MOSCOW (May14)—European Bank for Reconstruction and Development's plan to provide $20 million in funding for a Groupe Michelin tire plant in Russia will result in the bank becoming a 49-percent shareholder in the unit, Michelin Russian Tyres Manufacturing Co. The factory, being built at a site 60 miles east of Moscow near the town of Davydovo, will have an annual output of 2.1 million units when it reaches full capacity in 2005, the EBRD said.
EBRD gains 49-percent stake of Michelin's Russian tire plant
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