Akron, Ohio - Goodyear will offer voluntary redundancy payments to 411 union employees at four Engineered Products plants as part of its master contract, ratified last month by the United Steelworkers.
In a contract summary, the union said each employee granted a separation allowance will receive a one-time cash payment between $8000 and $40 000 depending on length of service. The buyout depends on the employee agreeing to work for Goodyear until the date chosen by the company, the union added.
Employees can take the payments in a lump sum or in monthly installments for no more than 12 months. Workers taking the benefit must do so before 28 January.
The Goodyear plant in Lincoln, Nebraska, will offer the buyouts to 222 employees; Marysville, Ohio, to 129; St. Marys, Ohio, 31; and Sun Prairie, Wisconsin, 29 employees.
As part of the master contract, Goodyear also is offering buyouts to employees in Tyler, Texas, as the plant is slated for closure sometime after the end of 2007.
From Rubber & Plastics News (A Crain publication)