Michelin China Plant a $1 Billion Investment
(chinatrucks.com, Jan.26, 2010)Groupe Michelin is planning to invest $1 billion in China by 2012 in order to build a passenger car and truck tire manufacturing plant.
Construction of the factory, which will be built in Shenyang where Michelin already has another plant, will double the company's annual capacity in China. In addition Michelin also plans to invest $423 million in a greenfield passenger car tire plant in Resende, Brazil, which will start producing in "early 2012."
Tyres & Accessories first published details of the China investment in December 2009 in an article reporting Michelin's plans for further BRIC growth. However, the latest details revealed at an investor presentation add further information, such as the fact that that the company will produce Michelin-branded tires there and that production is scheduled to start in 2012.
The Michelin's planned investment follows the acquisition of control of Shanghai Michelin Warrior Tire last year when it bought the 30% of the Shanghai-based firm it didn't own from Double Coin Holdings Ltd. and Shanghai Minhang United Development Co. Ltd.
Michelin's current capacity in China at the two existing plants is estimated to be 28,000 tires a day.
Michelin also confirmed the details of its proposed greenfield truck and earthmover tire plant in Tamil Nadu, India. According to the company, this new factory will be a "world class plant dedicated to the domestic market." This plant will employ 1,500 people and start product at the end of 2012, at a cost of $818 million.
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