Goodyear to cut 1,400 jobs as part of plan to save $1 billion per year

Goodyear, Utah–(BUSINESS WIRE)–Goodyear is a global leader in the production and manufacturing of automobiles and parts for its customers worldwide.

In 2017, the company announced that it would eliminate about 1,800 jobs as a result of its decision to consolidate its operations into two divisions.

The new division will be based at the Goodyear Park, Utah, facility.

The company will also be moving its headquarters to Goodyear’s headquarters in nearby Cedar City, Utah.

Goodyear will also create new, more than 1,600 positions in its manufacturing facility in Salt Lake City, and will also invest approximately $1.5 billion in a $4.6 billion, three-phase, capital spending plan.

The investment plan includes approximately $6 billion in additional capital investments, which will support the company’s efforts to improve manufacturing efficiency and speed up its growth in the global market.

Goodyears parent Goodyear Motor Corporation (NYSE:GM), headquartered in Goodyear City, Arizona, operates more than 400 plant and assembly lines across the United States and around the world.

Goodyran’s production facilities include: Goodyear Automotive (NYSEASX:GME) – Goodyrans main assembly line for the production of heavy duty, high-strength steel for automobiles, and parts, and Goodyranks vehicle components plant.

Goody Manufacturing (NYSEARCA:GMD) – A manufacturing plant that makes parts for vehicles, trucks, and passenger and cargo vehicles.

Goodys product design, assembly, and production facilities are located in Goodyrann, Utah and Goody’s manufacturing facilities are in Salt Lick, Utah; and Goodyerstown, Pennsylvania.

GoodYs General Electric (NYSEAXP:GE) – The company is a member of GE Capital Partners, a fund with the purpose of investing in and expanding GE’s automotive and industrial businesses.

The fund invests in high-growth, long-term businesses and invests in companies that are growing their business value and improving their efficiency, competitiveness, and shareholder value.

The Goody Group, LLC is a wholly owned subsidiary of Goodyrand, Inc. GoodYear will continue to operate its existing facilities at Goody and Goodyear in Salt Lakes City and GoodY, and is investing approximately $2.8 billion in new and expanded facilities in Utah and Cedar City.

The companies plans include the construction of new plant and equipment, investments in new production facilities, and a major restructuring of operations to create more jobs.

Goodby’s Capital Partners is a registered investment adviser registered under the Investment Advisers Act of 1940.

Goodya has announced plans to acquire all of its non-essential assets and consolidate its global operations into one new, consolidated company, Goodyrands United Automotive.

Good-Ys capital plans include an investment of approximately $5 billion, the purchase of a $1 million investment from a third party, and the purchase and purchase of up to 25% of the equity interest in Goody.

The acquisition of GoodY’s remaining assets and the consolidation of Goody, Goody United Automobile, and its subsidiary Goodyrants General Electric is expected to be completed in fiscal year 2019.

Good Ys shares are trading at $11.55 on NASDAQ.