Goodyear to Invest $18 Million on Expansion in India
(Akron/Tire Review) Goodyear Tire & Rubber Co said it will invest $18 million in the company’s Indian operations next year. The investment, according to Goodyear, will be used to upgrade technology and increase production capacity for passenger tyres.
“The passenger radial tyre market is growing at an impressive 20 per cent annually, while the passenger tubeless radial market is growing much faster at 35 per cent,” said Antonio Capellini of Goodyear India. “This is where Goodyear has a head start, being the first company to have introduced passenger tubeless radials in the country. Going forward, our focus is on next-generation, high-technology passenger car products.”
“India is today a strategic market for Goodyear,” added Pierre E Cohade, president of Goodyear’s Asia Pacific operations. “We not only see a robust domestic market here, but also a potential cost-competitive, high-quality manufacturing sourcing base for our global needs. Goodyear has a long-term interest in the Indian market and is committed to expanding its operations here.”
Cohade said that this, the second phase of capacity expansion in India, will be followed by a third. Goodyear also said it would “aggressively” focus on expanding its retail distribution network in India.