Rubber & Plastics News staff report
Paris - Michelin said it will invest $1 billion (Euro 707 million) in China during the next two to three years to build a passenger and truck tyre plant in Shenyang that will double its annual capacity in China.
Michelin disclosed the investment in a recent presentation to financial analysts in Paris. The company gave few other details about the project other than to say it would be in Shenyang, where the firm already operates one factory, and it would start production in 2012.
The investment fits in with statements Michelin executives made in the past year that Michelin would step up its investments in the world's emerging markets. Michelin disclosed in December plans to invest $870 million to build a truck and OTR tyre plant in India's Tamil Nadu state.
Michelin also is investing $172 million in Brazil to build a passenger tyre plant in Itatiaia, scheduled to go on stream by mid-2011.
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Michelin to invest $1 billion in China tyre plant from Rubber & Plastics News (a Crain publication)