Goodyear cutting up to 5,000 jobs

[Pale Blue Dot]

Source: MSNBC

CLEVELAND - Goodyear Tire & Rubber Co., the biggest U.S. tire maker, plans to cut 5,000 jobs this year after posting a fourth-quarter loss of $330 million and a 21 percent decline in sales.

The cuts equal almost 7 percent of the Akron, Ohio-based company's work force and follow about 4,000 jobs it eliminated in the second half of last year.

Goodyear's loss amounted to $1.37 per share, or $1.18 per share excluding one-time charges or gains. Wall Street anticipated a loss of $1.03 cents per share on that basis, according the a Thomson Reuters analysts survey.

Sales dipped to $4.1 billion from $5.2 billion a year earlier.

The economy pushed down the number of tires sold by 19 percent in the quarter, the company said Wednesday.

Read more: http://www.msnbc.msn.com/id/29254753/

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Sigh

[skeewee08]

1. Sorry to hear this, my husband worked for Dayton Tires for 12 years

lost his job December 23, 2006 so I know what they are going threw, hopefully they have a better severance package than Dayton did.

[Historic NY]

2. If your not selling cars, your not selling tires. The automotive ripple effect..

continues.

[OhioChick]

3. Wow.....I'm just speechless, anymore.

It's getting scary.

BTW....Pale Blue Dot...I'm having a hard time getting used to your new username. :)