Shanghai Huayi (Group) Co., which is the holding company of major Chinese tire manufacturer Double Coin Holdings, has announced plans to set up a joint venture tire factory in Thailand’s rubber industrial zone, LK-Rubber Industrial City Hub. The factory will be established in collaboration with Tribeca Enterprise Co., which is based in Bangkok and is a subsidiary of the Thai rubber manufacturer Thai Hua Rubber Public Co. Ltd. The new joint venture tire factory will be called Huayi Group (Thailand).
Thai Hua Rubber Public Co. Ltd. Is one of the leading companies in Thailand when it comes to processing and exporting rubber and promotes the LK-RICH rubber estate. The company has interests in a wide range of rubber related businesses including rubber wood kitchenware, medical rubber gloves etc.
The agreement between the two companies was finalized in May this year. The new factory will be set up with an investment of USD 285 million and will cover an area of 3.23 million square feet. Once it begins operations in March or April 2017, the factory is expected to create 800 jobs and produce 1.5 million truck and bus tires and 50,000 industrial tires every year, with revenues crossing USD 400 million every year.
The new factory is slated to consume at least 60,000 to 80,000 metric tons of rubber every year and reach 100,000 tons by 2019.
Manju Mathew, an MBA in marketing, completed publisher training courses from the Oxford Brookes University and New York University. She started with marketing and PR roles before moving on to her current position as a full time writer. Currently living in Dubai, her life as an expat has sharpened her observation skills and flair for writing. She enjoys writing about luxury cars like Ferrari, Lamborghini, etc even if she can only dream of owning them.
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