Linglong Tire Held Business Investment Talk with EBRD

On October 16, the business investment conference between Linglong Tire and European Bank for Reconstruction and Development (hereinafter referred to as EBRD) was held in London. Mr. Jurgen Rigterink, first vice president of EBRD, Ms. Betsy Nelson, vice president and chief risk officer of EBRD, and Mr. Jean-Marc Peterschmitt, managing director of industry, commerce and agribusiness of EBRD attended this meeting and discussed the cooperation on the construction of Linglong Tire’s Serbian plant with Mr. Wang Feng, chairman of Linglong Tire.

EBRD is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies. The excellent performance of Linglong in cultural exchange, social responsibility, environmental protection, safety production, and the successful construction of overseas manufacturing base made EBRD attach great importance to this meeting.

The plant in Serbia will be Linglong’s second overseas manufacturing base, located in the Zrenjanin Free Trade Zone in Serbia. The project involves an investment of US$994.41 million, with expected annual capacity of HP radial tires reaching 13.62 million units and annual sale revenue of $600 million when completed. Besides, it will be of significance to Serbian residents’ employment and income.

During the two parties’ talk, Mr. Wang Feng introduced the construction plan, investment estimate, financial benefits, employee welfare and training investment of the Serbian project. The two sides discussed on the current risk management and how to manage the Serbian plant through the experience of Longing’s Thai factory. EBRD said that various aspects of Linglong Tire were in line with their investment requirements after previous research and evaluation and they looked forward to the cooperation between the two sides.

"We hope that EBRD will be involved in this project to work with us to promote economic development in Serbia and Zrenjanin and to improve the living standards of the local people." Wang Feng was also looking forward to future cooperation. (www.chinatrucks.com)

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