Taizhou, China – Double Arrow Rubber, a Chinese maker of conveyor belts and other related products, is planning to build a €98 million (700 million yuan) plant in Taizhou, in the eastern province of Zhejiang.
The new facility will have the designed capacity to manufacture 60 million square metres of conveyor belts, and is slated to break ground in 2022, the company told ERJ.
This will be Double Arrow’s second site in Taizhou and third in China, it said. The firm currently has a nameplate capacity to produce 90 million square metres of products, including 20 million metres of pipeline.
The plant will be located in the city’s Cangshan Industrial Zone, covering a total area of 137,200 square metres.
Construction of the project is expected to take three years. When fully operation, the plant will generate €22 million annual net profit over €216 million sales, said the company.
In 2020, Double Arrow reported €253 million revenue, up 19% from a year ago. Net profit jumped 27% to €45 million.