Goodyear Tire & Rubber took full ownership of Nippon Giant Tire (NGT, after it bought the remaining stake from Toyo Tire & Rubber and Mitsubishi.
Goodyear Tire & Rubber bought the majority stake in Nippon Giant Tire back in 1985, for an undisclosed sum. Now the company plans to invest $250 million to expand production and modernize the facility to support growth in the Asia-Pacific region and to supply OTR tires for its customers.
Goodyear Tire & Rubber chairman and chief executive officer Richard Kramer said, “This expansion in Japan is aligned to our Strategy Roadmap, as it will enable us to use market-back innovation to grow in one of our targeted market segments, the global OTR business.”
The company also declared that the number of employees at the facility will be increased to about 400, after expansion will be completed 2014.
Goodyear Asia Pacific region president Dan Smytka said, “This investment will enable NGT to manufacture a full line of 57-inch tires, as well as 63-inch tires at a future date.”