October 9 (SeeNews) - Serbian company Tigar Tyres, a unit of France's Michelin, opened on Thursday a 215 million euro ($274.8 million) tire factory in the eastern town of Pirot, the company said.
The 56,000 square meter plant will employ 500 and will increase the existing production capacity to 12 million tires per year from the current 8.0 million, the company said in a statement.
In a separate statement, Serbia’s investment and export promotion agency, SIEPA, said the launch of the new factory is the first phase of the company's investment program. In the second phase, Tigar Tyres will invest an additional 165 million euro, raising output capacity further to 20 million tires per year.
Tigar Tyres was formed in 2003 jointly by Michelin Finance, Serbian rubber and chemicals producer Tigar and the International Finance Corporation. In late 2009, Michelin became a 100% owner of the company. It currently employs 2,100.
($=0.7823 euro)
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