By Sabela OjeaGoodyear Tire & Rubber will shut down two of its manufacturing facilities in Germany as part of a turnaround plan in Europe, the Middle East and Africa, according to a Securities and Exchange Commission filing. The cost-cutting plan, approved on Nov. 15, replaces measures that dated back to May 31 to reduce production at Fulda by about 50%. The company expects pretax costs associated with the plan of $575 million to $600 million. Goodyear Tire & Rubber also said it seeks to achieve annual run-rate savings of about $60 million by the end of 2025, $100 million by the end of 2026, and $120 million by the end of 2027. The company has three other manufacturing sites in Germany, located in Hanau, Riesa and Wittlich, according to its website.

Source: Wall Street Journal November 17, 2023 10:34 UTC