BUSINESS BRIEFING / AUTOMOTIVE
Times Wire Reports
Goodyear Tire & Rubber Co. said it planned to cut nearly 5,000 jobs this year after a sharp sales drop led to a $330-million fourth-quarter loss.
The Akron, Ohio-based company said demand for new tires was weak as auto sales slump. The market for replacement tires is also down because people are driving less.
The job cuts equal almost 7% of the company’s workforce and follow the elimination of about 4,000 jobs in the second half of last year.
