Michelin gives German suppliers financial aid, advice

Homburg. Michelin Development GmbH has been established here to provide financial support and business advice to medium-size suppliers in Germany.

Michelin manager Juergen Eitel heads the company that supports suppliers and start-ups within 50 kilometer radii of Michelin's German operations in Solingen, Bad Kreuznach, Homburg, Trier, Karlsruhe and Bamberg.

Michelin Development offers medium-size corporations free advice on technical, organizational and administrative tasks as well as business analysis.

It also offers financial aid via loans with interest rates at half the market norm, if a company agrees to employ five new employees within three years.

That way Michelin hopes to create at least 75 new jobs at suppliers during the first year and 180 in the second.

A similar program started in France in 1990 has created more than 9,000 jobs.

Including Germany, the program is operating in eight European countries.

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