Bridgestone Corp. the multinational rubber conglomerate founded in 1931 will increase its capacity of small and medium size radial tires for construction and mining vehicles.
The Japanese tire-maker will invest in the Hofu, Japan, plant to increase the daily production capacity to 94 metric tons by the first quarter of 2014.
In addition, Bridgestone plans to invest another $20 million in the Bloomington, Ill.,plant.
The Hofu Plant began operations in 1976 and it manufactures off-the-road bias tires for construction and mining vehicles (ORSs) and passenger car radial tires (PSRs) in addition to small and medium size ORRs. The 5.2-million-sq.-ft. plant employs 983.
The announcement comes just a day after the company said it will build a new tire factory in Vietnam, as a result of the strong growth in global demand for PSRs.
The 35.5 billion yen (£286.2 million) new plant in Hai Phong, northern Vietnam, will start producing replacement tires in the first half of 2014 for exports to the United States, Europe and Japan.