Reuters, May 19, 2008
Goodyear Tire & Rubber Co (GT.N: Quote, Profile, Research) plans to
build a factory in Russia costing between $200 million and $250 million,
the Kommersant business daily reported on Monday.
The plant will be built in the Yavroslav region, a five hour drive north
of Moscow, and will produce around 5 million tyres a year, Russian state
officials told Kommersant without giving a timeframe.
The newspaper said the project might conflict with plans of Russian
petrochemical group Sibur, which controls an existing tyre plant in the
region.
Sibur, controlled by Gazprom's (GAZP.MM: Quote, Profile, Research)
banking arm Gazprombank, might seek to create a joint venture with the
U.S. company on the basis of the existing plant, the newspaper said.
Sibur had no immediate comment.
Goodyear has been looking to invest outside its core markets in North
America and Europe because a slowing economy has dented demand.
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