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Biz News Korea(Eng)
Kolon Industries to build vehicle tire cord factory in Vietnam
- Collected
- 2016.11.25
- Distributed
- 2016.11.28
- Source
- Go Direct
Representatives from South Korea’s Kolon Group and the People`s Committee for the Province of Binh Duong, Vietnam pose for a photo after signing an MOU. From left, Lee Woong-ryeol, chairman of Kolon Group, Park Dong-Moon, CEO of Kolon Industries, Tran Van Nam, president of the People`s Committee for Binh Duong Province and Tran Thanh Liem, chair of Binh Duong Province. (Photo by Kolon Industries)
Kolon Industries signed a memorandum of understanding with the provincial People’s Committee on the investment project on Wednesday. The factory will produce polyester tire cords with an initial annual production capacity of 36,000 tons. Tire cords reinforce tires, allowing the vehicle to traverse tougher roads with highly durable tires.
In return for the investment commitment, the Korean company will receive advantages in regulatory compliance and taxation from the province.
Kolon Industries said it will complete an integrated production line there spanning from fiber spinning and weaving to heat treatment to finished good production ahead of commercial production in the second half of 2018.
The company is currently producing 77,000 tons of tire cords annually from its Korean and Chinese factories. Upon the completion of the Vietnamese factory, the company’s total production capacity will reach 113,000 tons a year.
Kolon Industries began polyester production in Korea in 1979 and has boosted its competitiveness through partnership with major flagship tire brands such as Bridgestone, Goodyear and Michelin. In 2004, it built a factory in Nanjing, China and acquired an airbag plant in Ho Chi Minh City, Vietnam in September.
By Kang Young-woon
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