Goodyear Plans to Close 'Redundant' Cooper Warehouses
Goodyear Tire & Rubber Co. says it has "approved a plan" aimed at "reducing duplicative global administrative headcount and closing redundant Cooper Tire warehouse locations."
According to a statement from Goodyear, the overall plan will result in "approximately 490 job reductions" and is "in line with previously announced planned synergies, costs to achieve and cash rationalization payment estimates."
"The closure of these warehouses is part of a larger, previously announced plan for the company to achieve synergies with the acquisition of Cooper Tire," a Goodyear spokesperson told MTD.
"We have no specifics to announce, either on locations affected or timeline. We expect to achieve $250 million of run-rate synergies by mid-2023, including these restructuring actions."
Goodyear released its second quarter financial results on Aug. 5.