US tire giant made a new investment in china
It's a good year for Goodyear Tire & Rubber Co, and the US tire giant expects to roll for more in the China market.
On June 26, the company announced that it was making an initial investment of about $500 million for a new plant in Dalian, Liaoning province, where it is setting up its first mainland commercial vehicle tire manufacturing facility in conjunction with the closure of its old passenger car tire plant.
"It's the biggest investment Goodyear has plunged into a single plant worldwide, which shows our long-term commitment to the China market," says Pierre E Cohade, president of the Goodyear Asia-Pacific region.
It's also the biggest one-off foreign investment in China's tire industry.
The new facility will be finished in 2010 and will help boost Goodyear's business in the world's biggest commercial vehicle market.
Since 1994 when it entered the Chinese market with a passenger tire plant in Dalian, to transferring its focus from the OE (original manufacturing) market to the replacement market in 2005, Goodyear has built a positive brand image in China and strengthened its foothold as one of the country's top three tire brands.
Its new entry in the commercial vehicle tire segment is driven by China's booming logistics industry.
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