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Goodyear acquires shares in Nippon Giant Tire facility
Goodyear has acquired 100% shares of its Nippon Giant Tire (NGT) subsidiary in Tatsuno, Japan. The shares were purchased off Goodyear’s joint venture partners, Toyo Tire & Rubber Company and Mitsubishi Corporation for an undisclosed amount.
The company will invest US$250 million in the facility to upgrade and expand its manufacturing technologies and processes and increase production of its off-the-road (OTR) tires. The expansion will also support growth in the company’s Asia pacific OTR business, primarily in Australia.
The expanded factory is expected to be fully operational in early 2014 and will see an increased employment to approximately 400 workers.
Richard J. Kramer, chairman and CEO Goodyear Tire & Rubber Company said, “Goodyear’s OTR tires are in high demand globally. 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.”
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