Anyone with good intel hear anything else about further layoffs? With the auto worker strike, my friend is concerned. He is about to accept an offer to work there at the HQ in Akron.
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Agree with the previous posters. Elliott Management is very well known in Wall St for doing what they are doing. You will find another older thread here where I had warned that this was coming. They will ensure that they get their money's worth via forcing job cuts, restructuring, even changing of CxO level people. This will get uglier before it gets any better. Do your due diligence and have a look at companies where historically Elliott had taken a position.
I am not blaming this all on Elliott. They would not be involved in the first place if the current management was doing it's job efficiently. Shareholders want their profits. They are just accelerating the inevitable.
I would look at the thread before. Looks like it’s going to be ugly soon. Goodyear has a history of extending offers, then when the cuts are announced, the position eliminated. They did it in 2016 when I was there. I had to let a person go that was two weeks on the job.
Saw this on Reuters:
“The 125-year-old company also said it expects to inform investors of its broader plan during the fourth quarter.”
Guessing the details for the 2800+ for NA may be noted then.
https://www.reuters.com/business/autos-transportation/goodyear-tire-cut-around-1200-jobs-restructuring-drive-2023-09-08/