Thursday, April 30, 2009

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Goodyear eliminates 3,800 jobs worldwide amid loss

Goodyear Tire & Rubber reported Wednesday a first-quarter loss and said 3,800 jobs had been cut under a restructuring program aimed at putting the US tire maker back on the road to profits.

Goodyear said it had a first-quarter net loss of 333 million dollars, or 1.38 dollars per share, in line with analyst expectations. It was the second consecutive quarterly loss for the Akron, Ohio-based company, which had swung into a full-year net loss of 77 million dollars in 2008 as US auto sales plunged amid a recession and tight credit. A year ago, Goodyear posted net income of 147 million dollars, or 60 cents per share.


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