Sentury shareholders approve €240m Turkish tire project

Qingdao, China – Sentury Tire has secured shareholder approval for its proposed $273 million (€240 million) tire manufacturing project in Turkey.

Shareholders approved the investment proposal at an extraordinary general meeting held 23 Oct, according to a company filing.

The project, announced earlier this month, involves construction of a facility capable of producing 7 million passenger car and light truck radial tires annually. (ERJ report)

Sentury plans to develop the plant with Turkish tire distributor Tatko Group, holding a 90.1% stake in the joint venture, with Tatko owning the remaining 9.9%.

The Chinese manufacturer is expected to contribute $245.81 million, while Tatko will invest $27.01 million.

The project has a planned construction period of 18 months and is intended to supply Turkey's OE market and support exports to Europe.

Sentury has not specified the plant's exact location or announced a construction start date.