Goodyear Tire Closes German Plant, Expects $45 Mln In Annual Savings

(RTTNews) - While reporting its second-quarter financial results today, Goodyear Tire & Rubber Company (GT) said it closed its tire manufacturing facility in Philippsburg, Germany. As previously announced, the action is part of Goodyear's global strategy to focus on premium, larger-rim diameter tires.

This closure eliminates approximately 6 million units of capacity and is expected to provide savings of about $45 million on an annualized basis beginning in 2018.

For fiscal 2017, Goodyear now expects segment operating income to total between $1.6 billion and $1.65 billion.