Tire cord maker Shenma to build new plant in Thailand
SHANGHAI-Chinese tire cord manufacturer Shenma Co. Ltd. is investing $35.5 million (252 million Yuan) in a new PA66 tire cord facility in the Eastern Economic Corridor industrial zone Rayong, Thailand.
The plant to be built in two phases, will have a production capacity of 20,000 metric tons per year differentiated fiber" for use in tire production, the company said in stock exchange fling Jan.18.
The first phase of the project estimated to be completed in 15 months, will have a nameplate capacity to produce 10000 tons of nylon yam per year.
Shenma said the investment is part of the group's internationalization strategy and is in response to moves by Chinese tire makers to set up overseas bases.
"Being close to downstream customers in southeast Asia will help reduce sales costs, enhance product profitability and provide rapid response in downstream market," Shenma said.
Furthermore, the tire cord major aims to expand exports from its Thai base to other Asian markets, including India.
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