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Goodyear to spend US$550 million on tire plant in Mexico

Reuters| El Universal
09:35Thursday 23 April 2015

Goodyear is expected to announce the investment at a joint event with the government on Friday in Mexico City. (Photo: Reuters )

The Goodyear plant, which will begin operations in 2017, will produce tires primarily for the domestic market, said a person familiar with the matter to Reuters.

Goodyear Tire & Rubber Co. is planning to spend US$550 million on a new tire plant in Mexico, a person familiar with the matter said, the latest in a string of investment pledges in the country's booming auto sector.

The Goodyear plant, which will begin operations in 2017, will produce tires primarily for the domestic market, said the person, who declined to be named as the investment was not yet public.

The company is expected to announce the investment at a joint event with the government on Friday in Mexico City, the person said. Goodyear spokesman Eduardo Argüelles declined to comment.

The investment comes shortly after automakers Toyota , Ford and Volkswagen unveiled major expansion plans in Mexico, taking advantage of Mexico's low wages, free trade agreements and proximity to the United States.

Last week, Toyota said it would spend US$1 billion on a passenger car plant, and Ford said it would spend US$2.5 billion on engine and transmission operations. German Volkswagen said last month it will invest about US$1 billion to expand its vehicle assembly plant in Mexico's Puebla state.

 

 



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