Pirelli signs MoU for truck tyre factory expansion in Egypt

25th November 2014 | 1 Comment
 

Plans to enlarge Pirelli’s truck tyre radial facility in Egypt are one step closer to realisation following the signing of a Memorandum of Understanding between Pirelli Tyre S.p.A and Egypt’s Ministry of Investment. The freshly-autographed MoU explores the possible expansion of the Alexandria Tire Co. (Atco) plant, an operation that Pirelli holds more than 90 per cent control in. On the basis of the MoU, it is foreseen that Atco would invest around US$107 million to expand and technologically upgrade the plant. The investment is expected to take place over a 36 month period once the conditions (which have not been made public) for the launch of the expansion activities have been met. When completed, the expansion project will create up to 250 new direct jobs at Atco and increase truck tyre radial production by around 300,000 units per annum.

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