Goodyear to Reduce Private-Label Business
From the Associated Press
Goodyear Tire & Rubber Co. said it was axing a third of its private-label tire business and cutting manufacturing jobs to improve profit.
The Akron, Ohio-based company said about 10 brands of tires manufactured by Goodyear but sold under other names to a small number of wholesale customers would be eliminated over the next year. Goodyear will keep the remaining two-thirds of its private-label business.
Goodyear has been cutting costs as part of its $1-billion turnaround plan it started three years ago after record losses, accounting errors and a stock dive.
