After more than seven years of inactivity, the former Goodyear rubber plant in Venezuela has resumed operations thanks to an initial investment of over $28 million, as reported by the new administration of the company. The facilities, located in Los Guayos, Carabobo state, had been closed since December 10, 2018, when Goodyear, headquartered in Ohio, USA, agreed to cease its operations in the country. At that time, the Venezuelan government deemed the closure illegal, took control of the plant, and initiated efforts to restore its operations, which did not materialize for several years.

The Goodyear subsidiary in Venezuela was established in 1955 during a time when Carabobo was home to significant American automobile assembly companies including Ford and General Motors, both of which later also suspended their operations. The resumption of production in Goodyear's plant marks a significant development in the Venezuelan economy, which has been struggling with prolonged economic challenges, including hyperinflation and shortages of basic goods.

The reopening of the Goodyear facility could potentially create new jobs and stimulate the local economy in a region that has seen numerous business closures and unnecessary economic decline. The impact of this move reaches beyond the factory floor, reflecting the broader landscape of industrial activity and foreign investment in Venezuela, which has seen a complicated relationship with U.S. companies over the years.