Goodyear to slash 5,000 jobs
US tire giant Goodyear Tire and Rubber announced plans to cut 5,000 more jobs and to freeze salaries in 2009 after a fourth-quarter loss of $ 330 million.
By Agencies |
WASHINGTON: US tire giant Goodyear Tire and Rubber announced plans on Wednesday to cut 5,000 more jobs and to freeze salaries in 2009 after a fourth-quarter loss of 330 million dollars.
The job cuts come in addition to 4,000 eliminated in the second quarter of 2008, the company said.
In the fourth quarter, Goodyear saw sales slump 20 per cent to 4.1 billion dollars, with the crisis in the automotive sector taking its toll.
Excluding one-off costs, the fourth-quarter drop meant a loss of 1.37 dollars a share, worse than the 1.03 dollars analysts had forecast.
The job cuts come in addition to 4,000 eliminated in the second quarter of 2008, the company said.
In the fourth quarter, Goodyear saw sales slump 20 per cent to 4.1 billion dollars, with the crisis in the automotive sector taking its toll.
Excluding one-off costs, the fourth-quarter drop meant a loss of 1.37 dollars a share, worse than the 1.03 dollars analysts had forecast.
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