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NEWS UPDATES 19 July 2009

Goodyear to close plant in Philippines

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Goodyear Tire and Rubber Co. is shutting down its manufacturing plant in the Philippines due to "unfavorable market conditions," Chinese news agency Xinhua quoted the company as saying Friday.

The tire company, which has been making tires in the Philippines for 53 years, will close its production plant in Las Pinas City on September 30, the company said in a statement.

Goodyear, however, assured that it will keep its Philippine operations by importing tires from other plants in the Southeast Asian region.

"The cessation of manufacturing operations will not affect Goodyear's business and supply arrangements with its customers as it remains highly committed to upholding the level of customer service and product quality that characterizes the Goodyear brand," said the statement.

Goodyear Philippines has about 600 employees and 500 of them may be displaced with the plant's shutdown.

"The company has prepared a generous separation package together with counseling and retraining services to prepare them for life after Goodyear," the company said.

Goodyear established its presence in the Philippines in 1919 and built a production facility in 1956.


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