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