RestructuringJul 21, 2026, 04:32 PM
Goodyear to Close Fayetteville Plant, Cut 1,750 Jobs; $535M-$565M Charges
AI Summary
Goodyear Tire & Rubber Company has reached an agreement to permanently close its Fayetteville, North Carolina manufacturing facility by the end of 2027, resulting in approximately 1,750 job reductions. The company estimates total pre-tax charges associated with this action to be between $535 million and $565 million, with $190 million to $210 million being cash charges. This restructuring is expected to improve the Americas segment operating income by approximately $90 million in 2027 and $270 million annually from 2028 onwards.
Key Highlights
- Agreement reached on July 16, 2026, to permanently close Fayetteville, NC manufacturing facility.
- Approximately 1,750 job reductions are part of the plan.
- Total estimated pre-tax charges are between $535 million and $565 million.
- Cash charges are expected to be $190 million to $210 million.
- Non-cash charges for accelerated depreciation are $290 million to $310 million.
- Expected pre-tax charges in Q3 2026 are $205 million to $225 million.
- Expected annual operating income improvement from 2028 is approximately $270 million.
Price Impact
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