Goodyear Tire & Rubber announced earlier this week that it has offered early retirement to about 700 U.S. salaried employees in order to cut costs.

According to Bloomberg News, about half the eligible employees, which make up about 8.5% of the company's salaried workers, are in Akron, Ohio, where Goodyear is based. Company spokesman Chris Aked said the rest are scattered around the U.S.
Goodyear said it needs to reduce costs as demand for its tires declines and the cost of raw materials rises. The company expects to know how many workers will accept the offer by the end of January, Aked said.