Reply #70: Michelin to invest $200 mln in Brazil tire plant (Yeah! Investing in Braz

[UpInArms]

see how well those tax incentives work for investment!

http://www.marketwatch.com/news/story.asp?guid=%7B18223176%2DCE47%2D4BBF%2DA108%2DCFD8D58E507E%7D

SAO PAULO (MarketWatch) -- French tire maker Compagnie Generale des Etablissements Michelin (12126.FR) will invest $200 million to expand production at one of its plants in Brazil, a spokesperson for the Rio de Janeiro city mayor said Monday, confirming local press reports.

Earlier, Rio city mayor Cesar Maia had told local press the investment would double production at Michelin's Campo Grande plant in the municipality of Rio de Janeiro to 50,000 tons per year, primarily in tires, to supply local and overseas markets.

A spokesman for Michelin couldn't confirm the investment when contacted Monday.

In December 2004, rival tire firm Bridgestone Corp (5108.TO) said it would spend about $160 million to build a new factory in Brazil, producing tires for passenger cars and light trucks.

At the time, Bridgestone said it wanted a bigger piece of the tire business as South America's vehicle market grows.

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