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By Jim MacKinnon
Beacon Journal staff writer
POSTED: 10:43 a.m. EST, Feb 26, 2008
Goodyear is expanding its tiremaking capability in Eastern Europe.
The Akron tiremaker announced this morning that it plans to increase its majority ownership of Polish tire maker TC Debica from nearly 60 percent to 66 percent, and will ask the company to nearly triple truck tire production from 1,700 tires a day to 5,000 tires daily.
And Goodyear says it expects to buy up all remaining shares in the company over the next 18 months.
Goodyear Tire & Rubber Co. said its increased investment in TC Debica will cost between $40 million and $45 million to buy 6.12 percent of outstanding shares in the company. Goodyear became the majority shareholder in TC Debica 13 years ago.
The Polish company currently makes about 15 million tires annually for Goodyear. About 86 percent of the tires are sold under the Goodyear name or other Goodyear brand names, Goodyear said. The tires made by TC Debica are sold in Europe and elsewhere, Goodyear said.
The increased ownership in TC Debica is part of Goodyear's strategy to add high value-added capacity and increase low-cost production globally, said Darren Wells, Goodyear senior vice president of finance and strategy.
TC Debica said it will need to invest about $200 million to increase commercial truck tire production. The expansion will create between 350 and 400 new jobs at a plant where 2,500 now work, the company said.
Shares of Goodyear were up 22 cents to $27.94 as of 10"06 a.m.
Goodyear is expanding its tiremaking capability in Eastern Europe.
The Akron tiremaker announced this morning that it plans to increase its majority ownership of Polish tire maker TC Debica from nearly 60 percent to 66 percent, and will ask the company to nearly triple truck tire production from 1,700 tires a day to 5,000 tires daily.
And Goodyear says it expects to buy up all remaining shares in the company over the next 18 months.
Goodyear Tire & Rubber Co. said its increased investment in TC Debica will cost between $40 million and $45 million to buy 6.12 percent of outstanding shares in the company. Goodyear became the majority shareholder in TC Debica 13 years ago.
The Polish company currently makes about 15 million tires annually for Goodyear. About 86 percent of the tires are sold under the Goodyear name or other Goodyear brand names, Goodyear said. The tires made by TC Debica are sold in Europe and elsewhere, Goodyear said.
The increased ownership in TC Debica is part of Goodyear's strategy to add high value-added capacity and increase low-cost production globally, said Darren Wells, Goodyear senior vice president of finance and strategy.
TC Debica said it will need to invest about $200 million to increase commercial truck tire production. The expansion will create between 350 and 400 new jobs at a plant where 2,500 now work, the company said.
Shares of Goodyear were up 22 cents to $27.94 as of 10"06 a.m.
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