The tire giant will lay off all its employees here

Goodyear expects total costs associated with the plant closure to be $100 million to $110 million, including employee benefits and asset write-offs.

The closure of the plant will mean the layoff of 900 employees. The company did not provide any reasons for the decision.

It is worth recalling, however, that the South African economy is struggling with numerous problems . One of the biggest is the problem of power outages.

In addition, the country's poor economic condition and high crime rate are also not conducive to doing business. In addition, the market is flooded with cheap Chinese tires .

Since the beginning of 2025 , Goodyear's market capitalization has increased by almost 20% (to $3.2 billion), while the Nasdaq Composite stock index has remained almost unchanged.