Goodyear to offer buyouts to cut 400 workers

Goodyear Tire & Rubber Co. will offer buyouts of as much as $40,000 to cut their work force by as many as 400 to reduce labor costs. The buyout offers will be made by February. Employees who accept them get a one-time cash payment equal to $2,000 for each year they worked at the company, with a maximum payment of $40,000 and a minimum of $8,000. The workers will be eligible for health-care benefits granted to retirees.

The retirement incentives will be offered at four union plants and are part of a new three-year contract union workers ratified last week, said United Steelworkers of America spokesman Wayne Ranick. The accord ended a three-month strike.