Pirelli to invest Euro 300 million in China - Bloomberg

ERJ staff report (LMH)

Milan, Italy -- Pirelli is to invest Euro 300 million in China over the next three years, chairman Marco Tronchetti Provera told Bloomberg TV in a 24 Feb interview.

Bloomberg reported that the company, Europe's third largest tyre-maker, aims to double capacity at its Jining site to 10 million tyres annually.

Pirelli told the news organisation that he expects to see 20-percent growth in Asian sales this year due to increased Chinese demand for more expensive cars.

Bloomberg also reported that the tyre company plans to invest $210 million (Euro 152 million) to develop a factory in Mexico.

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