Multinational tire manufacturer Michelin is injecting C$300m ($219m) into its Canadian operations to reduce its carbon footprint and support the shift to electric mobility.
The investment by the French-headquartered firm into its three Nova Scotia facilities will support the manufacture of tires for electric vehicles (EVs) and improve fuel efficiency for commercial trucks. It will also electrify parts of the manufacturing process to reduce carbon emissions.
“With these investments, we will … continue to add capacity in the most strategic segments of the tire market to support the transition to EVs and to energy efficient freight transportation,” said Alexis Garcin, CEO of Michelin’s North American subsidiary, in a statement on March 14.
Sunwalk Group bolsters Pakistan’s fibre optic network
China’s Sunwalk Group has committed $2bn towards the rollout of a national fibre optic network in Pakistan. In a statement on March 14, the country’s ministry of IT and telecommunications announced the funds would be invested over the next eight to ten years, and will support the growth of 4G and 5G across the country.
“Sunwalk Group is working extensively in the area of ‘fiberisation’ in China and other countries, and [is] now keenly focusing on the Pakistan market,” the statement reads.
The Chinese firm has already invested $5m in Pakistan’s fibre network and now plans to deploy another 5000 kilometres of cables, according to the government news agency APP.
DP World expands in central America
UAE logistics powerhouse DP World and Grupo Puntacana have entered a joint venture to develop a new air cargo logistics centre in Punta Cana, in the Dominican Republic.
“This new air hub venture allows us to leverage the expanding transportation infrastructure of Punta Cana and accelerate the Dominican Republic’s transformation into the most important logistics hub in the region,” said Frank Elías Rainieri, chairman of Grupo Puntacana, in a statement announcing the project on March 14.
The hub will be located at the Punta Cana Free Trade Zone and will become operational in the second quarter of 2023. The joint venture is aiming to increase the volume of re-export and import cargo from across the region.
And finally: Siemens is considering adding factories in Thailand, Vietnam and Indonesia as the German group tries to diversify its Asian presence away from China, its chief people and sustainability officer Judith Wiese told the Financial Times.