PIROT, Serbia (Oct. 13, 2014) — Group Michelin's Tigar Tyres d.o.o. subsidiary has commissioned production at a greatly expanded plant in Pirot, the result of a $270 million investment over more than two years.
The expansion is designed to boost capacity at the plant 50 percent to 12 million car and light truck tires annually, with an increase in employment to 2,700 from 1,900.
Serbian President Tomislav Nikolic was present at the recent dedication ceremony, where it was reported he said the investments from Michelin are confirmation of Serbia's being a stable country that is worth investing in.
In his comments, Michelin President Jean-Dominique Senard lauded the “great talent of our team in Pirot and the active support of the Serbian authorities” for making it possible to complete this expanson successfully.
“The Pirot-based factory will support even better our growth ambitions in the passenger cars entry-level segment that is increasing in Europe, Russia, Africa and Middle East,” Mr. Senard said. “I am glad it will create new jobs and economic activities in Serbia, especially in the southeast of the country.”
The Tigar Tyre plant will be the production base of entry-level tyres that are commercialized under various brands, like Tigar, Kormoran and Riken, Michelin said, and will supply European markets, the Russian and CIS markets, as well as Africa and the Middle East.
Michelin announced the investment/expansion in April 2012 at the 79-year-old plant, which Michelin bought into in 2005.
It was reported that Messrs. Nikolic and Senard signed the first car tire that came out of the expanded factory.