Pirelli to get state aid for EUR 105 mln investment plan in Romanian tire factory

Tire producer Pirelli will invest some EUR 105 million in the factory it runs in Slatina, Romania, in the next five years, out of which EUR 35 million will come from the Romanian Government as state aid. The investment will increase tire production at the Slatina factory from 10 million tires end-2013, to 13 million a year in 2017. The factory will increase in size, from 180,000 sqm, to some 200,000 sqm in 2017. The current production capacity is currently of 8.5 million tires a year. End 2017, Pirelli Romania will have 3,500 employees, adding 500 new members of staff to the existing workforce. The new investment will augment the existing investment plan between 2005 and 2014, which values some EUR 450 million, according to Pirelli. Prime Minister Victor Ponta attended the conference held by Pirelli in Slatina on Tuesday (November 20 ), joining Maurizio Boiocchi, Chief Technical Officer Pirelli Group and Giuliano Menassi, Director Operations Pirelli Group, Giuseppe Cangelosi, Chief Ecxecutive Officer, Pirelli Romania, as well as the Italian Ambassador to Romania, Mario Cospito. editor@romania-insider.com (photo source: PIrelli)