Cordiant to invest in Omskshina plant

According to OJSC Cordiant director Dmitry Sokov, management at the tyre maker, which formerly operated under the name Sibur-Russian Tyres, has proposed its shareholders invest some US$400 million in the development of tyre production at the company’s Omskshina factory in Russia’s Omsk region. This plan involves several investment projects, including new production facilities for giant tyres and passenger car tyres.

Sokov announced this investment plan Omsk after meeting with regional governor Viktor Nazarov. During the meeting, Cordiant’s management and Nazarov are said to have signed an agreement on an interim period profit and land tax breaks for the tyre maker.

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