Italian tire manufacturer Pirelli said it plans to invest 500 million U.S. dollars in a new plant in Argentina to produce radial tires for trucks.
A Pirelli spokesman said that the company will invest 300 million U.S. dollars to build factories before 2014. According to market demand, the remaining 200 million U.S. dollars will be used to expand the plant's production capacity. The first phase of the plant will produce 700,000 radial tires for trucks in the first phase, and the second phase of production will be expanded to an annual output of 1.4 million tires.
Argentina is the third largest economy in Latin America. Pirelli has already built a factory in Buenos Aires, Argentina. The construction of a new plant in Argentina is part of its strategic plan to expand sales in emerging markets. Pirelli expects its revenue in Argentina this year to grow by 40% to $500 million.
Pirelli Tire is one of the world's prestigious tire companies and ranks 89th among the world's top 100 parts and components companies. Recognized by world-famous car manufacturers, famous car brands such as Audi, Bentley, Ferrari, Lamborghini, BMW, and Mercedes-Benz have all designated Pirelli tires as original accessory tires. Pirelli’s global sales last year reached US$1.3 billion.
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