Goodyear Taking $60 Million Restructuring Charge

AKRON, Ohio (AP) — The Goodyear Tire & Rubber Co. is offering buyout packages to 550 workers at its tire plant in Union City, Tenn., as the company reduces costs due to weak demand.

Goodyear, the biggest U.S. tiremaker, said the downsizing will result in an after-tax restructuring charge of approximately $60 million primarily in the second quarter of 2009.

The Union City plant is moving from a continuous operating schedule to a five-day, three-shift operation on July 6. In May, United Steelworkers members at the plant ratified a local labor agreement that allows the work schedule change. ...