US-based Goodyear Tire & Rubber Company has announced plans to invest $418.6m (C$575m) to expand and modernize its plant in Napanee, Ontario, Canada.

The expansion aims to meet the requirements of the electric vehicle (EV) and all-terrain markets. It will create 200 new full-time manufacturing jobs in the region.

Goodyear has partnered with the Government of Canada, the Government of Ontario, and local municipalities to undertake this endeavour. Additionally, it expects to receive a total incentive package of around $48m.

The Government of Canada will invest $32.25m (C$44.3m) via its Strategic Innovation Fund (SIF). The funding will directly support Goodyear and Canada’s automotive manufacturing supply chain.

Additionally, the Government of Ontario, through Invest Ontario, will contribute $14.56m (C$20m) to support innovative technologies and skills training.

Furthermore, the Town of Greater Napanee, the Township of Stone Mills and the County of Lennox and Addington will provide approximately $1.46m (C$2m) in incentives over four years through an Industrial Community Improvement Plan.

Goodyear commenced the expansion earlier in the year. The expanded facility will be operational by mid-2027.

Justin Trudeau, prime minister of Canada said, “Companies from across the world are choosing Canada. Today’s announcement that Goodyear is modernizing its Napanee plant will create manufacturing jobs, grow our EV industry and use modern technology to keep our air clean. It’s another vote of confidence in Canada’s auto sector workers.”

Mark Stewart, CEO and president said, “Today’s announcement reinforces our long-term commitment to Canada. It enhances our agility and flexibility, positioning Goodyear to meet the evolving needs of our customers. 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 tyres.”

Headquartered in the US state of Ohio, Goodyear operates 54 facilities in 21 countries with over 71,000 employees globally.

"Trudeau says EV plant expansion is “vote of confidence” in Canada" was originally created and published by Investment Monitor, a GlobalData owned brand.

 

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