Germany tyre producer Continental to build €220m plant in Russia
01 July 2011 17:22 [Source: ICIS news]
LONDON (ICIS)--Continental plans to invest €220m ($319m) to build a 4m unit/year tyre plant in ?xml:namespace>Russia, the Germany-based tyre maker said on Friday.
Production at the plant in Kaluga, southwest of Moscow, is expected to start by the end 2013.
Continental plans to begin construction later this year. The plant is expected to employ a staff of 400.
Russia's government will support the plant at Kalgua, Continental said – without disclosing details.
With this investment, Continental is following car manufacturers into Russia, such as Volkswagen, which has had a site in Kaluga for several years, it added.
Tyre production is a major market for synthetic rubber, carbon black and other raw materials.
($1 = €0.69)By: Stefan Baumgarten+1 713 525 2653
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