PULANDIAN, China, Nov. 2, 2016 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) today announced it has broken ground on a $485 million expansion of its state-of-the-art tire factory in Pulandian, Dalian, China. Goodyear Chairman, Chief Executive Officer and President Richard J. Kramer took part in a ceremony with Lu Lin, deputy mayor of Dalian, China.
When completed in 2020, the expansion will increase the plant's capacity by about 5 million tires a year, enabling Goodyear to meet the strong and growing market demand for premium, large-rim-diameter consumer tires in China and the Asia Pacific region. By 2020, Goodyear expects tires with rim diameters of 17 inches or greater to account for nearly 60 percent of its replacement tire sales volume in China. "This investment in our Pulandian factory speaks to our long-term strategy of pursuing sustainable growth in the Asia Pacific region and increasing Goodyear's presence in high-value segments of the global tire market that are growing at rates above the total industry where we can capture the value of our brand," Kramer said. "The city of Dalian has been supportive of our developments here, and we look forward to continuing this fruitful partnership."