CGS Tyres announced a $43.81 million investment to build a new agricultural tire production plant in Charles City, Iowa.
The factory, which will come online by Jan. 1, 2012, will produce the Mitas and Continental brands of farm radial tires for the North American market.
"We bring 78 years of expertise in tire-making," said CEO Jaroslav Cechura. "U.S. farmers will benefit from our advanced tires and increased competition."
The company plans to develop the production plant in three stages, depending on demand, with the third stage providing employment for 262 people and providing a total production capacity of 12,200 metric tons of farm radial tires per year.
CGS Tyres, a division of CGS Holding, reported sales of $216 million for the first six months in 2010.
