Tire maker Goodyear to invest C$575 million to upgrade Canada plant
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
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
