VERONA, Italy (Nov. 29, 2007) — Marangoni Industrial Tyres has purchased a facility in Sri Lanka that it is modifying for production of solid industrial tires.
The tires will mainly be used for on fork lift trucks and other commercial equipment.
The investment is aimed at boosting the company's production capacity, expanding its customer base and increasing market share, said Giovanni Marangoni, president of the division of Marangoni S.p.A., and group vice president.
Adding this plant would provide the resources for the firm to develop products and explore new markets, Marangoni said. The firm did not say how much it had invested or the plant's capacity. Employment is expected to be about 25 at start-up.