Atlanta, Georgia – Kumho Tire is to invest $305 million (€256 million) to expand its Vietnam tire plant, while also adding new capacity in the US.
The expansion is Vietnam is expected to double production capacity at the Binh Duong site to around 9.3 million units/year by 2023, said the tire maker.
The expansion project, to be funded over the next two years, will see a new building section added at the site near Ho Chi Minh City, added a 26 March company statement.
Kumho is also to expand production at its US plant in Macon, Georgia by an additional 500,000 units per year.
The expansion is expected to be completed by the 4th quarter in 2022, according to the Korean tire maker’s statement.
“As a company, we are heading in a very positive direction and part of our strategy is to increase our production capacity ahead of the growing demand,” said Il Taik Jung, president & CEO of Kumho Tire.
The Macon plant expansion will help “ensure product availability for our customers and support the continued growth of partnerships in the North American market,” added the newly appointed Kumho leader.
Kumho also operates tire plants located at: Gwangju, Gokseong and Pyeongtaek in Korea; and Nanjing, Tianjin and Changchun in China.