Goodyear to cut 3,500 jobs

Feb. 8, 2002
Goodyear Tire & Rubber Co. today reported a fourth-quarter loss and said it would slash 3,500 more jobs worldwide by the end of the year to eliminate high-cost tire capacity. Of the jobs that will be eliminated, some 2,200 are Goodyear workers and the balance is employees of the company's joint ventures, a company spokesman said. The Akron, OH-based tiremaker incurred a fourth quarter net loss, after
Goodyear Tire & Rubber Co. today reported a fourth-quarter loss and said it would slash 3,500 more jobs worldwide by the end of the year to eliminate high-cost tire capacity. Of the jobs that will be eliminated, some 2,200 are Goodyear workers and the balance is employees of the company's joint ventures, a company spokesman said.

The Akron, OH-based tiremaker incurred a fourth quarter net loss, after items, of $174.0 million, or $1.07 a share, compared with a net loss of $102.0 million, or 65 cents, a year ago.

Costs related to the job cuts totaled about $125 million or 77 cents a share in the quarter, the company said, adding it should result in annual savings of more than $102 million.

For 2001, Goodyear reported a net loss of $203.6 million or $1.27 per share, the company's first annual loss since 1992 when it took a $1 billion charge to cover an accounting change for medical benefits for retirees. The company last reported an operating loss in 1990.

About the Author

Tim Parry

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!