The Goodyear Tire & Rubber Company announced today that it will be reducing its workforce to save costs. Goodyear says it will be reducing its global salaried staff by approximately 5% or about 500 positions. 

The international tire company, headquartered in Akron, said that their fourth quarter results fell short of their expectations and cited a challenging industry environment and inflation as factors that contributed to their financial struggle.

Goodyear previously announced that it will report its fourth quarter and full 2022 financial results on Wednesday, Feb. 8, followed by an investor conference call the following morning.  

Goodyear referred to the workforce reduction as a “rationalization and reorganization” that is expected to be completed during the first and second quarters. Goodyear currently employees over 72,000 people worldwide.

To read Goodyear’s full statement click here.