GUIYANG, China — Guizhou Tyre Co. Ltd. has expanded plans for its previously announced tire plant in Vietnam, increasing the budgeted investment 67 percent to nearly $400 million and adding heavy-duty and specialty tires to the plant's truck and bus tire capacities.
Guizhou, producer of the Advance and Samson brands, disclosed plans in April to build the plant in Vietnam's Long Giang Industrial Park Tien Giang Province rated at 1.2 million units annually.
Guizhou's latest public filing on the plant include plans for adding manufacturing capacities for heavy-duty and specialty tires with combined annual capacities of 2 million units and rubber processing facilities.
Guizhou said the site in Vietnam covers nearly 74 acres. The plant eventually will span 1.47 million square feet.
According to the new filing, Phase 1 of the project is budgeted at $245 million, with $140 budgeted for Phase 2 and $20 million for Phase 3.
According to Guizhou provincial government's website, Phase 1 is expected to come on stream in 2019 and generate $116 million annual sales.
The company is mulling natural rubber storage and trading centers at the site, the government website said.
Guizhou Tyre is present in North America through its GTC North America Inc. subsidiary in Canton, Ohio.