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Chicago - Reuters reports that Goodyear Tire & Rubber said on it expects to complete the closing of its tire plant in Tyler, TX, in the first quarter of 2008 under plans to reduce private-label tire business in North America.
Goodyear, the largest U.S. tire maker, agreed to keep the plant open through 2007 under a new contract with the United Steelworkers union that members ratified in December to end a nearly three-month long strike. The plant has 1,100 workers.
The tire maker expects charges of $155 million to $160 million to close the plant including pension and retiree medical costs, accelerated depreciation, asset write-offs and severance, Goodyear said in a federal regulatory filing.
Goodyear recorded a $107 million charge in the third quarter after announcing plans to close the Tyler plant in early 2007. It expects $10 million of charges in the fourth quarter and the balance in 2007 and 2008. |
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