Milan,Italy -The Financial Times, by Jude Webber (Buenos Aires,ARG) -October 24, 2010: -- Italy's Pirelli will invest US$100mn in Argentina to expand production almost 20% at its plant in Merlo in Buenos Aires by 2013. The move comes alongside the tyre maker's planning to announce a multimillion-dollar move into Mexico to set up a production base to supply the growing North American market... “The plan is not yet finalised, but in our picture it makes sense to produce in Brazil and Argentina for the regional Latin American market and to supply America from within [a country that is part of the North American Free Trade Agreement] instead of from Latin America,” Marco Tronchetti Provera, Pirelli’s president and chief executive, told the Financial Times...
* France - Michelin Quarterly Revenue Jumps 24% on Truck Recovery, Beats Estimates
Clermont-Ferrand,France -Bloomberg, by Laurence Frost -Oct 26, 2010: -- Michelin & Cie., the world’s second- largest tiremaker, said third-quarter revenue rose 24 percent, helped by demand from truckmakers and logistics companies in Europe and South America... Sales advanced to 4.65 billion euros ($6.4 billion) from 3.75 billion euros a year earlier, Michelin said in a statement after the market close in Paris today. Analysts had expected s
act new auto investment thanks to robust domestic demand and links with the developed North American market. ales of 4.4 billion euros, according to the average of eight estimates compiled by Bloomberg... Michelin is pushing an expansion in India, Brazil and China to reduce its dependence on European and North American markets. The tiremaker last month announced a surprise 1.22 billion-euro share sale to finance new plant investments, completing the rights issue on Oct. 21... (Image from guzer: Michelin baby)Labels: tires makers news worldwide
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