Goodyear exits chemical business and closes US plants

Goodyear is exiting its chemical business as part of a strategic restructuring to focus on core tire products and services. The company announced plans to close its remaining chemical plants located in Bayport, Texas, and Niagara Falls, New York. These closures are expected to eliminate approximately 85 roles, with the majority of affected positions based in Niagara Falls.

The company anticipates completing the exit by the end of 2027, with estimated pre-tax charges between $55 million and $75 million. This includes roughly $30 million in cash for plant decommissioning and employee exit costs. Goodyear expects these actions to improve annual operating income in its Americas segment by $15 million to $20 million starting in 2027.

In a related development, Goodyear Lastikleri, the Turkish-listed tire manufacturer, held an extraordinary general assembly to discuss amendments to its articles of association regarding capital. The Turkish entity reported a net loss of 854.70 million TRY for the 2026/6 reporting period, following a profit in the previous quarter.