Michelin Expands In Poland
Although the official announcement isn't due from Michelin until 16th of February, it's become common knowledge that the company has signed a lease on a 205-acre (83 hectare) site in the Northeastern Polish town of Olsztyn with plans to expand its presence there.
Michelin has refused to give details of its plans for the site, but the Polish press has reported that the company plans to invest more than €500m to expand in Olsztyn. Polska Agencja Prasowa, the Polish news agency, is reporting that the new lease is for 99 years at a cost of 100,000 zlotys (PLN), around $32,000 a month.
Since Michelin first came to Olsztyn in 1995, the company has taken over the production sites of Stomil-Olsztyn, one of the main players in the domestic Polish tyre market, and in 2003, Michelin's production sites in Olsztyn produced a profit of PLN152m on a turnover of PLN1.55bn.
The tyre maker's main competitors in Poland now are Goodyear and Bridgestone, both of which also have manufacturing plants in the country.