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Nancy Sjulin appointed to Ardmore city commission
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Anderson named Vice President of the Ardmore Development Authority
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Partners in industry: ADA renews loan-lease equipment agreement with Michelin
Drew Butler
dbutler@gannett.com
Earlier this week the Ardmore Development authority voted to renew their longtime partnership with the Michelin tire plant. The partnership is a loan-lease agreement in which the ADA agrees to purchase manufacturing equipment that the plant will then lease back from the organization.
Mita Bates, president and CEO of the Ardmore Development Authority, said both parties entered into the agreement in 2004 in order to help the plant stay on top of technological developments.
“We actually purchase the tire manufacturing equipment and then lease it back to Michelin,” Bates said. “This allows the plant to continue to update it’s technology, and in the 17 years we’ve been doing this the technology has changed pretty significantly. When it comes to manufacturing, it’s all about how efficient we can be in our process, and in the case of Michelin, the global tire market