Goodyear Plans First New Americas Tire Plant in 24 Years

Goodyear Tire & Rubber Co. says it plans to open a $500 million consumer tire factory somewhere in the Americas in the first half of 2017.

The facility will have annual capacity to make about 6 million tires for markets in North America and Latin America. The company, which describes the factory as its most technologically advanced anywhere, is scouting sites for the plant now.

The plant will cater to expected growth in high-value-added tire markets in the two regions, according to the company. The project is part of an additional $1.1 billion of capital spending to come out of the company's expected 2014-2016 cash flow.