Source Pravda.Ru

EBRD to hold 49% share in Michelin's plant in Moscow Region

The European Bank for Reconstruction and Development will get a 49% share in a tire plant of the Michelin company, which is being built in the Moscow Region (the village of Davydovo in the Orekhovo-Zuyevo District), the EBRD reported. As it was reported earlier, Michelin, which is the world's second largest tire manufacturer, plans to build a plant in the Moscow region. The plant is supposed to produce tires for cars assembled in Russia by foreign automobile companies. According to information from the EBRD, the bank intends to invest about EUR22m (about $20m) in that project. The French company intends to make at least 2.1m tires a year in Russia (the minimum production volume guaranteeing profitability) mainly for foreign concerns developing production in Russia, such as Ford, FIAT, Renault and General Motors.

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