Tyre manufacturer Continental will be investing a staggering 226 million euros into Russia as it hopes to expand its supplies to the domestic car-manufacturing sector, the company said Tuesday.
“This move represents a very important milestone for our local activities … as well as for our global growth plans,” said Nikolai Setzer, head of the company’s passenger car and light truck tires division.
“Launching the plant will allow to decrease logistics costs and create a competitive environment,” she said by telephone, adding that the local tyre manufacturing industry is lead by Sibur Russian Tyres, a unit of Sibur Holding.
“So the company has an opportunity to strengthen its position in this segment,” she said.
