Michelin launches capital investment project

ARDMORE, Okla. (Jan. 28)—Michelin North America Inc. will spend about $56 million to upgrade equipment at its Ardmore tire plant during the next several years. The capital investment project will be implemented in four phases and enable the facility to manufacture Michelin-brand tires. The factory currently produces BFGoodrich and Uniroyal tires. The first phase of the project is slated to begin this year and be completed in 2003. The company estimated the initial phase would cost about $10 million, with another $2.7 million added to cover a single piece of tire building equipment. The three remaining phases will be carried out as market demands dictate, Michelin said. The firm expects its capital investment at the Ardmore site to exceed $13 million in 2002.