Business

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.
Korean firm expands tire cord plant in Vietnam ảnh 1Kolon Industries' tire cord plant in Vietnam. (Photo courtesy of the company)

Seoul (VNA) – 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 toincrease exports from the Southeast Asian country, the Yonhap News Agencyreported.

The company willinvest 68 billion KRW (62 million USD) in its wholly-owned Kolon IndustriesBinh Duong Company Ltd. to help the Vietnamese subsidiary expand the plant bySeptember next year.

Tire cords are used asreinforcing materials for tires, designed to keep tires in shape and to enhancedurability.

Kolon Industriesinvested 140 billion KRW to build a 16,800 tonne-a-year tire cord plant inVietnam in 2018. The planned investment for the expansion will bring theplant’s output capacity to 36,000 tonnes a year.

The company has threetire cord plants in the RoK, China and Vietnam, with their overall outputcapacity reaching 103,200 tonnes./.

VNA
#Kolon Industries #industrial materials producer #tire cord plant #Kolon Industries Binh Duong Company Ltd. #vietnamplus #vietnam news agency Korea (RoK) Vietnam
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