Cooper Tire to invest $55 mln in its Serbian plant
Cooper Tire Serbia will invest $55 million in its Kruševac tyre manufacturing plant to upgrade equipment and facility expansion to increase production capacity.
Cooper Tire said the Serbian government has given around $8 million as incentives to the project.
The project will increase the size of the Kruševac facility to more than 882,000 square feet and add 118 new jobs.
With this investment Cooper Tire Serbia will be able to produce new, larger diameter tyres being demanded in Europe and other global markets. Total annual production capacity at the Kruševac plant will increase by approximately one-third at completion of this expansion, which is expected later this year, and will establish a footprint which could further double capacity with additional equipment and people.
“Cooper Tire Serbia is substantially increasing tire production capacity at our Kruševac site, which is a key facility within Cooper’s global manufacturing network, supplying high quality tires to Europe and other global markets,” said Brad Hughes, Cooper President & Chief Executive Officer. “This project will enable the facility to manufacture light truck tires, including 4x4 tires, and large diameter tyres up to 22 inches in addition to the passenger car and sport utility vehicle (SUV) tires it currently produces.”
“This expansion demonstrates Cooper’s commitment to the Europe market and will position us to better meet customer needs throughout the region and beyond with high quality tyre that are in step with what consumers want in today’s tires,” said Jaap van Wessum, Cooper’s General Manager – Europe, Middle East and Africa. “We appreciate the support of the Serbian government and the city of Kruševac in the continued development of this site, and look forward to completing the project.”
Cooper acquired the assets of the Kruševac plant in 2012 and has continued to invest in upgrades and expansion projects at the site.