AKRON (June 28, 2006) — Goodyear will eliminate more than 150 positions through restructuring actions in its European Union division that will save about $10 million annually, the tire maker said.
The restructuring efforts—including cost reductions in selling, administrative and logistic areas—will result in charges of about $20 million, Goodyear added.
“Concurrent with efforts to grow our top line through innovative new products and marketing, we are intensely focused on reducing the company's global cost structure,” said Chairman and CEO Robert Keegan. “Our objective is to achieve cost reductions totaling between $750 million and $1 billion by 2008, including $150 million to $200 million in (sales, administrative and general) costs.”