KUALA LUMPUR, March 7 -- One of the country's leading tyre manufacturers, Goodyear, said it will be closing down its plant in Shah Alam starting June 30 this year, affecting some 550 positions.

Goodyear's Asia Pacific president Nathaniel Madarang said that the decision was part of its "transformation" programme to cut costs and remain competitive in the market.

"Goodyear Forward is a transformation programme designed to optimise our footprint and portfolio, deliver significant margin expansion and create shareholder value. This programme includes specific actions to deliver annualised cost reductions of US$1 billion (RM4.7 billion) by 2025, ensuring we remain competitive and positioned as an industry leader.

"As part of these efforts, ...