LEXINGTON, S.C. — Michelin Group is preparing for an electric future, with launches of new tires and technology and a goal of carbon neutrality by 2050.
The tire maker also pointed to recent expansions in Kansas and Nova Scotia.
In May, Michelin North America Inc. announced plans to invest $100 million over five years to expand production capacity for rubber tracks at its Camso plant in Junction City, Kan. The expansion also would include adding 200 additional workers. The company did not disclose how much it expects capacity to increase.
In March, Michelin said it would invest $225 million in its Novia Scotia operations as part of a plan to speed up sustainable-mobility initiatives and improve its environmental footprint.
Michelin's plans include installing new technology and equipment at its three tire plants in Nova Scotia, with a production-capacity increase in store for the Bridgewater passenger/light truck tire factory.
The investment is in response to "market evolution" and plans call for converting production to electric vehicle (EV) tires for the growing segment and larger-rim tires for passenger and light truck vehicles, as well as truck tires with better fuel efficiency.
Also in May, Michelin announced it had found a buyer for its Russian holdings — Michelin Russia Tyre Manufacturing Co. L.L.C. — including a tire factory in Davydovo and Camso CIS L.L.C. — to Power International Tires L.L.C., a major Russian tire distributor and former business partner.