Goodyear to Invest $50 Million in Colombian Plant
Goodyear Tire & Rubber Company has announced that it will invest $50 million (£27 million) in plans to expand its facility in Cali, Colombia. The plans will see the plant produce radial medium truck tyres in addition to its existing output. This signifies Goodyear’s commitment to the growth of Colombian exports in certain Latin American countries, according to Eduardo Fortunato, president of Goodyear’s Latin America region.
The expansion will take place over the course of several stages, the first of which is expected to begin soon and will be completed by 2006. As Goodyear’s key Latin American markets expand, the company has created more than 100 new jobs in order to improve the plant’s competitiveness.
Mr Fortunato explained that the expansion satisfies a growing Colombian automotive market as well as other Latin American markets, which include Mexico, Venezuela, Ecuador and Chile. “Growth in the Colombian tyre market is encouraging, and the new opportunities created by radial medium truck tyre manufacturing and sales are exciting propositions,” he said.
The tyre maker’s Colombian subsidiary, Goodyear Colombia SA, celebrated its 60th anniversary in June.