Latest Automotive News

Subscribe in a reader





Goodyear tentatively agrees to keep headquarters in Akron

Email   small font medium font large font

Google
 
Web AutoNews24h.com

Goodyear Tire & Rubber Co. on Wednesday said it has tentatively agreed to keep its corporate offices in Akron, where the biggest U.S. tire manufacturer was founded in 1898.

The company announced a redevelopment of about 140 hectares near downtown Akron that will replace its present headquarters and keep thousands of jobs in the industrial city.

South Carolina and Virginia had been competing with Ohio for the headquarters.

``This is a major milestone for the future of Goodyear and the Akron community,'' Robert Keegan, Goodyear's chairman and chief executive, said at a news conference.

He said the deal ``will keep Goodyear's worldwide headquarters in Akron for decades to come.''

Keegan said he expected remaining financial details to be wrapped up soon. Goodyear could move into its new headquarters by 2010.

Industrial Realty Group, which has a history of remaking old industrial sites across the United States, will buy the Goodyear property, build the new headquarters and lease it to Goodyear.

An estimated $700 million of private capital will go into the project, which is linked to an array of public incentives and will include other office buildings and shops, said Stuart Lichter, president and senior managing partner of IRG, based in Downey, Calif., near Los Angeles.

On Monday, the Ohio Tax Credit Authority voted to award Goodyear a 15-year tax credit of up to 27 per cent in return for retaining about 2,900 jobs at the company's headquarters. The tax credit, valued at $30 million, also requires Goodyear to maintain operations at the site for 30 years.

The Development Financing Advisory Council also approved a $20 million, low-interest loan to finance parking facilities at the new complex.

Receive the latest automotive news by email!

Enter your email address:


Related news
Goodyear Canada said Wednesday it will build a new industrial tire retread plant in North Bay by the fall of 2008 to meet growing demand for retreaded tires from the construction, mining, ...
Goodyear Tire & Rubber Co., helped by the sale of its engineered products unit, swung to a big profit in the third quarter from a loss a year ago. But strong results in ...
Goodyear Tire & Rubber Co. offered exchanges Friday for certain tires sold for use with minivans and small trucks, but insisted the decision is not a recall. Goodyear believes that some of these ...
Goodyear Tire & Rubber Co., which has previously refused to release details about its contract offers to striking workers, said on Tuesday that its latest proposal would not cut wages ...
HERNDON, Va. (AP) _ Volkswagen is moving its North American headquarters from Michigan to Virginia next year and will cut 400 jobs, the German automaker said Thursday. Volkswagen of America's move from Auburn ...
Hyundai Motor Co.'s union decided to end a strike Wednesday after the company agreed to pay full bonus payments, officials said, resolving one of the latest obstacles facing South Korea's ...

Best Investment Newsletter

- 46% in 2008

- invest in the best performing US stocks only and sell them when the uptrend is over

- very easy to follow, simple buy/sell signals

- no need to have investing or trading experience

Find More Now!


Goodyear tentatively agrees to keep headquarters in Akron
> © 2006-2017 AutoNews24h.com except where otherwise noted