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Toyo Tire & Rubber to build $107 mln tyre factory in China
Shanghai, August 31 (Gasgoo.com) Toyo Tire & Rubber Co said last Thursday that it will invest 10 billion yen ($107 million) to build a tyre factory in China at the expanse of disbanding an existing joint venture, reported the Kyodo News.
The company said it is now scrutinizing several candidate locations scattered across the Chinese coastal area in determining the site of the envisioned plant, which is expected to begin operations by the end of 2011 and will produce up to 2 million tyres for passenger car and light commercial vehicle (LCV).
Meanwhile, Toyo said that it wants to close its existing joint-venture (JV) facility in Jiangsu province (China) as part of plans to manufacture its own tyres in the country.
The company added that it will entrust its local Chinese partner with production of some of its tyres until its new facility becomes operational.
The company said it is now scrutinizing several candidate locations scattered across the Chinese coastal area in determining the site of the envisioned plant, which is expected to begin operations by the end of 2011 and will produce up to 2 million tyres for passenger car and light commercial vehicle (LCV).
Meanwhile, Toyo said that it wants to close its existing joint-venture (JV) facility in Jiangsu province (China) as part of plans to manufacture its own tyres in the country.
The company added that it will entrust its local Chinese partner with production of some of its tyres until its new facility becomes operational.
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