LONDON (Dec. 4, 2001)—Group Michelin is planning to set up a tire plant near Moscow to serve the Russian market, according to information from the European Bank for Reconstruction and Development, which said it intends to finance part of the $20 million investment.
Michelin has selected a site in the Moscow suburb of Davydovo for Michelin Russian Tyres Manufacturing Co. The new company will focus initially on Russia, the EBRD said, but eventually may use the plant to export to neighboring countries considered part of the Commonwealth of Independent States.
The EBRD did not say what types of tires Michelin intends to make at the plant. Michelin could not be reached for comment.