Kumho Tire Co., South Korea’s second-largest tire maker, said Tuesday it will sell its natural rubber processing plant in Vietnam to focus on its core business. According to an official statement published on 23 March 2021, Kumho Tire said it has struck a deal with a joint venture between Korean automaker Hyundai Motor Co. and Thanh Cong Group of Vietnam to sell its rubber factory.
Kumho Tire Co is planning to invest some 340 billion won (£217 million; 255 million euros; US$298 million) in expanding its tyre production facilities in Vietnam. The planned investment aimed at bracing for an increase in demand from North American markets and mitigating tariff-related price pressure, according to local news sources.
During today’s extraordinary shareholders meeting, its first of 2021, Sailun Group confirmed plans for the third phase of expansion at its wholly-owned Sailun (Vietnam) Co., Ltd. subsidiary. Over a three-year period, the company will invest 3.01 billion yuan (£340.1 million) to equip the site with the capacities to produce 3 million car and light commercial vehicle tyres, one million truck and bus radials, and 50,000 tons of off-the-road tyres per annum.
During the next 18 months, Continental plans to “significantly expand” truck tyre production at its Modipuram, Uttar Pradesh factory in India. The expansion is designed to enable increased export volumes to the Asia Pacific (APAC) region, local news sources reported, citing a Continental statement.
Ceat Limited commissioned the second phase of its Nagpur plant in India’s Maharashtra state on Monday. The tyre maker says the two-wheeler tyre capacity added by this expansion project will be “be ramped up over a period of time, based on market demand and our overall capacities.”
Cooper Tire has invested in increasing production capacity at its Kruševac, Serbia tyre manufacturing plant. – Cooper Tire Serbia, a subsidiary of Cooper Tire & Rubber Company, is managing the US$55 million equipment upgrade and facility upgrade project. As a result of the investment, Cooper’s Kruševac facility will expand to more than 882,000 square feet, adding 118 new jobs.
Production capacity for truck and bus radials at Bridgestone’s Warren County factory in Tennessee, USA will increase as part of a three-year, US$40 million investment to “meet market demand and address emerging customer needs.” Bridgestone Americas says it will break ground on expansion work at the 28-year old plant before the end of this year.
Despite a company restructuring that includes the closing down of the private joint-stock company (PJSC) Rosava, the Rosava factory in Bila Tserkva, Ukraine is currently gearing up to begin production of 19-inch tyres following the installation of new plant equipment.
A total of US$304.3 million has been earmarked for the expansion of two Bridgestone tyre factories in India. Over a period of five years, Bridgestone India Pvt. Ltd.’s Pune and Indore plants will be upgraded to accommodate the growth of India’s car parc. Production capacity at the two facilities is expected to rise by an estimated 15,000 tyres per day, giving a combined daily capacity of approximately 41,000 tyres by 2022.
An agreement was reached last week on the fourth phase of expansion at the Continental passenger car tyre factory in Hefei, China. In a Chinese-language statement, the Hefei Hi-tech Industrial Development Zone reports that a signing ceremony was held on 5 July to mark the start of a project that will see capacity at the Hefei plant rise by 2 million tyres a year over the next half-decade, from a current capacity of 8 million tyres per annum to 20 million passenger car tyres a year by 2022.
In addition to celebrating the 50th anniversary of the opening of its car and light truck tyre factory in Joliette, Canada, last Thursday Bridgestone Americas officially broke ground on expansion work at the plant. Upwards of CAD$300 million (£178.1 million) will be invested over a period of five years and will see the installation of new equipment installed at the Joliette site that will lift production capacity by 3,000 tyres per day to a total of 20,000 tyres a day by 2023.
Earlier in 2016, Pelmar Group’s board opted to move the firm’s headquarters after 30 years of being located in Ramat Hasharon. The group will now be based in Yokneam, northern Israel where group company TGL SP Industries Ltd is already based.
Sailun-Jinyu Group has denied reports in Turkish newspaper Hürriyat suggesting the firm is planning on establishing a tyre factory in Turkey by 2020. The Hürriyat report, dated 5 March, said Sailun is planning to set up a joint-venture tyre factory in Turkey with its Turkish distribution partner there, Yeslas.