Cooper Tire Serbia, a subsidiary of Cooper Tire & Rubber Company announced it was well under way on a construction project to increase production capacity at its Krusevac tyre manufacturing plant.

With a strategic manufacturing footprint investment of approximately US$55m in equipment upgrades and facility expansion, the project will increase the size of the facility to 882,000 square feet.

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In addition, the company plans to add 118 new jobs. The project is supported by approximately $8m in incentives provided by the Serbian government.

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 Krusevac 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 tyre production capacity at our Krusevac site, which is a key facility within Cooper’s global manufacturing network, supplying high quality tyres to Europe and other global markets,” said Brad Hughes, Cooper president & chief executive officer.

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“This project will enable the facility to manufacture light truck tyres, including 4×4 tyres, and large diameter tyres up to 22 inches in addition to the passenger car and sport utility vehicle (SUV) tires it currently produces.”

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Cooper acquired the assets of the Krusevac plant in 2012 and has continued to invest in upgrades and expansion projects at the site.