With the automotive industry being hit hard this past year and truck sales in the tank, everyone in the automotive field is effected including the tire industry. Tire behemoth, Goodyear, posted a $330 million dollar loss in the fourth quarter of 2008 compared to a $55 million dollar profit made the same quarter one year earlier. This loss has resulted in a restructuring plan for the company, aiming to cut operating costs by $700 million and in the process lay off approximately 5,000 workers. The slash comes as a second round of cuts, the first being 4,000 jobs lost in 2008.

Source: Autonews via Autoblog