French tyre manufacturer to invest EUR 39 mln in its Polish plant
Michelin will invest PLN 169 mln (EUR 39 mln) in its plant in Olsztyn (north-eastern Poland) to increase production, the company said in a press release.
The investment, which will include carrying out building work and outfitting production lines with the most modern equipment, is to be completed in 2022.
As noted, the aims of the project are to increase production of the latest range of premium tyres to 5 million units a year, to launch cutting-edge technologies and to increase the competitiveness of the factory.
"Our additional investment will not just contribute to the development of the factory and the further strengthening of its position within the Michelin Group. A significant part of the construction work, as is the case with other investments, will be entrusted to companies from Warmia and Mazury (province in north-eastern Poland - PAP), and thus contribute to a strengthening of the region's economy," said Jarosław Michalak, president of the board of Michelin Poland, in the statement.
It was added in the communique that the investment had received a subsidy from the Ministry of Enterprise and Technology, which represents 7 percent of the total value of the project.
According to the statement, the Michelin Group has been present in Olsztyn for 23 years and has already invested EUR 1 billion in the Olsztyn tyre factory, where tyres for passenger cars, four wheel-drive vehicles, vans, trucks and agricultural vehicles are produced, as are moulds, cords and rubber mixtures.