Guizhou Tyre Co., Ltd. has disclosed that it will invest 1.67 billion yuan in Vietnam to build an all-steel radial tire plant.
The Vietnam is expected to produce 1.2 million all-steel radial tires per year. The project will take an area of some 301 mu and the construction will take 12 months.
The investment proposal has been approved by the board of Guizhou Tyre and was submitted to the general meeting of shareholders for approval.
Last year, Guizhou Tyre’s operating revenue grew 17.04% to 5.59 billion yuan; while the net loss was 272 million yuan, excluding non-recurring items.
The company received a land acquisition compensation of 360 million yuan last year, excluding which the company suffered significant losses.
