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September 23, 2016 02:00 AM

Goodyear expanding HVA tire capacity worldwide

Bruce Davis
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    BOSTON (Sept. 21, 2016) — Goodyear is budgeting nearly $800 million through 2019 to boost production capacity for high-value-added tires — essentially those with rim diameters of 17 inches and greater — in a bid to stay ahead of the demand curve for such tires.

    Goodyear disclosed the expansion projects — at plants in the U.S., Mexico, South Africa, China and India — during its recent briefing with financial analysts in Boston.

    (Goodyear photos)

    <center>Laura Thompson</center>

    Goodyear projects demand for HVA passenger tires will double worldwide by 2020 to 444 million units. This growth follows a doubling in demand from 2015 to 2020 to 222 million units, according to Laura Thompson, executive vice president and CFO.

    Ms. Thompson also noted that the industry margins on 17-inch and larger tires is $16 per tire higher than on tires smaller than 17 inches.

    Taken together, Goodyear's expansions will result in 20 million units of additional annual capacity for the larger-rim tires, Ms. Thompson said.

    Specific projects outlined include:

    • $125 million through 2018 to add 2 million units of annual capacity at Lawton, Okla., and Fayetteville, N.C. Goodyear declined to provide a breakdown between the two plants. The added capacity is targeted at OE customers.
    Goodyear image

    Goodyear's projections for demand growth for 17-inch and larger rim diameter tires.

    • $210 million through 2019 to increase capacity at Pulandian, China, by 3 million units a year;
    • $115 million to add 1 million units of HVA capacity at Aurangabad, India;
    • $290 million to $300 million through 2019 to install 6 million units of annual capacity at San Luis Potosi, Mexico; and
    • $20 million in 2017 to add 1 million units at Uitenhage, South Africa; this spending is part of a $50 million investment disclosed in September 2015.

    In addition, Goodyear is adding 3 million units of annual capacity for the larger-rim tires at plants in Europe in projects that are wrapping up in 2016. Goodyear did not specify investment sums for these projects.

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