Goodyear Tyre & Rubber plans to close manufacturing plants in England and Germany and shift production to the EMEA (Europe, Middle East and Africa) region.
The company plans to move tyre production from Wolverhampton, England and Wittlich Germany, Reuters reported.
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These restructuring plans are expected to result in the laying off of 360-390 workers, along with an increase in the EMEA region’s operating income by around US$30m per year from 2017.
Goodyear is expected to record restructuring charges of around $70m – $80m. Of this amount, $30m would be recorded in the current quarter.
The restructuring is likely to complete by the end of 2016, the company said.
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