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Goodyear to Slash About 1,100 Jobs in Germany

Rob Lenihan

expects to lay off about 1,100 workers as part of a plan to modernize its plant in Germany, the company said Tuesday in a regulatory filing. Goodyear said it expects to complete the plan during 2022 and estimated that the plan's total pretax charges will be at least $135 million, with about $125 million to be cash charges primarily for associate-related costs, and about $10 million for non-cash charges primarily related to asset write-offs and accelerated depreciation. Last month, Goodyear reported fourth-quarter earnings of 51 cents a share, a wide miss from the 60 cents that analysts polled by FactSet were looking for.