Michelin China Project to Cost US$1.5 billion?
On January 22 Tyres & Accessories brought news of plans by Michelin to invest US $989 million in China by 2012 to build a passenger car and truck tyre manufacturing facility. China Knowledge reported on January 26 that this figure may well be higher. The business information provider states that Michelin Shenyang Tire Co Ltd. plans to spend US$1.5 billion, an amount equivalent to RMB 10.5 billion, to build its new tyre plant in the Shenyang Economic and Technological Development Zone, Liaoning Province.
China Knowledge adds that Michelin will move its existing plant into the zone following the completion of the new facility. Approval for the project is still pending, China Knowledge notes.
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