02:44 PM EDT, 08/12/2024 (MT Newswires) -- Goodyear Tire & Rubber Company ( GT ) is planning more than $575 million investment to modernize and expand its plant in Napanee, Ontario, according to a statement from Canadian Prime Minister Justin Trudeau Monday.

This investment will help the company create an energy-efficient manufacturing process and increase its production capacity, including of EV and all-terrain tires, the statement said.

The Canadian federal government will provide up to $44.3 million through the Strategic Innovation Fund while the Ontario government will contribute $20 million through Invest Ontario program, according to the release.

The company's shares were up over 2% in recent trading.

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