AKRON, Ohio (AP) -- Goodyear Tire & Rubber Co. plans to make plant investments over the next two years aimed at increasing production of more profitable high-end tires.
Chairman and CEO Richard Kramer, previewing Tuesday's presentation to investors in New York, said in a statement the company would make capital investments of $1.1 billion to $1.3 billion in 2012 and 2013. That is up slightly from this year's expected $1.1 billion to $1.2 billion.
Between $500 million and $600 million each year will go toward modernizing and expanding plants and new construction.
The investments are intended to boost annual tire production by up to 5 percent, with a focus on high-end products.
The Akron-based company lost $216 million in 2010, reflecting a $160 million charge to close a plant in Union City, Tennessee.
Goodyear shares fell 54 cents, or 3.5 percent, to $14.85 in midday trading.