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August 08, 2019 05:21 PM

Goodyear signals restructuring plan in the U.S.

Shahrzad Pourriahi
European Rubber Journal
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    AKRON—Goodyear is studying a plan to restructure its U.S. operations in a bid to improve business competitiveness, according to Chief Financial Officer Darren Wells.

    "We are working on a significant restructuring plan to reduce low-value, high-cost capacity in the U.S.," Wells said in a July 26 conference call.

    The move will bring about savings "at least as high as the actions in Germany," Wells said.

    The reorganization plan the Goodyear Dunlop Tires launched in Germany calls for as many as 1,100 job cuts at the sites. It also involves upgrading tire production facilities in Hanau and Fulda to increase increase production of tires for larger tires—those fitting rim sizes 17 inches and lager by—more about 2.5 million units annual.

    Capacity for smaller, less profitable tires will be reduced at the German plants.

    The restructuring in Germany, Wells said, will improve earnings by $60 million to 70 million on completion, with the full benefit expected by 2022.

    Wells could not speak specifically to the U.S. upcoming U.S. restructuring efforts, citing steps that need to taken in advance of detailing the plans. He did, however, express confidence in the leadership team.

    "(We) feel good about the track record we have, delivering these kinds of initiatives and the savings associated with them," Wells said.

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