Goodyear will eliminate 1,200 positions across EMEA as part of the restructuring plan.
- Activist investor Elliott Investment Management, holding a 10% stake in Goodyear, pushed for operational review and store sales.
- Goodyear faced criticism for its performance compared to competitors Michelin and Bridgestone.
- The restructuring plan aims to achieve substantial cost savings for Goodyear starting from 2024-2025.
- Goodyear expects total pretax charges of $210m-$230m by 2025 due to the restructuring.
- The company plans to inform investors about its broader plan during the fourth quarter.
- Goodyear recently reported a loss of 73 cents per share for the second quarter, compared to a profit of 58 cents per share in the previous year.