Serbian Tigar Tyres, the local arm of tyre manufacturer Michelin Group, opened a new production facility at its factory in the eastern town of Pirot on March 24, bringing its full capacity to 12mn tyres per year.
Tigar Tyres, is among Serbia's top exporters. With exports valued at €54.7mn in the first two month of the year, it was the second largest exporter in Serbia in January-February 2016. It followed FIAT Chrysler Automobiles (FCA) Srbija, a joint venture between Italy's Fiat and the Serbian government, which remained Serbia’s largest exporter in February 2016, with exports totaling €116.3mn.
“The investment represents modernisation of the factory and the basis for improvement of production output. The project, at the same time, shows that Michelin Group trusts in its factory in Serbia as well as in sustainable development of the Pirot’s company. This is a significant step for our long-term development in Pirot and Serbia,” said Michelin Group president for Central and Southeastern Europe Eric Faidy.
The project, which is one of the largest investments in the country, was started in 2013 and is worth €215mn, local media reported on March 24. Tigar Tyres employs 3,000 people.
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