Prometeon Tyre’s investments in Egypt hit $200 million since inception
Prometeon Tyre Egypt, part of Italian tiremaker Pirelli said on Thursday its investments since inception in 1994 – through its Alexandria plant – are exceeding $200 million.
The company’s exports divided between 60 percent to Europe and 40 percent to other markets such as Turkey, the Middle East and Africa, company’s chief technical officer Ahmed Zawawy said.
The company’s CEO Antonio Dolgetta said that his company will continue investing in Egypt keeping in mind that it is “a promising market.”
Prometeon Tyre Group’s plant in the most populous Arab nation spans over 300,000 square metres, including an unused area of about 100,000 square metres, and comprises of five manufacturing phases, producing 150 different kinds of tyres.
The company plans to launch a new product in the next month, Zawawy added.