Goodyear Offers Early Retirement to Workers

Goodyear Tire & Rubber Co. said it offered early retirement to about 700 U.S. salaried employees as the world’s biggest tire maker looks to cut costs. About half the eligible employees, which make up about 8.5% of Goodyear’s salaried workers, are in Akron, Ohio, where Goodyear is based. The rest are spread around the U.S., Goodyear spokesman Chris Aked said. Goodyear needs to reduce costs as demand for its tires declines and the cost of raw materials rises. The retirement offer was reported Wednesday in the Wall Street Journal. The company expects to know how many workers will accept the package by the end of January, Aked said. Employees who are offered early retirement must have been with Goodyear for at least a decade, he said. Goodyear shares closed off 35 cents at $18.52 on the Big Board.