Pirelli investing $500m in Argentina greenfield project
Pirelli has announced plans to invest some $500 million in a new truck tyre factory in Argentina that will meet increasing demand for commercial vehicle radials there and in the surrounding region. Construction of the new facility is scheduled to begin early next year and the first phase of development, which will continue until 2014, will require an investment of $300 million in order to give the plant a 700,000 unit per annum production capacity. Second phase development is expected to double the plant’s capacity through an additional $200 million investment and increase its workforce from 700 to 1,200 people.