The Goodyear Tire & Rubber Company
10/01/2026 | Press release | Distributed by Public on 10/01/2026 14:23
Reorganization (Form 8-K)
Item 2.05 Costs Associated with Exit or Disposal Activities.
On September 29, 2026, The Goodyear Tire & Rubber Company (the "Company") approved a plan to close its chemical manufacturing facilities in Niagara Falls, New York ("Niagara Falls") and Bayport, Texas ("Bayport"). The plan includes approximately 85 job reductions. The Company expects to substantially complete this rationalization plan by the end of 2027 and estimates the total pre-tax charges associated with this action to be between $55 million and $75 million, of which approximately $30 million is expected to be cash charges primarily for plant decommissioning and 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. The Company expects to record approximately $35 million of pre-tax charges in the third quarter of 2026 and approximately $15 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 $15 million to $20 million annually beginning in 2027.
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