OLSZTYN, Poland (April 16, 2014) — Group Michelin will invest roughly $138 million in its plant in Olsztyn to support an expansion of agricultural tire capacity, according to a statement released by the office of Polish Deputy Prime Minister Janusz Piechociński.
Michelin’s decision to invest in Poland is “evidence of the (firm’s) confidence in the government and local authorities,” Mr. Piechociński said at a ceremony this week at the factory in northern Poland.
The plant, operating as Michelin Polska S.A., originally was part of Poland’s Stomil-Olsztyn S.A. Michelin bought controlling interest in the factory in 1995 and completed the acquisition in 2003.
The Polish official did not disclose any details about the scope of the expansion. The plant, originally built in 1968, also makes tires for passenger cars and light commercial vehicles, trucks, agricultural vehicles, as well as cord fabric and form.
Mr. Piechociński noted in his remarks that the investment is of great importance for Polish industry, creating jobs not only within Michelin but also for subcontractors and suppliers. The company also works with the University of Warmia and Mazury in Olsztyn, Warsaw University of Technology and the Technical University of Gdansk, he added.
The company employs more than 4,000 in Poland and generated about $1.6 billion in revenue in 2012, Mr. Piechociński said.
He did not say what, if any, financial support the Polish government might provide.
Michelin last announced a major investment at the plant in 2005, committing nearly $330 million over three years to expand car and light truck tire capacity there.
Would you feel comfortable riding in a fully autonomous vehicle?
|I’d do it in heartbeat. It sounds exciting.||
25% (51 votes)
|No way. I want to be able to control the vehicle myself.||
33% (68 votes)
|I’d give it try, but I’d rather drive myself.||
42% (87 votes)
|Total votes: 206|