Tire Company Announced To Build 1.4 Billion New Base
On February 20, Qingdao Double Star Co., Ltd. issued an investment announcement.
Its subsidiary Qingdao Double Star Tire Industry Co., Ltd. plans to establish a joint venture in Cambodia.
The name of the enterprise is Double Star (Cambodia) Tire Co., Ltd., and the joint venture is UBE Development Co., Ltd.
As the main body of the project implementation, it is responsible for the investment and construction of the project with an annual output of 8.5 million high-performance radial tires.
The project includes 7 million semi-steel radial tires and 1.5 million all-steel radial tires; The total investment of the project is about 1.44 billion yuan.
It is understood that the construction of the Cambodian plant of Twin Star Tire is to accelerate the realization of the "localization" strategy. It aims to accelerate the development of the international market, actively respond to international trade barriers, and enhance the international competitiveness of brands.
In 2022, Qingdao's double-star revenue was about 4.2 billion yuan, which was the same as that of the same period in 2021.
The company mentioned in its financial report that it should adhere to green development and accelerate the pace of overseas plant construction.
