Skip to main content

Georgia tire plant plans $22M expansion to boost production

Friday, April 16, 2021 | The Associated Press

MACON, Ga. (AP) — A tire plant will spend $21.8 million to expand production in middle Georgia.

Kumho Tire and Macon-Bibb Mayor Lester Miller announced the expansion Thursday.

The plant, which opened with a capacity of about 4 million tires a year, will be able to make another 500,000 tires a year.

Local news outlets report a groundbreaking is supposed to be held in May for the 20,000 square-foot (1,850 square-meter) expansion. The original $600 million plant opened in May 2016, hiring 400 people.

The plant will include a new automated production unit, a proprietary Kumho system that's supposed to help boost efficiency.

Seoul-based Kumho is the world’s 18th largest tire maker, operating a total of eight tire plants in China, South Korea, Vietnam and the U.S.

The Macon plant is the company's first American manufacturing facility. Since the Macon plant opened, China's Quingdao Doublestar Group acquired a controlling interest in Kumho Tire, in part due to the financial distress of the former Korean parent.

The Macon plant makes tires 17 inches or larger for passenger vehicles.

Miller did not note any incentives that government will give to the project.

Featured Article: Investing in Blue-Chip Stocks


8 EV Stocks To Electrify Your Growth Portfolio

If you are looking for the next hot growth market, a market at the intersection of multiple secular trends, look no further than the EV market. Electric vehicles. It may not sound like much, but the days of EV as a fringe market are over.

Think about this. There is an average of 90 million vehicles sold annually. That’s units, not dollars, total sales of vehicles topped $3.1 trillion in 2019, and the number is expected to grow over the long-term.

The EV market is less than 3.% of global vehicle sales, but it’s growing. EV is expected to account for more than 50% of the total auto-fleet by 2050, and that target could be reached much sooner if battery technology advances.

When it comes to the EV market, it’s a “rising tide lifts all ships” kind of market, but there are still some clear winners to focus on.

View the "8 EV Stocks To Electrify Your Growth Portfolio".


MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research. As a bonus to opt-ing into our email newsletters, you will also get a free subscription to the Liberty Through Wealth e-newsletter. You can opt out at any time.