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The move is expected to improve the segment’s operating income by approximately $50 million to $55 million in 2025, the tire manufacturer said, adding that the plan would also improve profitability in its Australia and New Zealand operations.
Goodyear would also exit nine warehouse locations, a regulatory filing showed.
The Ohio-based company said the approved plan that is part of its broader restructuring effort would be completed by the end of 2024.
The pre-tax charges are estimated between $55 million and $65 million.
Goodyear, in August, swung to a loss of 73 cents per share for the second quarter, from a profit of 58 cents per share a year earlier.
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