USA: Goodyear axes Huntsville, Alabama, tyre plant
The Goodyear Tyre & Rubber Company on Monday announced plans to close the tyre manufacturing factory in Huntsville, Alabama, by December 5, 2003. The closure will affect approximately 1,100 hourly and salaried workers at the facility. Goodyear, in the fourth quarter of 2003, will record rationalisation charges of about $US155 million and an accelerated depreciation charge of $100 million in connection with the closing. The company estimates the total cash payments to be approximately $85 million, $65 million of which will be expended over the next three years. Goodyear anticipates annualised savings of approximately $100 million.
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