Michelin keeps investing 25m euros a year

After having invested 25 million euros on the Romanian market last year, the French at Michelin will invest the same amount in 2004. “This year’s investments will be worth about the same as last year,” Cristina Hanganu, Michelin Romania’s PR manager said. Michelin Romania’s investments will go to the upgrade of the two production facilities, Silvania Zalau and Victoria Floresti, as well as to a metallic cord (a component required for making tyre carcass) factory, located in Zalau. The metallic cord factory scheduled to open by yearend will entail 25 million-euro investments by early 2007. Michelin should see annual production at 3.5 million car tyres and 600,000 truck tyres by 2007. The company has already increased its capital by 30 million euros early this March. “The capital increase was prompted by the investment financing needs,” Hanganu specified. ZF