Cordiant investment plans include large, ultra-large tyre production
Russian tyre maker Cordiant, formerly Sibur-Russian Tyres, confirmed in late July plans to invest US$400 million in its Western Siberia tyre plants. This announcement was made following a plant visit undertaken by Omsk region governor Viktor Nazarov on 27 July.
After touring the Omskshina plant, where new equipment has facilitated an increase in passenger car tyre capacity to four million units are year, and Cordiant-Vostok (the former Matador-Omskshina joint venture facility) with Cordiant CEO Dmitry Sokov, Nazarov confirmed that the region would support Cordiant with tax incentives, as previously arranged. “Our original agreement remains in effect,” he stated. “Investors are ready to refresh plant production and start producing new product lines using new machines as of the fourth quarter of 2012.”
According to Cordiant, its strategy for the years 2012 to 2020 include a number of large investments. Proposed projects include increasing passenger car tyre production capacity and the production of large and ultra-large tyres. The $400 million set aside for these should create more than 1,800 new jobs in the Omsk region.