21 September 2009 22:21 [Source: ICIS news]
HOUSTON (ICIS news)--The ratification of a new labour contract between US tyre company Goodyear Tire & Rubber and the United Steelworkers union (USW) failed to impress investors on Monday, sending Goodyear shares down 3.7% on the New York Stock Exchange.
The four-year contract, finalised on 19 September, will enable the company to address productivity, compensation costs and flexibility issues in its North American tyre business, said Richard Kramer, Goodyear’s chief operating officer and president of North American operations.
“This agreement reflects the commitment of Goodyear and the USW to continue to work together to achieve our common goal of world-class competitiveness,” Kramer said.
The master agreement covers seven Goodyear plants in ?xml:namespace>
Goodyear closed at $16.45/share, down 63 cents.
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|