Michelin bets $500 mln on Brazil tire mkt growth

Newswire

CAMPO GRANDE, Brazil, Aug 24 (Reuters) - Michelin, the world's biggest tire manufacturer, said that its $500 million investment in Rio de Janeiro state to increase production shows its confidence in the expansion of Brazil's tire market. "We expect sales to grow again in 2007 after falling this year," Carlos Eduardo Pinho, Michelin's South America communications director, told Reuters late on Wednesday after a visit to Michelin's factory at Campo Grande. Sales in Brazil, accounting for ...

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