Goodyear Tire & Rubber Co. will lay off about 500, or 5% of salaried staff around the world.
"Our fourth-quarter results fell short of our expectations given a significantly weaker industry backdrop, particularly in Europe," says Richard J. Kramer, chairman, CEO and president. "While our businesses have performed at a high level through the volatility of the past several years, the uncertain near-term macroeconomic outlook and continuing impacts of inflation make these difficult actions necessary to position our business for future success."
The global replacement tire industry weakened in the fourth quarter, the company said, led by a 12% decline in Europe, the Middle East and Asia. Goodyear expects that business to report a fourth-quarter segment operating loss of about $80 million.
Goodyear is one of the world's largest tire companies, employing about 72,000 people worldwide. It has 57 facilities in 23 countries. It will report fourth quarter and full-year 2022 financials on Wednesday, Feb. 8 after market close.
