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deal to stay in Akron
By Katie Byard
Beacon Journal staff writer
POSTED: 11:17 a.m. EST, Dec 05, 2007
Goodyear Tire & Rubber Co. said today it has reached a tentative deal that will keep its world headquarters in Akron, where the company began in 1898.
The agreement would ``keep the company here for decades,'' said Goodyear Chairman and CEO Robert Keegan at a news conference at Goodyear's World Technical Center in Akron.
Ohio Lt. Gov. Lee Fisher followed that remark by saying, ``We expect you to be here for centuries.''
Fisher and other state officials, as well as city and county leaders, were on hand for the announcement of the project that involves the redevelopment of 280 acres in and around the tire maker's operations off East Market Street.
``Who could imagine Akron without this great company?'' said Ohio Gov. Ted Strickland.
Fisher said, ``Goodyear is more than an icon. Very few communities can say they have a global icon known throughout the world.''
The announcement followed approval by the state on Monday of a financing and tax incentive plan designed to keep Goodyear in Akron for the next 30 years.
Goodyear, which employs about 3,000 workers locally, is the fifth-largest private employer in Summit County.
The tentative agreement between Goodyear and Industrial Realty Group (IRG) of Downey, Calif., calls for Goodyear to sell most of its Akron area property and facilities to IRG, Goodyear said in a news release.
IRG would build a new world headquarters building and a new headquarters for the company's North American tire business. IRG also would make improvements to the company's technical center and research facilities. Goodyear would lease the new buildings and its existing technical center from IRG.
IRG would break ground for construction in 2008 and Goodyear would move into the new buildings in 2010.
IRG envisions turning other parts of Goodyear's property into a retail and commercial development. Goodyear said today that this project has been dubbed Akron Riverwalk.
The cost of the entire project -- including the Goodyear facilities -- was pegged at nearly $900 million.
``This project has been called the most ambitious development effort in the history of the city of Akron,'' said Joe Gingo, Goodyear's executive vice president and chief technical officer.
Akron Mayor Don Plusquellic revealed in the spring that a deal was in the works to ensure Goodyear remains in town.
Plusquellic and Stuart Lichter, head of IRG, indicated that if strong efforts weren't made, Akron could lose the company to another place.
State officials have said Virginia and North Carolina have wooed Goodyear as the company has looked to modernize its operations for functional reasons and to attract top talent from around the country.
''We are in a global competition," Plusquellic said in April. ''This company could be headquartered anywhere. We want to do everything we can to make sure we keep them here.''
Monday, the state's tax credit authority voted to reduce the company's commercial activities tax (CAT) by up to 27 percent over 15 years in return for retaining as many as 2,900 jobs in Akron.
Another state panel, the Ohio Development Financing Advisory Council, approved a $20 million loan with zero interest and no payments for the first five years.
Goodyear Tire & Rubber Co. said today it has reached a tentative deal that will keep its world headquarters in Akron, where the company began in 1898.
The agreement would ``keep the company here for decades,'' said Goodyear Chairman and CEO Robert Keegan at a news conference at Goodyear's World Technical Center in Akron.
Ohio Lt. Gov. Lee Fisher followed that remark by saying, ``We expect you to be here for centuries.''
Fisher and other state officials, as well as city and county leaders, were on hand for the announcement of the project that involves the redevelopment of 280 acres in and around the tire maker's operations off East Market Street.
``Who could imagine Akron without this great company?'' said Ohio Gov. Ted Strickland.
Fisher said, ``Goodyear is more than an icon. Very few communities can say they have a global icon known throughout the world.''
The announcement followed approval by the state on Monday of a financing and tax incentive plan designed to keep Goodyear in Akron for the next 30 years.
Goodyear, which employs about 3,000 workers locally, is the fifth-largest private employer in Summit County.
The tentative agreement between Goodyear and Industrial Realty Group (IRG) of Downey, Calif., calls for Goodyear to sell most of its Akron area property and facilities to IRG, Goodyear said in a news release.
IRG would build a new world headquarters building and a new headquarters for the company's North American tire business. IRG also would make improvements to the company's technical center and research facilities. Goodyear would lease the new buildings and its existing technical center from IRG.
IRG would break ground for construction in 2008 and Goodyear would move into the new buildings in 2010.
IRG envisions turning other parts of Goodyear's property into a retail and commercial development. Goodyear said today that this project has been dubbed Akron Riverwalk.
The cost of the entire project -- including the Goodyear facilities -- was pegged at nearly $900 million.
``This project has been called the most ambitious development effort in the history of the city of Akron,'' said Joe Gingo, Goodyear's executive vice president and chief technical officer.
Akron Mayor Don Plusquellic revealed in the spring that a deal was in the works to ensure Goodyear remains in town.
Plusquellic and Stuart Lichter, head of IRG, indicated that if strong efforts weren't made, Akron could lose the company to another place.
State officials have said Virginia and North Carolina have wooed Goodyear as the company has looked to modernize its operations for functional reasons and to attract top talent from around the country.
''We are in a global competition," Plusquellic said in April. ''This company could be headquartered anywhere. We want to do everything we can to make sure we keep them here.''
Monday, the state's tax credit authority voted to reduce the company's commercial activities tax (CAT) by up to 27 percent over 15 years in return for retaining as many as 2,900 jobs in Akron.
Another state panel, the Ohio Development Financing Advisory Council, approved a $20 million loan with zero interest and no payments for the first five years.
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