Goodyear to Shutter NC Plant, Cut 1,750 Jobs in $565M Restructuring
GT sits 34% above its 52-week low of $5.43.
Summary
Goodyear is permanently closing its Fayetteville, North Carolina plant, eliminating 1,750 jobs. The move aims to cut production capacity and lower per-tire costs in the Americas. Pretax charges will hit $535–$565 million, but the company expects a $90 million operating income boost in 2027, rising to $270 million annually from 2028. This follows a brutal Q1 with a $249 million net loss and a recent $1.05 billion high-yield debt raise, signaling aggressive cost-cutting to shore up finances. The closure underscores deep operational challenges and a shrinking manufacturing footprint.
At the time of this announcement, GT was trading at $7.29 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $2.1B. The 52-week trading range was $5.43 to $11.65. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.