tire and inner tube operation at its Debica, Poland, factory and taking cost reduction actions in logistics, retail and administration at its European Union, Asia Pacific and Engineered Products business units.

    When all the cuts have been made, about 1,500 jobs will be eliminated and the company expects to save between $40 million and $50 million before taxes and result in a charge of between $105 million and $115 million.

    Of the charge, about $55 million before taxes will be recognized in the first and second quarters of 2006. The firm estimated the cash portion of the charges at between $60 million and $65 million.

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