Goodyear Plans Expanded Capital Investments
Associated Press, 03.22.11, 11:56 AM EDT
AKRON, Ohio --
Associated Press, 03.22.11, 11:56 AM EDT
AKRON, Ohio --
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 Tuesday'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 a plant in Union City, Tenn.
Goodyear shares fell 54 cents, or 3.5 percent, to $14.85 in midday trading.
Chairman and CEO Richard Kramer, previewing Tuesday'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 a plant in Union City, Tenn.
Goodyear shares fell 54 cents, or 3.5 percent, to $14.85 in midday trading.
Editorial : Goodyear to invest in foreign LABOR ! You Bet`cha ! Close Union City and open China. UnAmerican, Ya` Think !
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