Pirelli to Invest in Argentina

Italian tire maker Pirelli says it plans to invest $100m in its Merlo facility in Argentina by 2013. The money will be spent on increasing production to 6m units a year from 5m in 2009. The increase in capacity will allow the company to double production in the SUV and light truck segments, it says. Pirelli, which has been in Argentina for 100 years, says that by the end of 2010, it expects Argentina revenues to reach $365m, up 55% from 2009. By 2013, it expects revenue to reach $500m.