CHONBURI, Thailand—China's Shandong Yinbao Tyre Group Co. Ltd. is in the process of setting up a car and truck tire joint venture in Thailand with local tire makers N.D. Rubber Public Co. Ltd. and P. Siam Tyre Ltd.
Shandong Yinbao, producer of the Goodtire, Gold Tire and Yinbao brands, will own 40 percent of the new venture with ND Rubber and Siam Rubber holding 30 percent each, according to a document submitted by ND Rubber Managing Director Chaiyasit Samrittivanicha to the Stock Exchange of Thailand.
ND Rubber's document does not spell out the venture's name nor production targets, but local news reports have suggested that construction of the plant is scheduled to be complete by 2018 with the capacity to produce 1.2 million truck tires and 3 million passenger car tires annually.
The Chonburi-based venture has registered capital of 1 billion Thai baht, or roughly $29 million, according to the filing.