Goodyear to Close Two Chemical Plants, Cut 85 Jobs in $55M-$75M Restructuring
GT is trading near its 52-week low of $4.83 (4.1% above the low).
Summary
Goodyear approved a plan to close chemical plants in Niagara Falls, NY and Bayport, TX, cutting about 85 jobs and incurring $55M-$75M in charges, with expected annual savings of $15M-$20M beginning in 2027. Of the total pre-tax charges, $30 million is expected to come from decommissioning and associate-related costs, with the remainder non-cash, mostly for accelerated depreciation.
Updated with a Dow Jones Newswires report · What changed
Updates
· Dow Jones Newswires — Goodyear expects $30 million of the $55 million to $75 million in pre-tax charges from closing its Niagara Falls and Bayport chemical plants to come from decommissioning and associate-related costs.
- The remaining pre-tax charges are non-cash, mostly for accelerated depreciation.
Key Events · Legal and Risk Events · GT
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Updated · · Dow Jones Newswires
Restructuring Charges of $55M-$75M
Total pre-tax charges estimated at $55M to $75M, including about $30M in cash charges for decommissioning and exit costs; $35M expected in Q3 2026 and $15M in the remainder of 2026. Of the total pre-tax charges, $30 million is expected to come from decommissioning and associate-related costs, with the remaining charges non-cash, mostly for accelerated depreciation.
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Two Chemical Plants to Close
Goodyear approved closure of its Niagara Falls, NY and Bayport, TX chemical manufacturing facilities, eliminating approximately 85 jobs.
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Annual Savings of $15M-$20M
The plan is expected to improve Americas segment operating income by $15 million to $20 million annually beginning in 2027.
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Second Major Plant Closure in 2026
Follows the July 2026 permanent closure of the Fayetteville, NC plant that cut 1,750 jobs, as Goodyear continues aggressive cost restructuring amid a $204 million Q2 loss.
Analysis · GT · Manufacturing
Goodyear is extending its cost-cutting campaign with the closure of two chemical manufacturing facilities in Niagara Falls, NY and Bayport, TX. The move eliminates approximately 85 jobs and will trigger pre-tax charges of $55 million to $75 million, with about $30 million in cash outflows. Of the total pre-tax charges, $30 million is expected to come from decommissioning and associate-related costs, while the remaining charges are non-cash, mostly for accelerated depreciation. Management expects the rationalization to improve Americas segment operating income by $15 million to $20 million annually starting in 2027. This follows the July 2026 closure of the Fayetteville, NC plant that cut 1,750 jobs, and comes as the company reported a $204 million Q2 loss and warned of $425 million in potential intangible asset impairments. The stock trades near its 52-week low, reflecting ongoing operational and financial pressure.
How filings like this one have moved
In the 30 days to Oct 15, 2026, 28.9% of the 1476 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.47%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, GT was trading at $5.03 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $4.83 to $10.62. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.