Michelin invests EUR 60 mln in expanding Romanian tire cord factory

French group Michelin will invest EUR 60 million in its tire cord factory in Zalau, Romania, aiming to increase production by 50% by 2019. The new investment will also lead to the creation of 140 jobs. The factory currently has some 350 employees. The tire cord factory in Zalau is a strategic unit for Michelin as it supplies tire reinforcement components to the group’s tire factories in Europe, America, and Asia. Some 90% of the factory’s output goes to export. Michelin also has two tire factories in Romania, in Zalau, and Floresti, in Prahova county. The group started its operations in the country in 2001 and has invested some EUR 400 million in modernizing its plants since then. Michelin Romania has some 3,300 employees and operates three factories, a commercial network, and an Excellence Center, which offers support services for several Michelin subsidiaries in Europe. Michelin takes over tyre distributor IHLE Romania editor@romania-insider.com