Goodyear moves to cut capacity, jobs; U.S. tire-making factory will close as alliance with Sumitomo is set

Article Abstract:

The Goodyear Tire alliance with Sumitomo Rubber Industries will result in some joint ventures around the world and a swapping of stakes in each other. It will all result in consolidations and cost economies that will begin in the U.S. and then move to Europe. A 70-year-old plant in Gadsden, Alabama, will close and worldwide the company will eliminate 2,500-2,800 jobs. Combined the two companies have 14 plants operating in Europe. Manufacturing could expand in Latin America and Asia where the cost to do business is more economical.

Comment:

Alliance with Goodyear broadens company's possibilities through consolidation

Japan, Plant shutdown, RUBBER AND MISC. PLASTICS PRODUCTS, Rubber Products, Rubber Product Manufacturing, Buildings and facilities, Rubber industry, Tire industry, GT, Goodyear Tire & Rubber Co., Sumitomo Rubber Industries Ltd.

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GM files IPO for Delphi Automotive stake

Article Abstract:

General Motors filed the necessary papers with the SEC to spin off its auto parts unit, Delphi Automotive Systems Corp. The biggest problem area is seen as the UAW objecting to the company's plans to reduce costs and be more competitive with their non-union counterparts. Currently Delphi employs 200,000 workers worldwide; 1997 sales were $31.4 billion.

Asset sales & divestitures, Motor vehicle supplies and new parts, Motor Vehicle Parts Whsle, Motor Vehicle Supplies and New Parts Wholesalers, Automobile equipment and supplies industry, Automotive parts industry, Mergers, acquisitions and divestments, Automobile industry, General Motors Corp., GM, Delphi Corp., Automotive parts wholesalers

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