Ethiopia is developing tire production

The President of Ethiopia, Taye Atske-Selassie, visited the Horizon Addis Tyre Manufacturing PLC, the country's only tire manufacturer, owned by the MIDROC Investment Group (MIG) holding.

Local media reports that Addis Tyre pays great attention to staff development, and over the past five years, it has implemented a plan to modernize production and optimize processes, which has allowed it to increase product quality and not only reduce the country's dependence on tire imports but also save $50 million in foreign currency annually.

The President of Ethiopia highly praised Addis' achievements in import substitution and technological innovation, adding that the company not only contributes to currency savings but also helps develop talented local technical specialists. He also expressed hope that in the future, Addis will increase exports, ensuring currency inflows and improving the competitiveness of Ethiopian products in the international market.

In Addis, it was noted that over the next three years, they intend to invest $120 million in creating a new intelligent production line, with the company's goal being to export 50% of its tires to the East African Community market.

Addis Tyre was founded in 1972 by Emperor Haile Selassie, with the company initially capable of producing 60,000 diagonal tires and 45,000 cameras per year, employing 260 people. The company produced tires for passenger cars, light trucks, and trucks. In June 2004, a joint venture was formed with the Slovak company Matador, named Matador-Addis Tyre, which began manufacturing tires with a radial structure. When Matador was acquired by Continental, the German concern sold its stake in the Ethiopian plant to the local company Horizon Plantation PLC, part of MIG, and the enterprise was renamed Horizon Addis Tyre S.C.

Currently, the company produces tires for passenger cars, trucks, buses, agricultural, industrial, and construction equipment, three-wheeled vehicles, and more.

Photo: ena.et