Goodyear may open new plants in Eastern Europe, Asia
Goodyear Tire & Rubber Co. is considering the installation of new factories in Eastern Europe and Asia as part of the company's goal to place 50% of its global capacity in low-cost countries by 2012.
The Akron, Ohio-based tiremaker also intends to invest "in existing tire factories to increase high-value-added capacity by 40% globally and increase capacity in existing low-cost plants by 33%," say Goodyear officials.
"The investment program includes modernization... (at) Goodyear's Fayetteville, N.C., and Gadsden, Ala., tire plants for increased high-value-added capacity, both supported with investment incentives by local and state governments."
Goodyear's sale of its Engineered Products division "allows us to expand our future growth investments," says Goodyear Chairman, CEO and President Bob Keegan. "We will continue to use a disciplined approach in allocating capital to high-return investments."