Goodyear Tire & Rubber Company will close its remaining chemical plants in Niagara Falls, New York, and Bayport, Texas, eliminating about 85 jobs, most of them in Niagara Falls. The company is exiting the remaining chemical business after selling most of its polymer operations in 2025, and says it will concentrate on core tire products and services. Goodyear expects to complete the rationalization plan substantially by the end of 2027 and estimates total pre-tax charges of between $55M and $75M, of which approximately $30M is expected to be cash charges primarily for plant decommissioning and associate-related and other exit costs, with the remainder expected to be non-cash charges mainly for accelerated depreciation and other asset-related charges. The company also expects to record approximately $35M of pre-tax charges in Q3 and approximately $15M during the remainder of 2026, with most cash outflows occurring by the end of 2027. The actions are expected to improve Americas segment operating income by approximately $15M to $20M annually beginning in 2027.
Goodyear Tire & Rubber CoGoodyear is closing two chemical plants and exiting its remaining chemical business, expecting $15M-$20M annual operating income improvement from 2027 despite $55M-$75M in pre-tax charges.
