BUCHAREST, Romania (Oct. 1, 2008) — Pirelli & C. S.p.A. will invest $350 million during the next five year in its plants in Romania to increase capacity and enhance competitiveness.
Pirelli did not quantify the scale of the expansion at its 2-year-old Slatina tire plant, which is slated to be on pace to make 5 million passenger tires a year by the end of 2009. Pirelli also has a steel cord plant nearby in Slatina and is completing work on a plant in Bumbesti for particulate filters for new automobiles.
The Romanian government is expected to contribute about $40 million toward the projects, although the nature of the support was not disclosed.
Pirelli Chairman Marco Tronchetti Provera and Romanian Prime Minister Calin Popescu Tariceanu announced the investments at a news conference in Bucharest.