AKRON, Ohio (AP) -- Goodyear Tire & Rubber Co. plans to focus more on growth markets such as in China, Russia and Brazil.
The Akron, Ohio-based company on Thursday outlined its global strategy ahead of an investors' conference in New York. At the meeting, Goodyear plans to discuss higher fuel prices, changing driving habits and shifting vehicle preferences.
The biggest U.S. tire maker says it will invest up to $500 million to increase tire manufacturing in China for the Asia-Pacific market. It also will invest up to $700 million over five years to modernize four U.S. manufacturing plants, but didn't immediately identify them.
Robert Keegan, Goodyear chairman and chief executive, said the company anticipates capital investments of between $1 billion and $1.3 billion per year to 2010.
"Our plans, however, are flexible so that we can adjust both the pace and amount" to reflect market trends, Keegan said in a prepared statement before the conference.
The company on Wednesday said it would close its tire plant in Somerton, Australia, as part of its cost savings target of more than $2 billion by 2009. The plant employed about 600 workers.