Goodyear Tire & Rubber Company has unveiled plans for a significant expansion of its Lawton, Oklahoma plant, the largest tire factory in its global network. The expansion aims to increase the plant’s production capacity by nearly 30%, adding 10 million units of annual capacity for premium tires.
This project is part of a $320 million, four-year investment designed to enhance the plant’s capabilities to meet the growing demand for larger rim-diameter tires, which are higher-profit and higher-margin products. The expansion will focus on producing tires for electric and autonomous vehicles, aligning with Goodyear’s strategic goals to cater to emerging automotive technologies.
The Comanche County Industrial Development Authority has approved a $1 million loan to support the financing of this expansion. The Lawton plant, which currently employs 2,900 workers, will see its overall capacity boosted to nearly 120,000 units daily.
Goodyear’s CEO, Mark Stewart, highlighted the importance of this expansion during the company’s fiscal 2024 earnings conference call, emphasizing the need to create additional volume for the marketplace in the premium tire segment. This move follows a $50 million investment at the plant between 2021 and 2023, which added 45,100 square feet of factory space to house an advanced mixer. This mixer allows Goodyear to meet increasingly stringent performance requirements for tires used in electric and autonomous vehicles.
The expansion is part of Goodyear’s multi-year master plan for the Lawton plant, aiming to enhance its competitiveness and adapt to evolving market conditions. The company has expressed its commitment to supporting the local community and its workforce during this transition period.
