Goodyear plans investments

Posted: Monday, March 28, 2011 6:03 pm

AKRON, Ohio (AP) — Goodyear Tire & Rubber Co. plans to make plant investments over the next two years aimed at increasing production of more profitable high-end tires.
Chairman and CEO Richard Kramer, previewing last week’s presentation to investors in New York, said in a statement the company would make capital investments of $1.1 billion to $1.3 billion in 2012 and 2013.
That is up slightly from this year’s expected $1.1 billion to $1.2 billion.
Between $500 million and $600 million each year will go toward modernizing and expanding plants and new construction.
The investments are intended to boost annual tire production by up to 5 percent, with a focus on high-end products.
The Akron-based company lost $216 million in 2010, reflecting a $160 million charge to close its plant in Union City.