A Reuters report stated that Italian tiremaker Pirelli signed a memorandum of understanding with Egyptian authorities for the possible expansion of a radial truck tire plant in Alexandria.
According to the MOU, Alexandria Tire Co. (Atco), which is more than 90% controlled by Pirelli, would invest around $107 million in the expansion during a 3-year period. The expansion would result in an annual production increase of about 300,000 tires, Pirelli told Reuters.