RAYONG, Thailand—Shanghai Huayi (Group)'s joint venture in Thailand has initiated trial truck tire production at its new plant in Rayong, according to information provided by the plant's contractor.
Located in Rayong's LK-RICH rubber industrial zone, the new plant is designed with annual capacity for 1.5 million truck and bus tires and 50,000 industrial tires.
Shanghai Huayi is the parent of Double Coin Holdings. The Thai enterprise, Huayi Group (Thailand), is a joint venture with Bangkok-based Tribeca Enterprise Co. Ltd., a subsidiary of Thai rubber company Thai Hua Rubber Public Co. Ltd. and the promoter of the LK-RICH estate.
The project, which began in mid-2016, was budgeted at $295 million and is expected to generate $395 million in sales when operating at full stream.
According to the website of the plant's contractor Sinohydro Foundation Engineering, the project has been on schedule and the production of the first tire "marks Huayi's official entrance into the Thailand market."