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Article: Tire firms spend $1.6 billion to expand.
- Article from:
- Rubber & Plastics News
- Article date:
- September 4, 2000
- Author:
CopyrightCOPYRIGHT 2000 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AKRON--Tire companies collectively budgeted nearly $1.6 billion in the past year for expansion around the globe, according to company announcements made during the last 12 months. The 30-plus individual projects announced since August 1999 represent a cumulative increase in annual global capacity of 23 million to 28 million units in the coming two to three years. This added output comes on top of about 15 million units of capacity brought on stream in the past year. At the same time, though, plant closings in the past year took more than 10 million units of annual production out of circulation. Pirelli S.p.A. announced the largest investment package, committing up to $500 ...