Robert Keegan, chairman and CEO of Goodyear Tire and Rubber, the world's largest tire company, announced today that its 3 year-old turnaround efforts would continue for another 3 years. A key element of the continued turnaround will be plant closings designed to reduce "high cost manufacturing capacity" by up to 12 percent, yielding annual savings of as much as $150 million.
The company will also increase Asian sourcing and improve productivity. It is continuing to sell off non-core businesses, this week announcing the possible sale of its Engineered Products enterprise.

Goodyear is aiming for total cost reductions of between $750 million and $1 billion by 2008.

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