Guiyang, China – Guizhou Tyre plans to add 3 million unit annual capacity for high performance truck and bus tires at its existing site in Guiyang, Guizhou province, pending board approval.
The company will pump €300 million (2.3 billion yuan) into this smart manufacturing project, which will take three years to complete, said an announcement by Guizhou Tyre on 31 July.
When on full stream, the new facilities will generate €33 million average annual net profit on €361 million sales, it said.
The company also plans to raise the truck and bus tire capacity at its Vietnam plant in Tien Giang by 950,000 unit per year, said another announcement on the same day. The plant started production this April and is able to produce 1.2 million units annually.
The project has €153 million investment and will take 12 months to complete. It will bring in €23 million average annual net profit on €160 million sales when in full operation.