The Goodyear Tire & Rubber Company announced cost savings actions in response to a challenging industry environment and cost pressure driven by inflation. Planned rationalization and workforce reorganization would result in an approximately 5% reduction in salaried staff globally, or about 500 positions. The rationalization and reorganization are expected to be completed during the first and second quarters with a portion in international businesses subject to required consultation with relevant stakeholders.

These actions are in addition to cost synergies related to the integration of Cooper Tire. These actions follow the Company's earlier announced plans to close its Melksham, United Kingdom, manufacturing facility and exit its TrenTyre retail operations in South Africa to support EMEA's overall competitiveness.