Goodyear closing chemical plants in Niagara Falls and Houston area
The Goodyear Tire & Rubber Company 's decision to close chemical plants and lay off workers in New York and Texas comes as it works to improve its balance sheet, the company's top executive said during a Nov. 5 financial presentation. President and CEO Mark Stewart said during Goodyear's third-quarter earnings call that company leadership is shoring up free cash flow, which he called "the clearest measure of our progress." Free cash flow provides a picture of a company's liquidity, growth capacity and ability to provide returns to its investors, according to PNC Bank's website . "Goodyear must be capable of generating sustainable positive free cash flow through a range of industry conditions," Stewart said. Goodyear shares plan to close plants in New York, Texas, conduct layoffs In a Sept. 29 filing with the U.S. Securities and Exchange Commission, Goodyear reported that it plans to close its chemical manufacturing plants in Niagara Falls, New York, and near Houston by the end of 2027. About 85 total layoffs are included in the plan. The Texas facility is in the Bayport Industrial District in Pasadena and La Porte, Texas, a Goodyear spokesperson said. The spokesperson pointed out that the closures of the
