AKRON (Jan. 4) — Goodyear will offer buyouts to 411 union employees at four Engineered Products plants as part of its master contract, ratified last month by the United Steelworkers.
In a contract summary, the union said each employee granted a separation allowance will receive a one-time cash payment equal to $2,000 for each year of completed service with a maximum of $40,000 and a minimum of $8,000. The buyout depends on the employee agreeing to work for Goodyear until the date determined by the company, the union added.
Employees can take the payments in a lump sum or in monthly installments for no more than 12 months. Workers taking the benefit must do so within 30 days of the contract´s ratification, Dec. 29.
The Goodyear plant in Lincoln, Neb., will offer the buyouts to 222 employees; Marysville, Ohio, to 129; St. Marys, Ohio, 31; and Sun Prairie, Wis., 29 employees.
As part of the master contract, Goodyear also is offering buyouts to employees in Tyler, Texas, as the plant is slated for closure sometime after the end of 2007.