Tire maker Goodyear to invest C$575 million to upgrade Canada plant (updated)

Goodyear Tire & Rubber

12/08/2024 17:30

(Updates with statement from prime minister's office
throughout)
       OTTAWA, Aug 12 (Reuters) - The Canadian unit of Goodyear
Tire & Rubber Co  GT.O  will invest over C$575 million ($418.4
million) to upgrade its plant in Napanee, Ontario, Prime
Minister Justin Trudeau said on Monday.
    The project to modernize and expand the plant will create
200 new jobs by 2027 and secure 1,000 jobs in Napanee, the prime
minister's office said in a statement.
    The federal government will provide C$44.3 million in
funding for the expansion project, while the Ontario provincial
government will contribute C$20 million to support key
components of the project, according to the statement.
    The investment is the latest in Canada's efforts to woo
companies involved in all levels of the electric vehicle supply
chain to safeguard the future of its manufacturing heartland in
Ontario as the world seeks to cut carbon emissions.
    "It's another vote of confidence in Canada's auto sector
workers," Trudeau said.
    Goodyear's project is expected to increase its production
capacity, including of EV and all-terrain tires, and get its
Napanee plant to net-zero emissions by 2040.
 ($1 = 1.3742 Canadian dollars)

 (Reporting by Ismail Shakil and Promit Mukherjee in Ottawa;
editing by Jonathan Oatis)
 ((ismail.shakil@tr.com;))