U.S.-based Cooper Tire & Rubber Company plans to invest $55 million (47.5 million euro) in equipment upgrades and the expansion of its factory in Serbia’s Krusevac to produce larger diameter tyres being demanded in Europe and other global markets, it said.
The company plans to add 118 new jobs and increase the size of the Krusevac facility to more than 882,000 square feet under a project supported by approximately $8 million in incentives provided by the Serbian government, Cooper Tire said in a statement on Thursday.
“This project will enable the facility to manufacture light truck tires, including 4×4 tires, and large diameter tires up to 22 inches in addition to the passenger car and sport utility vehicle (SUV) tires it currently produces,” president and CEO Brad Hughes said in the statement.
Total annual production capacity at the Krusevac factory will increase by approximately one-third at completion of the expansion, which is expected later this year, and will establish a footprint which could further double capacity with additional equipment and people, Cooper Tire said.
“This expansion demonstrates Cooper’s commitment to the Europe market and will position us to better meet customer needs throughout the region and beyond with high quality tires that are in step with what consumers want in today’s tires,” Cooper’s General Manager – Europe, Middle East and Africa, Jaap van Wessum, noted.
The U.S. company launched its plant in Serbia in March 2012 following investment of approximately 13 million euro ($14 million).
