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On the evening of September 15, the Pirelli Group, the world's fifth-largest tire manufacturer, signed an agreement with Huaqin Rubber Industry Group in Beijing. Pirelli plans to set up a filter production plant in Shengzhou, Shandong Province.
The Pirelli Group revealed that the new plant to be established in Shandong will require a certain amount of investment at different times. The Group expects its total investment will reach 50 million euros in three years. The new plant is expected to produce 100,000 filters per year and employ 1,200 employees. The construction of the new plant is expected to be in the first quarter of 2010 and will complement the production of truck and car tires to form a diversified industrial center.
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