Goodyear stock ticks higher after company restructuring in Europe, Middle East and Africa

Shares of Goodyear Tire & Rubber Co. (GT) rose 1.5% in the extended session Friday after the tire company said it has embarked on a "rationalization plan and workforce reorganization" in Europe, Middle East and Africa aimed at improving its cost structure. "This restructuring is a part of a broader set of actions the company expects to take in order to fundamentally streamline its business, improve its competitive position and drive growth," Goodyear said in a statement. That broader plan likely will be shared with investors in the fourth quarter, Goodyear said. For EMEA, the proposed reorganization would lead to a reduction of about 1,200 positions across multiple countries in the region while creating about 500 new roles, the company said. The actions would result in "significant savings" of between $210 million and $230 million before taxes, starting next year, Goodyear said. Shares of Goodyear ended the regular trading day up 0.1%.

-Claudia Assis

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09-08-23 1657ET

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