Chonburi, Thailand – Prinx Chengshan Tire Co. Ltd. has inaugurated production of truck tires at its $300 million (€272 million) plant in Chonburi a year after breaking ground and a few months ahead of schedule.
Workers at the Chonburi factory started production 25 March, the Rongcheng, China-based company said, noting the plant's projected annual output for radial truck tires will be 800,000 units at full capacity.
The plant also eventually will have annual capacity for 4 million passenger and light truck tires.
Prinx Chengshan called the "successful completion" of this factory a "new impetus for the global development of Prinx Chengshan.
The operations in Thailand are directed by Prinx Chengshan Tire (Thailand) Co., Ltd. The company – considered the world's No. 35 tire maker with about $800 million in annual sales – broke ground on the plant in March 2019.
Prinx Chengshan was founded in 1976 and is listed on the main board of the Hong Kong Stock Exchange. It sells under the Austone, Chengshang, Fortune and Prinx brands.
Separately, the company reported 7.2% and 7.4% gains in operating income and sales in 2019 over 2018 to $155 million and $804 million, respectively.