23
Italian tyremaker Pirelli said on Tuesday it had signed a memorandum of understanding with Egyptian authorities for a possible expansion of a tyre plant in Alexandria.
According to the MOU, Alexandria Tire Co. (Atco), which is more than 90 percent controlled by Pirelli and produces radial truck tyres, would invest around $107 million in the expansion.
The investment is expected to happen over a 3-year period and would result in an annual production increase of about 300,000 tyres, Pirelli said in a statement.
Source: Reuters
