Hangzhou Zhongce expects 25 percent sales growth in 2011

ERJ staff report (DS)

Beijing - Chinese tyre maker Hangzhou Zhongce Rubber Company expects to finish the year with sales of Yuan 28 billion (euro 3050 million), recording a sales increase of 25 percent over the company's 2010 result.

The forecast came as the company reported first-half sales of yuan 13 600 million.

A Chinese-language report on the website of the China Rubber Industry Association (CRIA) quoted Hangzhou Zhongce's General Manager Chen Jinrong saying that the Chinese market will always accept first-class products. In order to meet that need, Hangzhou Zhongce needs to improve its technological innovation.

He also said that the company cannot make enough tyres and needs to increase capacity quickly. To that end, it has announced plans to build a new factory in Thailand

The Thai plant represents an investment of Yuan 10 billion (euro 1100 million) and will cover an area of 600 - 700 Chinese acres (40 - 45 ha)

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Report from CRIA (Chinese language)

Above report auto-translated into English from Chinese