4 Mar 2005
Paris -- Groupe Michelin has bid an undisclosed amount to buy financially ailing Egyptian tyre maker Transport & Engineering Co. in Alexandria from the Egyptian government.
Trenco, as the firm is known, makes cross-ply and radial tyres and tubes for passenger cars, light and medium trucks, motorcycles and bicycles at a 48-year-old plant in Alexandria's Smouha district, employing about 1,500.
Local news media had quoted Investment Development Minister Mahmoud Mohieddin as saying Michelin would pay $10 million and commit to investing $40 million in the company.
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