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July 31, 2017updated 09 Apr 2021 12:37pm

Goodyear and union strike contract deal

Goodyear Tire & Rubber and the United Steelworkers (USW) have reached tentative agreement on a new five year master labour contract covering nearly 7,000 workers at five plants in the United States.

Goodyear Tire & Rubber and the United Steelworkers (USW) have reached tentative agreement on a new five year master labour contract covering nearly 7,000 workers at five plants in the United States.

"We believe we have crafted a new labour agreement that positions both Goodyear and the United Steelworkers for success in the future," said Jim Allen, the tyre maker's vice president, global labour relations.

The tentative agreement is subject to a ratification vote by USW members at the five plants covered by the contract: Akron, Ohio; Danville, Virginia; Fayetteville, North Carolina; Gadsden, Alabama; and Topeka, Kansas. It is expected that the local unions will schedule ratification votes within the next few weeks.

Goodyear's second quarter 2017 sales were US$3.7bn, down from $3.9bn a year ago, due to lower tyre unit volume.

Original equipment unit volume was down 8%.

Second quarter 2017 net income was $147m (58 cents per share), down from $202m (75 cents per share). Second quarter 2017 adjusted net income was $177m (70 cents per share), down from $314m ($1.16 per share) in 2016.

The company reported second quarter operating income of $361m in 2017, down from $531m.

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