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Goodyear shares hit 1-year high following tentative deal with Steelworkers

Goodyear shares hit 1-year high following tentative deal with Steelworkers

Goodyear Tire & Rubber Co. shares on Tuesday hit a new one-year high in the stock market's initial reaction to the company's tentative agreement with the United Steelworkers, a deal that may end a strike that began nearly three months ago.
Goodyear shares rose 45 cents, or more than 2 percent, to $20.17 in afternoon trading on the New York Stock Exchange. The Goodyear shares had traded within a 52-week range of $9.75 and $19.75.
The proposed three-year labor contract was announced Friday after the market closed.
"The potential new labor contract clears the way for GT (Goodyear Tire) to take critical steps to improve its capital structure," JPMorgan analyst Himanshu Patel said in a research note.
About 12,600 active union workers in the United States and an additional 1,400 steelworkers considered inactive, including those on layoff, will have an opportunity to vote on the contract agreement on Thursday.
The world's third-largest tiremaker and the union reached the deal after both sides resumed talks in Pittsburgh a week ago.
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On the Net:
http://www.gkdsolidarityexpress.org
http://www.goodyearnegotiations.com


Updated : 2021-05-10 08:01 GMT+08:00