Prometeon Mulling $115 Million Investment To Upgrade Its Turkey Plant
Prometeon Tyre Group S.r.l., the global business comprising the former Pirelli & C. S.p.A. commercial tyre business assets has announced that it will soon invest about $115 million over the next coming years to upgrade the capacity at its OTR truck, bus and agriculture tyre plant in Izmit, Turkey.
Prometeon, the distributor and manufacturer of Pirelli branded OTR, bus, truck and agricultural tyres said that the investment will increase the production capacity by around 75 percent by the year 2020 thereby doubling the exports from Turkey. Currently, the plant has the capacity of around 1 million units per year. The upgrade will also create around 150 new jobs in the city.
The Chief Operating Officer of Prometeon, Gregorio Borgo, called the facility as the premium factory for Europe for both replacement and original equipment products. He also said that the new investment will increase the production capacity to follow the growth in the Europe and the Middle East region. Mr. Borgo also commented that almost one-third of the company’s sales come from the plant in Turkey that include more than half of the existing capacity being exported.
This factory is one of the four production facilities of the company, other being in Brazil and Egypt. The company employs about 7,000 people. It is also the first plant that receives an R&D certificate issued by the Turkish government.