Invitalia and Bridgestone the Japanese group and world leader in the field of car tyres have signed a Development Contract to revitalise the site of Modugno (Bari), where around 800 employees work.
The total investment amounts to 41.3 million euro, including 12.4 million funded by Invitalia with a non-repayable grant.
The agreement was signed in Rome by Domenico Arcuri, CEO of Invitalia, and Roberto Mauro, CEO of Bridgestone Italy Manufacturing.
Todays agreement, said Domenico Arcuri, is doubly important because, on one hand, it makes it possible to revitalise a major production site, which in recent months risked being shut down and, on the other, it confirms the effectiveness of the Development Contract in promoting investments into Southern Italy by foreign multinationals. It demonstrates that simplifying procedures and reducing timeframes are the best incentive for investors.
Roberto Mauro expressed satisfaction and appreciation, stressing that todays agreement is the completion of one of the points of the Agreement on the Industrialisation Plan for the Modugno Site signed at the MED on 30 September last year to maintain the site in Modugno within the Bridgestone Group. To pursue this goal, he added, a key role will be played by the continuing joint efforts of all parties involved (Bridgestone Europe, Bridgestone Italy, workers, local institutions, regional and national union associations), as well as the overall rise in the sites productivity and competitiveness, and the achievement of the pre-established production costs .
The Development Contract includes upgrading and modernising the Modugno site, through new machinery, systems and equipment, with investments worth around 38.6 million euro going towards their purchase. Another 2.6 million will be used to adapt and expand the industrial warehouses and buildings.
The investment will create new measures for general-use tires, with the aim of producing 3.5 million of them by the end of 2016, as set out in the Industrialisation Plan of the Modugno Site, signed at the MED on 30 September last year.
The agreement with Bridgestone is the 8th Development Contract signed by Invitalia, the National Agency for inward investment promotion and enterprise development. The 7 previous agreements some with major multinationals were signed in Campania, Sicily and Puglia, with investments worth over 300 million euro in the aeronautical, food, energy and telecommunications sectors.