Italian tyre producer Pirelli hopes to reach a volume of investments of EUR 450 million in Romania by 2014, after reporting EUR 300 million investments in the country at the end of last year, according to the company.

EUR 160 million of the new investment plan will go to expanding the tyre factory in Slatina, which should be finalized by 2013, according to Pirelli. The Slatina tyre factory will become Pirelli’s biggest factory.

The production increase project will benefit from a EUR 28 million state aid and will feature an increase in staff from 2,400 to 2,800 workers.

The factory in Slatina will reach a production capacity of over seven million tires at the end of this year, with the aim to reach 10 million tires a year in 2013. The factory will cover 175,000 sqm at the end of the investment program.

Pirelli entered the Romanian market in 2005 and has two tyres factories and a steelcord production unit in Slatina. It has added a filter factory in Bumbesti Jiu, in Gorj county.

Romanian Prime Minister Emil Boc on Tuesday inaugurated the extension of the tyre factory in Slatina, accompanied by the Chairman of Pirelli, Marco Tronchetti Provera, and the Italian ambassador in Bucharest Mario Cospito.

Official Pirelli announcement here.

editor@romania-insider.com

(photo source: Pirelli)