Goodyear Tire & Rubber Co said Wednesday it has acquired 100 percent ownership of its Nippon Giant Tire unit in Japan for an undisclosed amount.
Goodyear, the majority shareholder of NGT since 1985, said it had bought the shares owned by its joint venture partners, Toyo Tire & Rubber Co., Ltd. and Mitsubishi Corporation.
The US company will also invest $250 million to upgrade and expand Tatsuno-based NGT’s tire manufacturing facility.
Goodyear will add 100 workers at the NGT plant, bringing total employment to 400 when the expansion is completed by 2014. The investment will also enable NGT to manufacture a full line of 57-inch tires and possibly 63-inch tires in the future.
“The expanded facility is expected to be fully operational in early 2014 and increase employment,” Goodyear said in a statement.
Richard Kramer, CEO and chairman of the tire company based in Akron, Ohio, said that Goodyear’s off-the-road-tires are in high demand, and as one of the world’s largest tire companies, they have manufacturing facilities in 22 countries, and have a workforce of 72,000 employees.