Michelin Plans Egyptian Production
Michelin has announced that it is looking to invest in a factory in Egypt, following the failure of its attempts to purchase the country’s public’s Transport and Engineering Company, Trenco. The announcement followed nine months of discussions between the French group and the Egyptian Holding Company for the Chemical Industries, which ultimately came to nothing. Michelin remains focussed on developing its presence in Egypt and could still invest in a factory, a Paris-based Michelin spokesman said.
The Michelin Group already has factories in Algeria and in Nigeria, but not yet in Egypt. The company is reportedly aiming to supply the Egyptian market and to export products manufactured in the country. The French group could also seek be seeking to open a factory in one of the country’s principal industrial towns of Egypt, the industrial ministry added.