CGS Tyres has announced a $43.81 million investment to build a new agricultural tire production plant in Charles City, IA. Representatives of CGS Tyres and the Iowa Department of Economic Development recently signed an investment agreement marking the end to negotiations that began in 2009. CGS Tyres expects to create at least 159 new jobs for local residents. Production is scheduled to commence by Jan. 1, 2012. The Charles City factory will produce the Mitas and Continental brands of farm radial tires for the North American market. The company plans to develop the production plant in three stages, depending on demand, with the third stage providing employment for 262 people and a total production capacity of 12,200 t (13,450 ton) of farm radial tires per year.