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GT > SEC Filings for GT > Form 8-K on 19-Jun-2009All Recent SEC Filings

Show all filings for GOODYEAR TIRE & RUBBER CO /OH/ | Request a Trial to NEW EDGAR Online Pro

Form 8-K for GOODYEAR TIRE & RUBBER CO /OH/


19-Jun-2009

Costs Associated with Exit or Disposal Activities


Item 2.05 Costs Associated with Exit or Disposal Activities.

On June 15, 2009, The Goodyear Tire & Rubber Company (the "Company") approved a plan to move from a continuous operating schedule to a five-day, three-shift operation on July 6, 2009 at its manufacturing facility in Union City, Tennessee as part of its efforts to align North American production capacity with weak industry demand. Approximately 550 associates will receive buyout packages as part of the schedule change.

The Company expects to record after-tax restructuring charges associated with this action of approximately $60 million primarily in the second quarter of 2009, which relate to cash severance payments that will be paid primarily in the third quarter.

Safe Harbor Statement

Certain information contained in this Current Report on Form 8-K may constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, including those statements regarding the expected amounts of charges resulting from the planned actions at the Union City, Tennessee manufacturing facility. All forward-looking statements are based on management's estimates, projections and assumptions as of the date hereof. There are a variety of factors, many of which are beyond the Company's control, which could affect its operations, performance, business strategy and results and could cause its actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to the risks and other factors described in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent management's estimates only as of today and should not be relied upon as representing management's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, even if management's estimates change.


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