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Reply #9: Remember: It's a JOB-LOSS recovery. [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-29-03 07:37 AM
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9. Remember: It's a JOB-LOSS recovery.
Goodyear to cut 500 jobs in North America

Goodyear Tire & Rubber on Thuesday said it would cut the number of its salaried employees in North America by 500, or 19 per cent, in the first sign that it is moving ahead with a turnaround plan for the region since talks with unions ended a week ago.

The world's largest tyremaker late last year drew up a plan to restore its loss-making North American unit to profitability. The unit, which accounts for about half of the company's revenues, has been suffering from over-capacity and stiff competition from imported tyre brands.

However the main elements of Goodyear's turnaround plan, which includes shutting up to four plants, had to be approved by the United Steelworkers of America as part of negotiations over a new labour contract. Those talks started in March and were only resolved when a "tentative agreement" was reached last week.

{link:story.news.yahoo.com/news?tmpl=story&cid=1106&ncid=1106&e=8&u=/ft/20030828/bs_ft/1059479406248|more]
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