Goodyear Tire and Rubber has confirmed its plans to cut 700 jobs and sell about 100 of its retail stores across the Asia Pacific region. According to the tire manufacturer, this decision is expected to boost its operating income by around $50 million to $55 million in 2025 while also improving the profitability of its Australia and New Zealand operations.
This comes after the company faced a loss of 73 cents per share during the second financial quarter, plunging from a profit of 58 cents per share during the same period the previous year.
Earlier in the month, Goodyear announced a similar decision to cut 1,200 jobs across its units in Europe, the Middle East, and Africa. The tire manufacturing giant has revealed that such job cut decisions form part of its broader strategy to completely restructure its business by the end of 2024.