EARNINGS : $61.4-Million Loss at Goodyear
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AKRON, Ohio — Goodyear Tire & Rubber Co., the world’s largest rubber manufacturer, today reported a $61.4-million loss for the third quarter due to restructuring costs and said it will cut 3,000 jobs by mid-1992.
Goodyear, saddled with more than $3 billion in debt, said it will reduce its 1990 capital spending by $100 million to about $600 million.
The company, which has been suffering due to stiff worldwide competition and a lengthy slump in the U.S. automotive market, said the cutbacks are part of a general restructuring that will result in pretax charges totaling $80 million for its second and third quarters.
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