Hong Kong – Performance Fibers, now a wholly-owned subsidiary of Indorama Ventures, is planning to build a fully-integrated dipping unit to expand its tire cord fabric production capacity, the company has announced.
The facility, which is expected to come into production in 2018, will be built next to the current production facility in Kaiping, Guangdong, China and will increase production capacity by 40 percent.
The company said that the new facility will support “the expected demand growth of new products developed from various technology platforms”.
The expansion, according Performance Fibers, is “the first major strategic move” by Indorama Ventures since its acquisition of the polyester tire cord manufacturer last year.
“Indorama Ventures views the automotive market as a strategic focus of future expansion and we view Performance Fibers to be the growth engine of our automotive business segment,” said Uday Gill, president of fibers and yarns, Indorama Ventures.