Michelin to Increase China Investment – Update
As previously reported, a government official in China has released information indicating Michelin intends to spend US$300 million expanding its tyre production facilities in China. The company has signed a memorandum with officials from the Liaonong (northeast China) provincial government related to new truck and passenger car tyre projects.
When the two projects are implemented, the company’s existing base in Shenyang, the capital city of Liaoning, will become the world’s largest tyre production base, producing 12 billion tyres per year.
Michelin has already invested US$150 in its Shenyang plant, and the additional $300 million will be used to fund two new projects, which will cover a floor area of 300,000 square metres.