Michel Rollier, managing partner of French tire manufacturer Michelin Group, said: “We plan to invest 1.6 billion euros (about 2.26 billion U.S. dollars) in emerging markets such as China, Brazil and India in the next few years because we are in these places. I see great potential for development."
Michelin executives said that in the next three years, China will become the company's major investment market, the company plans to expand production capacity in China, and continue to enhance its R & D capabilities in China.
He Liye said, "With the company's business development in China and Shenyang, we need to relocate and build new factories. Now we have decided to invest $1.3 billion to $1.4 billion in factories in Shenyang, Liaoning Province in order to improve our production facilities."
It is reported that the new plant is expected to be completed within the next three years and will be responsible for the production of truck and passenger tires to meet the growing demand in the Chinese market. The company stated that the new project is still in its infancy. At present, the company did not disclose more relevant information.
A few days ago, the Michelin Group stated that it had signed a memorandum of understanding with Shuangqin Group Co., Ltd. and Shanghai Huayi Group to jointly establish a joint venture to produce and sell back-to-licensing passenger car and light truck tires for the Chinese market. The joint venture company will be 40% owned by Michelin, China will hold 60% of the shares, and the factory will be located in Wuwei County, Anhui Province.
Currently, Michelin has four factories in China and a sales network all over the country.
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