Michelin, Pirelli plan tire cord plants in Romania

BUCHAREST, Romania (Sept. 30)—Groupe Michelin and Pirelli S.p.A. have selected Romania to be the site for new steel tire cord plants. Michelin has budgeted $11 to build a factory in Zalau, where it already operates the Sylvania S.A. tire company it bought from Romania's Tofan Grup in 2001, according to information from the Romanian Agency for Foreign Investments. Neither the agency nor Michelin disclosed capacity or employment information. The project should be operational by mid- to late 2004, the agency said. EP Commerce, owner of Romanian steel cord producer Cord Buzau, agreed in August to sell a 69-percent stake in the firm to Pirelli for $11 million. The size of the plant was not disclosed.