In a cost-cutting move, Goodyear Tire & Rubber Co. is closing lone plant in Taiwan, with plans to move production to lower-cost countries.

Located in Taoyuan, the passenger and light truck/SUV tire plant will close as of July 31, leaving 240 people without jobs. The plant was opened in 1969, and served both the Taiwan and export markets, primarily in Asia.

“Goodyear remains committed to the Taiwan market and will work to ensure that there is no disruption to the supply of products or services to its valued customers,” the company said in a statement.

As recently as 2007 Goodyear announced plans to invest NT$300 million to modernize the facility and equip it for the production of low-profile premium tires in 16-inch and larger sizes. At the time, Goodyear Asia Pacific president Pierre Cohade said: "This new investment underscores our confidence in Taiwan’s manufacturing capabilities, with its unprecedented competence in innovation, high-quality and flexible workforce, as well as its supply chain management. For Goodyear, we will continue to work with our partners to provide best-of-breed products and services to meet the needs of our customers in the Taiwan and global markets.”