KRUSEVAC, Serbia (March 23, 2012)—Cooper Tire & Rubber Co. has resumed production at the former Trayal Corp. tire plant in Krusevac it acquired earlier this year from Serbian receivers.
Roy Armes Cooper chairman, president and CEO said the company elected to invest in Serbia because of its significant economic potential, and the quality workforce, geographical advantages and Serbian government support. KruÜevac is roughly 125 miles south of Belgrade.
“The Serbian government, the KruÜevac community and our future employees are very excited about the opportunities we are bringing to the area and the value the operations will bring to Cooper Tire,” Armes said.
Cooper had pledged to spend about $67 million over three years to upgrade the plant—renamed Cooper Tire Serbia—and expand its capacity to 3 million units annually. The Serbian government is expected to support the project in several ways, Cooper said earlier, the value of which could reach $13 million if certain goals are achieved.
Cooper said earlier it expected to restart production at the plant with “several” hundred workers and expand that eventually to 600 to 700 employees.