Goodyear Tire to cut around 1200 jobs in restructuring drive – Reuters

Sept 8 (Reuters) – Goodyear Tire & Rubber (GT.O) has approved a rationalization and workforce reorganization plan in Europe, the Middle East and Africa that would lead to 1,200 job cuts, the company said in a regulatory filing on Friday.

The decision comes after activist investor Elliott Investment Management in May criticized Goodyear for mismanagement and lagging behind rivals Michelin and Bridgestone (5108.T).

Elliott, which holds a 10% stake in the tire company, had also pushed Goodyear for an operational review and sale of its stores.

The restructuring will result in “significant” savings from 2024 till 2025 and comes as the company seeks to streamline its business and improve its cost structure, Goodyear said on Friday.

The Ohio-based …

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