Skip to content
Hugin
A horizontal industrial storage tank with a steel stair beside it in a fenced yard of wet concrete under a grey sky.

Hugin News

Goodyear approved a plan to close chemical plants in Niagara Falls, New York, and Bayport, Texas: about 85 job reductions and $55 million to $75 million in estimated charges

2 min read

Original editorial artwork generated for Hugin.

Goodyear told the SEC on October 1 that it approved a plan on September 29 to close its chemical manufacturing facilities in Niagara Falls, New York, and Bayport, Texas. The plan includes approximately 85 job reductions. Goodyear estimates $55 million to $75 million in pre-tax charges, about $30 million of it cash, and expects to substantially complete the plan by the end of 2027. The filing does not say how the jobs divide between the two sites.

goodyearsec-filingsform-8-kplant-closuresmanufacturingjob-reductions
2source receipts1source hosts2 minread timelinkedprimary source

The Goodyear Tire & Rubber Company says it approved a plan on September 29 to close its chemical manufacturing facilities in Niagara Falls, New York, and Bayport, Texas. The plan includes approximately 85 job reductions, and the company estimates total pre-tax charges of $55 million to $75 million.

The company disclosed the plan in a Form 8-K, the report a public company must file within four business days of certain events. This one was filed October 1 under Item 2.05, the item for costs of exit or disposal activities. The SEC's index of the filing lists no press-release exhibit.

What is closing, and how many jobs

The filing names two locations: chemical manufacturing facilities in Niagara Falls, New York, and in Bayport, Texas. It says the plan "includes approximately 85 job reductions". Goodyear expects to "substantially complete" the plan "by the end of 2027".

The charges: cash and non-cash

Goodyear puts the total at $55 million to $75 million before taxes. About $30 million is expected to be cash charges, "primarily for plant decommissioning and associate-related and other exit costs". The filing does not define "associate".

The rest is expected to be non-cash charges, "primarily for accelerated depreciation and other asset-related charges". Accelerated depreciation is an accounting charge that writes off equipment faster than planned. By this desk's count, the non-cash portion works out to roughly $25 million to $45 million.

When the charges land

  • About $35 million of pre-tax charges in the third quarter of 2026.
  • About $15 million during the remainder of 2026.
  • Most of the cash outflows by the end of 2027, the filing says.

By this desk's count, the two 2026 figures add to about $50 million. That leaves roughly $5 million to $25 million of the range that the filing does not place in a period.

Goodyear also expects the actions to improve Americas segment operating income by approximately $15 million to $20 million a year beginning in 2027.

What the filing does not say

  • What the two facilities make, or who buys their output.
  • How the 85 job reductions divide between the sites, or what affected employees will be offered.
  • A closing date for either site. The only completion date it gives is the end-of-2027 target for substantially completing the plan.
  • Whether any other facility is affected. None is named.

The charges, timing and savings are the company's estimates. The filing's safe harbor statement says actual results could differ materially from them.

Source links