A Taiwan-based rubber company intends to buy the former Sumitomo Rubber plant in Tonawanda. Hwa Fong Rubber, a tire-making company, will also make wheel parts, transmissions, chassis and "other components" at the Sheridan Drive facility. Sumitomo closed the plant in November 2024, causing over 1,500 layoffs of salaried and unionized workers. Hwa Fong buying the plant will result in somewhere between 100 and 250 jobs. Hwa Fong CEO Alex Chiu said "We believe this property can successfully transform into a future hub of manufacturing activity and innovation that contributes to both the Western New York and New York State economies."