Wheels
Michelin aims expansion in Asia
Press Trust of India
Paris, December 20, 2004
Michelin, Europe's largest tyremaker, joined companies including General Motors in setting up a fund to cut traffic fatalities in developing nations as the country expands in Asia.
Toyota Motor, Ford Motor, Royal Dutch/Shell, Renault, Honda Motor, General Motors and Michelin today agreed to set up a 10 million dollar five-year program to try to slow the rise in traffic deaths. Those fatalities are expected to rise 65 per cent to 2 million a year by 2020, according to the World Health Organisation.
Michelin is investing as much as 100 million dollar in India to set up a factory to make radial tyres for trucks and buy 14.9 per cent stake in Apollo Tyres.
The company is expanding capacity in China by a quarter every year to meet demand, the tyremaker's Asia-Pacific head, Jean-Marc Francois, the company said.
Michelin has been expanding in Asia, taking advantage of rising demand for trucks, buses and cars. The Clermont-Ferrand, France-based company plans to spend several hundred million dollars in the next five years in India, Japan and China.
© HT Media Ltd. 2004.