The Goodyear Tire & Rubber Company announced on Monday that the Ohio based company would be making a significant investment in their plant located in Napanee.
The investment from the company will be for a total of $575 million and is meant to modernize the plant while also significantly expanding it – with 200 new jobs expected in the area when the expansion is complete bringing the total work force to 1000.
In addition, the expansion is tapping into funds from all different levels of government, with $44.3 million coming via from the federal Strategic Innovation Fund, $20 million through Invest Ontario, and incentives valued at roughly $2 million over four years through an Industrial Community Improvement Plan of the Town of Greater Napanee, the Township of Stone Mills, and the County of Lennox and Addington.
In a release, Goodyear CEO and President Mark Stewart said the investment further ingrains the company in Canada.
“Today’s announcement reinforces our long-term commitment to Canada and enhances our agility and flexibility, positioning Goodyear to meet the evolving needs of our customers now and in the future,” Stewart said.
“We are appreciative to the federal, provincial and local governments for their support and to our Napanee associates for their dedication to building the next generation of tires.”
The release states that Monday’s investment would work towards modernizing the plant in Napanee in order to meet the evolving needs in the electric vehicle and all-terrain market, Goodyear did not respond in time to follow up about what those specific changes would look like – though the release states new equipment and capabilities are coming.
Goodyear added that new environmental solutions will help bring down carbon emissions, but touted that the facility is already recognized as a net-zero waste to landfill site.
In the release François-Philippe Champagne, Minister of Innovation, Science and Industry, says the announcement is another step towards modernization for Canada’s auto industry.
“By partnering with Goodyear Canada, we’re driving Canada to the forefront of the clean economy,” Champagne said.
“This investment represents a significant advancement toward innovation in tire technology, helping to modernize the industry. It will not only create high-quality jobs, but also generate substantial economic benefits for Ontarians, reinforcing our commitment to a strong and sustainable automotive sector.”
Goodyear plans to have the entire expansion of the plant completed in mid-2027.
