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June 19, 2009
SAN FRANCISCO - Goodyear Tire & Rubber Co. on Friday said it will cut back on production at a Tennessee tire plant due to weak industry demand in a move that will cost 550 workers their jobs.
The Akron, Ohio-based company said it will move to a five-day, three-shift operation from a continuous operating schedule on July 6.
Goodyear /quotes/comstock/13*!gt/quotes/nls/gt (GT 12.23, +0.15, +1.24%) said it will record a $60 million charge in the second quarter relating to the reduction.
Goodyear's Union City, Tenn. plant, which can produce about 12 million tires a year, currently employees about 2,300 workers.
Goodyear stock closed up 1.2% at $12.23 and has doubled since the beginning of the year. The auto parts group, in general, has rallied back from the brink as fears of liquidation for General Motors Corp. /quotes/comstock/11i!gmgmq/quotes/nls/gmgmq (GMGMQ 1.30, +0.06, +4.42%) and Chrysler have eased.
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