January 12, 2021 | 19:08 (GMT+7)
Korean firm expands tire cord plant in Vietnam
Kolon Industries, an industrial materials producer of the Republic of Korea (RoK), on January 12 said it will expand its tire cord plant in Vietnam to increase exports from the Southeast Asian country, the Yonhap News Agency reported.
The company will invest KRW 68 billion (USD 62 million) in its wholly-owned Kolon Industries Binh Duong Co., Ltd. to help the Vietnamese subsidiary expand the plant by September next year.
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Kolon Industries' tire cord plant in Vietnam |
Tire cords are used as reinforcing materials for tires, designed to keep tires in shape and to enhance durability.
Kolon Industries invested KRW 140 billion to build a 16,800 ton-a-year tire cord plant in Vietnam in 2018. The planned investment for the expansion will bring the plant’s output capacity to 36,000 tons a year.
The company has three tire cord plants in the RoK, China and Vietnam, with their overall output capacity reaching 103,200 tons.
Source: VNA