TAIPEI, Taiwan (Dec. 1, 2009)—Cheng Shin Rubber Industry Co. Ltd. is budgeting more than $370 million for a tire factory to be built in western Taiwan in the coming two years.
The company also is budgeting $300 million to invest in its plants in China, Thailand, Vietnam and Taiwan, the company confirmed recently.
The plant, to be built in Chang-Hwa County on Taiwan's west coast, will be Cheng Shin's second tire factory in its native Taiwan.
Cheng Shin—which goes to market in most countries as Maxxis International—declined to release additional details, saying the projects are still in the planning stage. Asian media reported the plant would make both passenger and truck tires.
With 2008 sales of $2.54 billion, Cheng Shin/Maxxis is considered the world's 11th largest tire maker, according to data published in Rubber & Plastics News' Global Tire Report.
Cheng Shin/Maxxis operates seven tire plants, including four in China, where earlier this year it took full control of joint venture factories in Kunshan and Xiamen it had operated for 12 and seven years, respectively, with Toyo Tire & Rubber Co. Ltd.