AKRON (July 17, 2009)—Goodyear said it plans to close its tire plant in Las Pinas, Philippines, by the end of the third quarter, eliminating about 500 of its 600 jobs there.
The move will reduce Goodyear's annual capacity by 2 million units as part of the firm's plan to remove 15 million to 25 million units a year to match shrinking global demand.
Goodyear said its sales and marketing operations in the country will not be affected, nor will service to wholesale, retail and original equipment customers be disrupted.
The company plans to record about $20 million in charges associated with the closure in the third quarter, principally for noncash asset write-offs.