Goodyear Tire to Cut Production Again
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Goodyear Tire & Rubber Co., the largest U.S. tire maker, said it will reduce production by an unspecified amount through September because of a decline in sales to auto makers.
Sales reflected industrywide declines of 32% for light-truck tires and 5% for passenger-car tires in July from the year-ago period, the company said. Sales to retailers were above the industrywide 13% increase last month.
Goodyear has cut production every month this year as part of a plan to better match demand.
Shares of Akron, Ohio-based Goodyear fell 75 cents to $24.67 on the NYSE.
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