GUANGZHOU, China — Guangzhou Vanlead Group Co. Ltd., a China state-owned entity that controls Wanli Tire Group, has earmarked $1 billion over eight years for the tire plant being considered for South Carolina.
The Guangzhou-based entity disclosed its U.S. investment in late April at the 2017 China (Guangdong)-U.S. Investment Cooperation Conference held in Guangzhou.
That event, organized by the Department of Commerce of Guangdong Province and American Chamber of Commerce in South China, was held April 20-23.
At the conference, Vanlead Group Chairman Fu Shoujie disclosed that his enterprise was prepared to invest $1 billion in two phases over eight years to build a radial tire plant in Orangeburg County, S.C.
The first phase would encompass a plant capable of producing 6 million consumer tires annually.