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Goodyear will shut down Philippines plant

July 20, 2009
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Goodyear Tire & Rubber Co. will cut 500 jobs by closing its tire plant in the Philippines as part of a strategy to reduce manufacturing capacity that the biggest U.S. tire-maker believes is no longer competitive, reports the Associated Press. The Philippines plant, Las Pinas, was opened in 1956. The closure is to be completed by the end of September, and will affect most of the company''s 600 employees in the Philippines. Its sales and marketing operations will remain there. Goodyear wants to transfer some tire production to lower-cost plants in the company''s Asia-Pacific Region, but did not specify where within the region. Planned closure of the plant in Las Pinas will end annual production of 2 million tires there. Goodyear wants to reduce production by 15 million to 25 million units over the next two years. The company plans to record about $20 million in charges tied to the closure in the third quarter of this year.
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