Goodyear took full ownership of Nippon Giant Tire

Goodyear Tire & Rubber bought the majority stake in Nippon Giant Tire back in 1985, for an undisclosed sum. Now the company has acquired 100% ownership of its Nippon Giant Tire (NGT) subsidiary in Tatsuno, Japan.

Goodyear has purchased the shares owned by its joint venture partners, Toyo Tire & Rubber and Mitsubishi Corp., for an undisclosed amount.

“This expansion in Japan is aligned to our Strategy Roadmap, as it will enable us to use market-back innovation to grow in one of our targeted market segments, the global OTR business,” said Goodyear chairman and chief executive officer Richard Kramer.

The company also declared that the number of employees at the facility will be increased to about 400, after expansion will be completed 2014.

Goodyear Asia Pacific region president Dan Smytka said, “This investment will enable NGT to manufacture a full line of 57-inch tires, as well as 63-inch tires at a future date.”