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Goodyear expects to close Texas plant in early '08

CHICAGO
Fri Jan 5, 2007 5:08pm EST

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CHICAGO (Reuters) - Goodyear Tire & Rubber Co. (GT.N) said on Friday it expects to complete the closing of its tire plant in Tyler, Texas, in the first quarter of 2008 under plans to reduce private-label tire business in North America.

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Goodyear, the largest U.S. tire maker, agreed to keep the plant open through 2007 under a new contract with the United Steelworkers union that members ratified in December to end a nearly three-month long strike. The plant has 1,100 workers.

The tire maker expects charges of $155 million to $160 million to close the plant including pension and retiree medical costs, accelerated depreciation, asset write-offs and severance, Goodyear said in a federal regulatory filing.

Goodyear recorded a $107 million charge in the third quarter after announcing plans to close the Tyler plant in early 2007. It expects $10 million of charges in the fourth quarter and the balance in 2007 and 2008.
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