Goodyear plant closings will save $85 million

Nov. 9, 2006

The closing of Goodyear Tire & Rubber Co.'s Tyler, Texas, plant, plus the closing of two offshore plants, will result in annual savings of $85 million for Goodyear, company officials said earlier today, Nov. 9, during a conference call.

Last April, Goodyear announced that it will shutter its Dunlop Tyres U.K. passenger tire plant in Washington, U.K.

In June, the Akron, Ohio-based tiremaker said it planned to close another tire factory in New Zealand.

On Oct. 30, Goodyear announced it will close the Tyler facility, which mainly produces small diameter passenger tires.

Combined, the plants manufacture 14 million units, according to Goodyear Chairman and CEO Bob Keegan.

Goodyear released its third quarter 2006 financials today. (See "Goodyear posts 3Q loss of $48 million despite record sales.")