Alexandria – Pirelli Tyre and the Minister of Investment of the Arab Republic of Egypt today signed a Memorandum of Understanding the object of which is the evaluation of the possible expansion of the Alexandria Tire Co. (Atco), which is over 90% controlled by Pirelli and produces radial truck tyres in Alexandria, Egypt. On the basis of the MOU, it is foreseen that Atco would invest around $107 million (about 85 million euro) in the expansion and further technological upgrade of its factory. The investment is expected to take place over a 36 month period, when the conditions for the launch of the expansion activities have been met. When completed, this would result in up to 250 new direct jobs at Atco, as well as additional employment opportunities in related services, and an annual production increase of about 300,000 radial truck tyres. (9colonne)
