Tire maker Hwa Fong Rubber Industry Co (華豐橡膠) plans to spend about 1.53 billion baht (US$46.22 million) expanding its capacity in Thailand to meet growing demand in Southeast Asia.
The firm, which operates its Thai business through Hwa Fong Rubber (Thailand) PCL, is to build a new plant to produce motorcycle and bicycle tires.
The first phase is scheduled to be completed by the end of next year, Hwa Fong said.
The company’s two existing plants in Samutprakarn, Thailand, produce 25,000 motorcycle tires and 32,000 bicycle tires per day.
Through collaborations with Japanese conglomerate Sumitomo Corp, the company sells its Thai products to Japanese motorcycle brands such as Yamaha Motor Co Ltd and Honda Motor Co Ltd.
Hwa Fong, which set up an Indonesian subsidiary at the beginning of this year, said it is also considering building new plants in that nation as it eyes strong business potential in Southeast Asian nations.
The company’s two major Taiwanese competitors — Cheng Shin Rubber Industry Co (正新橡膠) and Kenda Rubber Industrial Co (建大輪胎) — have both announced plans to expand their presence in Indonesia this year.
Last month, the company secured a NT$1.65 billion (US$54.69 million) syndicated loan from seven domestic banks led by Bank of Taiwan (臺灣銀行).
From January through last month, the company posted sales of NT$3.93 billion, down 5.23 percent from NT$4.15 billion the previous year.
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