Goodyear Layoffs Job Cut: fires 5000 employees

The news is not good for the employees of Goodyear PLC Corporation, the firm in the business of tyre and rubber products. The recession is taking a toll on all sectors. The latest additon to the list of companies going for layoffs is the Goodyear. No one seems to be shielded from the effect of recession. It the Goodyear Company, which have decided to go for the layoff.

How many employees will be fired in the Goodyear layoffs?
There could be around 5000 job cuts by the company. These will be in addition to the job cuts announced by the company last year.

What is the total no. of employees of Goodyear?
Total No. of employees of Goodyear is not known as of now.

When will the Goodyear layoffs happen?
Though the dates of layoff are not certain, it is learnt that the layoffs will happen in the year 2009

Which location will be affected by the layoffs?
400 positions at a factory in Danville, Va. Other locations will also be affected and that may depend on the union vote.

How will the company go ahead with the layoff program?
Apart from the layoffs, there will be a global salary freeze for the employees.

What is the primary reasons for Goodyear layoffs?
Major reason are the bad financial results of the company. Declining demand, no fresight of economic revival is the main reason quoted by the company for layoffs.

Any previous layoffs by the company?
Yes. The company had laid off 4000 workers in the year 2008.

Any other news about Goodyear layoffs
As per CNN, The company reported a worse-than-expected net loss of $330 million, or $1.37 per share. Analysts had expected a loss of $1.02 per share. Noting the recent closing of a Goodyear plant in Australia, Keegan said he plans to place 50% of the company's production in "low-cost countries" by 2012, compared to the current level of 43%.
Let's hope that alternative jobs are available to the affected employees of Goodyear Layoffs Job Cut