Invitalia CEO Domenico Arcuri called the deal “doubly important” because it keeps open an industrial entity that was to be closed and “confirms the effectiveness” of favoring investment in southern Italy.
At stake are 800 jobs.
Roberto Mauro, CEO of Bridgestone Italian Manufacturing, said the agreement with Invitalia completes a key component of the rescue plan agreed to last September.
Invitalia said nearly $53 million of the investment package will be used for buying and installing new machinery and ancillaries, with the rest going to general infrastructure upgrades.
Bridgestone did not elaborate on what types of tires will be built at the plant following the investment, nor on what, if any, changes in the labor contract were made.