Goodyear Announces Investment in Napanee, Ontario, Canada Plant
20 Aug, 2024
Akron, Ohio – The Goodyear Tire & Rubber Company announced that it is expanding and modernizing its Napanee, Ontario, plant to meet the evolving and diverse needs of the electric vehicle (EV) and all-terrain markets.
The investment, which includes partnerships with the Government of Canada, Government of Ontario and local municipalities, will bring 200 new, highly skilled manufacturing jobs to Eastern Ontario. In addition, the facility, already recognized as a net-zero waste to landfill site, will integrate environmental solutions to increase its energy efficiency and reduce carbon emissions.
“Today’s announcement reinforces our long-term commitment to Canada and enhances our agility and flexibility, positioning Goodyear to meet the evolving needs of our customers now and in the future,” said Mark Stewart, Chief Executive Officer and President. “We are appreciative to the federal, provincial and local governments for their support and to our Napanee associates for their dedication to building the next generation of tires.”
Goodyear began construction on its expansion earlier this year, which it expects to complete by the middle of 2027. The installation of new, state-of-the-art equipment and technology will enable the Napanee plant to become a leading producer, delivering products that meet the future needs of a growing and shifting global market.
This latest investment is part of Goodyear’s ongoing efforts to position itself as a leader for future growth and drive shareholder value.
Multi-Level Public-Private Partnership
Goodyear is investing more than $575 million CAD to modernize its Napanee facility, which includes building expansions, new equipment and capabilities. The facility will maintain and grow the full-time team by 200 positions, to more than 1,000.
The Government of Canada will invest $44.3 million CAD via its Strategic Innovation Fund (SIF) to support Goodyear and Canada’s automotive manufacturing supply chain.
The Government of Ontario, through Invest Ontario, will contribute $20 million CAD to support innovative technologies and skills training. In addition, the Town of Greater Napanee, the Township of Stone Mills and the County of Lennox and Addington will provide approximately $2 million CAD in incentives over four years through an Industrial Community Improvement Plan.
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