Goodyear Canada is set to invest more than half a billion dollars to expand and modernize its tire plant in southeastern Ontario, with the goal of making the plant net-zero in less than two decades.

The company's CEO was joined by Prime Minister Justin Trudeau and Ontario Premier Doug Ford on Monday morning to announce the $575 million investment in the Napanee, Ont., plant. The federal government is contributing up to $44.3 million to the project, while the provincial government is putting up $20 million through Invest Ontario.

The expansion is expected to reduce emissions at the plant by 10 per cent by 2030 and get the plant to net-zero by 2040, according to a news release.

The company also said the expansion will create 200 new manufacturing jobs by 2027 and "secure more than 1,000 jobs in Napanee," according to the news release.

At Monday's news conference, Goodyear president and CEO Mark Stewart said the expansion will increase the plant's capacity by two million tires per year.

"Our investments include facility expansion, additional modernization, new state-of-the-art equipment, as well as new technology," said Stewart.

Prime Minister Trudeau said that increased capacity will include tires made specifically for electric vehicles. He called the auto sector one of the "drivers of the Canadian economy" and an engine of "good paying, fulfilling and community-building work."

"It's not just about making a few more tires, although two million more tires is a very good thing. It's about the jobs that Goodyear is going to be relying on and that folks in these communities can rely on," he said.

He called Goodyear's investment a testament to "its faith in Canadian workers."

Premier Ford said the expanded plant will give "a huge boost to our province's growing auto and EV industry." He said it stems from an attractive business environment, billions in infrastructure investment and a skilled workforce.

"We're going to keep the momentum going here in Ontario, attracting more EV and auto investment and creating better jobs and bigger paycheques in every part of our province," he said.

Ford framed the investment as one link in an integrated EV supply chain in Ontario, spanning from critical mineral mining to automakers.

Greater Napanee Mayor Terry Richardson called Goodyear the town's largest industrial employer and said Monday's announcement will ensure the region's economic stability for decades.