Shiyan, China – Qingdao Doublestar Co is to relocate its subsidiary Doublestar Dongfeng Tire in Shiyan, Hubei province and upgrade it into a smart factory.
The new plant, with planned annual capacity of 1.5 million unit truck and bus tires and 5 million unit passenger car tires, will be relocated to Zhangwan District Industrial Park in the same city. The new site has 300,000 square metre total area.
Doublestar will pump €191 million (1.5 billion yuan) investment into the new plant, and expects it to generate €18 million annual profit on €369 million revenue when on stream, said the company’s announcement in December. Construction of the project will take 18 months.
Another announcement by Doublestar in February states that the old facilities to be discarded have a total net worth of €23 million.
Doublestar also plans to set up a smart plant for scrap rubber recycling at the new site, according to Shiyan government’s website.