Pirelli announces in a note that it has signed a Memorandum of Understanding (MOU) with the Minister for Investments of the Arab Republic of Egypt Ashraf Salman with whom he aims to expand the radial truck tire factory of the Pirelli subsidiary Alexandria Tire Co. (Atco) in Alexandria, Egypt.
According to what the Memorandum establishes, it is foreseen that Atco invests approximately 107 million dollars (about 85 million
euro) to expand and technologically enhance its factory in Alexandria in Egypt. The investment, reads the note from Pirelli, is expected over a period of 3 years from the occurrence of the conditions for the start of the expansion activities and will result in job opportunities in services related to the construction. According to Pirelli's forecasts, Atco's investment will lead to the creation of up to 250 direct jobs with an increase in the annual production of truck radial tires of around 300 units.
The Mou was signed by the Egyptian Minister for Investments, Ashraf Salman, and by the Vice President of Pirelli & CSpA and responsible for the Middle East, Africa and India Region of Pirelli Tire SpA, Alberto Pirelli, following the meeting of the Italian-Egyptian Business Council which was held in Rome. Also present at the signing were Fakhry Abdel Nour, Egyptian Minister of Commerce and Industry, and the Deputy Minister of the Italian Ministry of Economic Development with responsibility for Foreign Trade, Carlo Calenda.
