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2:00 pm
Fri August 27, 2010

Bond Deal Expands Plant

Oklahoma City – OKLAHOMA CITY (AP) An Oklahoma agency has approved a $20 million bond deal that will help pay for the expansion of the Goodyear tire-making plant in Lawton.

The Council of Bond Oversight on Thursday authorized the Oklahoma Development Finance Authority to issue $20 million in bonds for the project.

The authority's president, John Harris, told The Oklahoman that under the deal, Goodyear Tire and Rubber Co. will buy the bonds. The state will then repay Goodyear over the next 15 years with state withholding taxes collected from plant workers.

The financial deal will help pay for a $150 million expansion at the Lawton plant.

Harris said the expansion likely will result in 50 new jobs.