Michelin to shift regional headquarters to Romania from Greece – sources.

By bne IntelliNews March 29, 2013

French tire maker Michelin has decided to transfer in Romania the operations of its Greek subsidiary and to thus turn Romania into its regional headquarters, Adevarul daily reported, quoting Greek publication Kathimerini as saying.

Michelin has no production facilities in Greece. It operates three plants in Romania – two tire production plants and one plant that produces steel wires for tires.  The decision will not impact its production activities in Romania or in any other country in the region, Michelin Romania commented.

IntelliNews Comment: The move will have a small direct impact for the company’s regional operations and on Romania's real sector but highlights the benefits Romania could gain from investors’ increasing risk-aversion vis-а-vis countries that experience massive political and economic turmoil in the region. With a government holding a robust 70% support in parliament for the next four years, Romania is unlikely to face political unrest like the one in neighbouring Bulgaria and Hungary, while its macroeconomic fundamentals are gradually improving. The key problem remains the government’s inconsistent and inefficient conduct as well as the high corruption.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Romanian president rejects justice minister’s request to dismiss head of anti-corruption body

Romanian President Klaus Iohannis said on April 16 he is rejecting a request from the justice minister to dismiss the head of the National Anticorruption Directorate (DNA), Laura Codruta Kovesi. ... more

ArcelorMittal proposes to divest assets in Czech Republic, Macedonia and Romania

International steel and mining company ArcelorMittal said on April 13 it has proposed a divestment package to the European Commission in a bid to obtain approval for its planned acquisition of ... more

Romania’s Restart Energy raised €30mn via ICO

Romanian electricity and gas supplier Restart Energy raised €30mn in cryptocurrencies by issuing 400mn MWAT tokens in an Initial Cryptocurrency Issue (OCO) aimed at financing a blockchain-based ... more

Most Read

  1. Putin and Trump trying to walk back Syria strike and sanctions tensions
    2 days ago
  2. Romanian developers get in the game
    2 days ago
  3. What’s the cost of US sanctions on Russia?
    3 days ago
  4. Turkey’s Erdogan warns “nobody can discipline us with exchange rates”
    8 days ago
  5. Leaked document shows EU’s initially hardline approach to Gazprom
    8 days ago
  1. Fears raised of US conditioning F-35s sale on Turkey cancelling S-400 deal with Russia
    24 days ago
  2. COMMENT: Whisper it – ‘Erdonomics’ could be driving Turkey to a meltdown
    11 days ago
  3. KRUK REPORT: Nadia Savchenko, Ukraine’s fallen hero
    28 days ago
  4. Putin and Trump trying to walk back Syria strike and sanctions tensions
    2 days ago
  5. Romanian developers get in the game
    2 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss