OMSK, Russia (June 21, 2012)—Russian tire maker J.S.C. Cordiant, the former Sibur Russian Tyres, plans to spend more than $300 million through 2020 to add capacity for passenger tires and super-large tires at its plants in the Omsk region.
The announcement follows the signing of an agreement between Dmitry Sokov, general director of JSC Cordiant, and Viktor Nazarov, the governor of the Omsk region, covering cooperation in the development of the tire industry in the region.
Cordiant said its strategic development calls for several major investment projects, including new production facilities for passenger tires and giant large tires. The projects would create up to 2,000 new jobs, according to the statement.
No further details were released.