Michelin Supports Hungarian SMEs

Michelin has started an Economical Development Fund with the aim of helping small and medium sizes enterprises (SMEs) and creating more jobs. The company itself is providing 250 new places in Nyíregyháza through a 60 million euro investment, said regional director Joel Pouget. The factory in Nyíregyháza, which produces tractor tyres for the European market, will expand to include car tyre production from September. The company, as part of its Michelin Development Project, will sponsor SMEs within a 50-kilometer distance from its sites. They will also provide support in terms of loans of up to 1 million euros a year, the Budapest Business Journal reported.