Goodyear Tire & Rubber Co. and the United Steelworkers have approved a plan to permanently close the company's consumer tire plant in Fayetteville, N.C.

The plant is scheduled to close next year.

According to MTD's 2026 Facts Issue, the factory has the capacity to build 31,000 passenger and 10,500 light truck tires per day.

In term's of capacity, Fayetteville is Goodyear's third largest plant in North America, behind the company's Lawton, Okla., factory, which has the capacity to build around 65,000 units per day, and the former Cooper Tire & Rubber Co. plant in Tupelo, Miss., which can make around 42,000 passenger tires per day when running at full bore.

The closing of the Fayetteville plant will impact 1,750 jobs.

Financial focus

Goodyear estimates the plant's closing will generate total pre-tax charges of $535 million to $565 million, "of which $190 million to $210 million are expected to be cash charges primarily for associate-related and other exit costs, and the remaining costs are expected to be non-cash charges primarily for accelerated depreciation and other asset-related charges ($290 million to $310 million) and pension special termination benefits ($40 million to $50 million)," according to a recent filing with the Securities and Exchange Commission.

The Akron, Ohio-based tiremaker expects to record approximately $205 million to $225 million of pre-tax charges in the third quarter of 2026 and approximately $65 million to $85 million of pre-tax charges during the remainder of 2026.

"The majority of the cash outflows associated with this plan will occur by the end of 2027. These actions are expected to improve Americas segment operating income by approximately $90 million in 2027 and by approximately $270 million annually in 2028 and thereafter."