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The
expansion will help the tire maker capture growing demand for
radial tyres as commercial airlines are rapidly converting their
fleets to radial tires from bias tires, Managing Director
Finbarr O'Connor said in a statement.
The first phase of the three-phase expansion is targeted to
begin operations by 2018, O'Connor said.
The demand for radial tires is expected to improve as new
commercial planes use them as standard, because they are lighter
than bias tires and more suitable for aircraft landings.
The world's aviation fleet is projected to double in size over
the next 20 years, O'Connor said.
The Thai unit, 66.8 percent owned by U.S.-based Goodyear Tire &
Rubber Co <GT.O>, provides original equipment and replacement
tires for passenger cars, commercial trucks and retread tyres
for domestic sales and exports.
The Thai company, which employs more than 1,000 people in
Thailand, expects to hire 100 more workers after the project is
completed, it said.
Ernst & Young Corporate Services Ltd is the financial adviser
for the project.
(Reporting by Khettiya Jittapong; Editing by Amrutha Gayathri)
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