"The world's aviation fleet continues to grow and is projected to double in size over the next 20 years," said Mr. Finbarr O'Connor, Managing Director of Goodyear Thailand. "The fastest growth is seen in the Asia Pacific region. With this expansion, Goodyear, a global leader in aviation tires, will be ideally positioned to capture this growth in demand for radial tires."
An Extraordinary General Meeting will be held on November 17, 2016 to ask the company's shareholders to approve the plans that were endorsed by the company's Board of Directors. A financial advisor, Ernst & Young Corporate Services Ltd., has reviewed the investment project for the Board of Directors and determined it was in the best interest of Goodyear Thailand to move forward.
Mr. O'Connor said the first phase of the three-phase expansion is targeted to be operational by 2018 to meet market demand as commercial airlines are rapidly converting their fleets from bias to radial tires.
The company, which employs more than 1,000 people in Thailand, expects to increase staffing by almost 100 upon completion of the project.