Michelin to leave losses behind

Two years after its Romanian debut, French group Michelin expects to reach 90m euros in turnover this year. Michelin will operate a 27m-euro capital increase for its two Romanian-based plants, Victoria Floresti and Silvania Zalau. “We estimate the holding’s turnover to climb 25% in 2003 from last year, when it exceeded 70m euros,” said Cristina Hanganu, PR director, Michelin Romania. However, the Romanian operations will also bring losses to the French tyre producer. “We hope the investments made so far and the constant turnover growth will bring us a positive operating result next year,” Hanganu added. ZF