Goodyear stock sinks after tire maker to layoff 500 employees, warns that fourth-quarter results were below expectations
Shares of Goodyear Tire & Rubber Co. fell Friday, after the tire maker said it was reducing its salaried workforce by about 5%, as part of a restructuring in response to a “challenging” industry environment and inflation-related cost pressures.
The... Shares of Goodyear Tire & Rubber Co. fell Friday, after the tire maker said it was reducing its salaried workforce by about 5%, as part of a restructuring in response to a “challenging” industry environment and inflation-related cost pressures. “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,” said Chief Executive Richard Kramer.
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