| Italian tyre manufacturer Pirelli has signed a deal with the Russian Technologies state corporation to invest �250m in the construction of a joint venture tyre plant in Togliatti, in the Samara region of Russia.
In a preliminary document also signed by a Samara region's governor Vladimir V. Artyakov, the two groups agreed to set up a joint venture company to run the Russian facility which has a projected capacity of 4.2 million truck and car tyres per year.
Construction is scheduled to begin in summer 2009 and the plant is expected to begin operating in late 2010. It is to be located in the Togliatti industrial-technological park, close to the main industrial site of the Russian car maker Autovaz.
The Samara region has a well developed industrial infrastructure and accounts for 70% of all cars manufactured in the country, one-fifth of synthetic rubbers, and 4.5% of Russia's plastics and synthetic resins production.
Russian Technologies is a body established by the Russian Federal Government to assist Russian design and manufacturing businesses to attract investment and to develop and turn out high technology industrial products.
The Samara government will grant special economic zone status to Togliatti industrial-technological park, providing tax and other benefits to the new joint venture. |
