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U.S. tire company Goodyear said it will continue to sell products in Malaysia after closing its plant in Shah Alam, Selangor, Malaysia.
The company will provide products and solutions through other manufacturing sites. The closure of the factory will result in 550 job losses. The decision reflects a trend of other companies closing manufacturing units, with Goodyear’s presence in Malaysia dating back to 1908.
The company’s transformation plan aims to achieve cost reduction and profit growth, with plans to achieve annual cost reductions of US$1 billion by 2025.
(Source: theedgemalaysia Image source: unsplash)
