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Goodyear To Close Plant In Tennessee

Thu, 02/10/2011 - 5:23am

AKRON, Ohio (AP) -- Goodyear Tire & Rubber Co.'s fourth-quarter sales jumped 14 percent for the fourth quarter, but the company lost $177 million as it disclosed plans to close a plant in Tennessee.

The Akron, Ohio-based company, the biggest U.S. tire maker, said Thursday that its loss amounted to 73 cents per share, while sales rose to $5.07 billion for the period ending Dec. 31.

In the year-earlier quarter, Goodyear had net income of $107 million, or 44 cents per share, on sales of $4.44 billion.

The company took a $160 million charge tied to its plans to close the 1,900-employee plant in Union City, Tennessee, which was left unprotected in the latest labor contract.

Excluding charges, the company would have earned 7 cents a share. Analysts expected a loss of 5 cents per share on revenue of $4.8 billion.

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