Goodyear Tire & Rubber has announced plans to slash 1,500 jobs in an effort to save $50 million dollars. The world's largest tire company will reach those goals in part by shuttering plants in Britain and Poland.

Part of its restructuring efforts that began last September, the manufacturer will jettison 585 employees at its UK Goodyear Dunlop facility in Washington, and a smaller outpost in Wolverhampton will shed around 40 employees, leaving about 450 workers.

Additionally, Goodyear's Debica, Poland plant will stop making bicycle tires and inner tubes, pink-slipping 360 employees.

The rubber giant says that it expects to incur charges of around $105-115 million USD in the process of exacting the changes.

[Sources: The Australian; Associated Press]