Goodyear will pay around US$32m in salaries in arrears, interest and related payroll taxes to about 320 employees at its subsidiary Goodyear Dunlop Tyres Hellas SAIC.
In 2014, Greek courts ruled that Goodyear Dunlop Greece was liable to pay salaries in arrears, following which Goodyear complied with the decision.
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The company closed its Salonika tyre plant in 1996 and the ruling covers the five years six months period from closure, Tire Business reported.
Goodyear said it paid $20m in the fourth quarter of 2014 and will pay the remaining amount in instalments through 2016. Additionally, the company might have to pay social security contributions of around $13m related to any salaries in arrears.
It does not expect the payments to have any substantial effect on its future cash flows, financial position or operations.
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