Pirelli invests 100 mln usd in China car tyre plant,ups stake in Yinhe JV UPDATE |
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Published
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Tue, 27 Nov 2007 10:21
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(Updating with further details)MILAN (Thomson Financial) - Pirelli & C SpA said it has invested nearly 100 mln usd to build its car tyre plant in Yanzhou, China, which started operations today.The plant will initially produce 3 mln high quality car tyres per year and employ 1,000 people, with capacity capable of being expended to 10 mln tyres.Pirelli said the tyres will be sold in China, where it will expand its distribution network to over 1,000 shops by end-2008, and in other key markets of the Asia-Pacific region.The car tyre plant is close to its radial lorry tyre plant, which has a potential output capacity of 1 mln tyres per year.Pirelli operates in China via a joint venture with the Yinhe group.The company also said it has agreed to raise its stake in the venture to 75 pct from 60 pct for 11 mln eur.danilo.masoni@thomson.comdm/sal/sal/dm/vlbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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CORRECTION Pirelli invests 100 mln eur in China tyre plant,ups stake in Yinhe JV 