According to media reports, on August 12, Canadian Prime Minister Justin Trudeau announced that the Canadian division of Goodyear Tire & Rubber Company will invest over CAD 575 million (approximately USD 418.4 million) to upgrade its plant in Napanee, Ontario.
In a statement from the Prime Minister's Office, it was noted that the modernization and expansion project at Goodyear's Napanee plant will create 200 new jobs by 2027 and ensure the provision of 1,000 jobs in the Napanee area.
The statement also mentioned that the Canadian federal government will provide CAD 44.3 million in funding for the expansion project, while the Ontario provincial government will contribute CAD 20 million to support key parts of the project.
Additionally, local governments will support the project through a CAD 2 million community engagement plan that was approved late last year.
In the global effort to reduce carbon emissions, Canada is striving to attract companies from all segments of the electric vehicle supply chain to secure the future of Ontario's manufacturing hub. Goodyear's investment represents Canada's latest effort in this direction.
Trudeau stated, "This is yet another vote of confidence in Canadian automotive workers. This investment will create high-quality jobs, boost our economy, and continue to place climate at the forefront of our economic agenda. It is investments like these in growth industries that make Canada a trusted partner for international businesses and keep us as a top destination for global investment."
Ontario Minister of Economic Development, Job Creation, and Trade Vic Fedeli said that this investment further solidifies Ontario's position as a North American leader in electric vehicles, with new automotive investments in Ontario exceeding CAD 43 billion over the past four years.
The Goodyear plant expansion is expected to increase its capacity, including for electric vehicle and all-terrain tires, and enable the Napanee plant to achieve net-zero emissions by 2040.
In addition to the plant in Napanee, Goodyear also operates a tire manufacturing plant in Medicine Hat, Alberta, and a materials mixing center in Valleyfield, Quebec.
