Goodyear will layoff 500 employees

A major tire manufacturer announced the decision on Friday, January 27. The layoff is caused by a 12% drop in sales demand and increasing energy and material costs.

The results of the fourth quarter of 2022 were unpromising, according to the company representatives. An 80 million dollar operating loss is expected.

No information on which specific branches will be affected by the layoffs has been disclosed yet. The company has about 3,500 employees in Luxembourg. Goodyear will also spend about 55 million dollars on termination benefits, the company noted.