[21 Nov] Michelin Plans to Build New Tire Factory in Brazil

French tire maker Compagnie Generale des Etablissements Michelin will build a new factory in Brazil at a cost of hundreds of millions of dollars, the company's chief executive Michel Rollier told a newspaper Saturday.

The tire factory will be in Resende, close to Rio de Janeiro, and will start production in 2013, Rollier told financial newspaper La Tribune.

The plant will allow Michelin to "triple its capacity" in the region, he said.

Rollier also said that Michelin planned an "investment project worth $800 million (EUR540 million)" for one of the company's Chinese factories.

He told French radio the company is now targeting China, India and Brazil, predicting markets in Western countries would not see substantial growth.

(Source: http://irco.biz)