Goodyear claims its new four-year deal with the USW will save the company some $215 million over the life of the pact.

Savings will come from work flexibility, wage freezes and adjustments and pension contribution changes at the seven Goodyear tire plants covered under the contract, the tiremaker said.

Another $340 million in savings over the next four years will come from other concessions and staff cuts arranged prior to the contract talks.

“Although we have achieved significant cost savings, the new realities of our industry require that this agreement do more than simply hit a cost-cutting number,” said Richard Kramer, Goodyear COO and president of its North American Tire unit.

"This innovative agreement can truly change the way we run these factories. We can improve our efficiency, flexibility and competitiveness in both the near-term and long-term, driving working capital improvements and allowing us to be more responsive to the needs of our customers."