Goodyear to cut costs, close plants

The tire maker said it would take cash charges of $150 million to $350 million for the restructuring, which will include selling more noncore assets.

Goodyear Tire & Rubber Co., the largest US tire maker, said on Friday it will close plants and increase sourcing from Asia, cutting costs by $750 million to $1 billion over the next three years.

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The tire maker said it would take cash charges of $150 million to $350 million for the restructuring, which will include selling more noncore assets.

Goodyear expects to cut high-cost manufacturing capacity by 8 percent to 12 percent to generate savings of about $100 million to $150 million per year. It did not say how many plants it would close or where they are located.