Goodyear tire and rubber company announced yesterday that it had reached an agreement with the United Steelworkers that is expected to save the company $555 million. The contract covers over 10,000 workers in Ohio, New York, Virginia, North Carolina, Kansas, Alabama, and Tennessee. The contract itself is expected to save approximately $215 million. The rest of the savings will come from layoffs, and a number of pre-bargaining agreements. The contract covers four years and, according to COO Richard Kramer addresses "core issues of productivity, compensation costs, and flexibility."
See "Goodyear labor deal leads to $555 million in savings", Shawn Langlois, Market Watch, September 29, 2009