Minister of Economy and Regional Development Nebojsa Ciric signed today a Memorandum of understanding on the implementation of an investment project of company Michelin in Pirot.
In the presence of Serbian President Boris Tadic, the memorandum was also signed by Chairman of the Board of Tigar Tyres Eric Faidy, Director of parent company Michelin Michel Rollier and Pirot Mayor Vladan Vasic.
Ciric said that this is the beginning of further development of Michelin in Serbia, adding that the goal of the first phase of the said investment project is the increase of the factory’s production capacity, by means of which the company will be producing 12 million tires per year by 2016 instead of the current 8 million.
The total value of the investment is €170 million, he said and added that the company will invest in the purchase of new machinery and equipment, as well as recruitment of 700 new workers by the end of 2016.
The decision of Michelin to invest in Serbia confirms its determination to locate in our country the centre of its production of tires for this part of Europe and beyond.
Chairman of the Board of Tigar Tyres Eric Faidy underlined that he is convinced of the success of this project in Pirot, which apart from the fact that it will boost Serbia’s economic development, also plays an important role in the implementation of Michelin’s strategy for expansion onto the markets of Russia and the EU.
Michelin specialises in production of tires and tire protectants and is currently a leader on all markets of tires and related services.
Michelin currently employs around 109.000 workers in 72 production plants in 19 countries around the world.
Source Serbia Gov.
