TAY NINH, Vietnam— Zhejiang Hailide New Material Co. Ltd., a Chinese maker of rubber reinforcement materials, expects to invest $155 million to add 42,000 metric tons of annual capacity to its polyester filament plant in Vietnam by the end of March.
Located at Phuoc Dong Business Park in Tay Ninh province, the project covers 82 acres. Its building floor covers 108,000 square meters and its annual capacity will be 110,000 tons, the company said.
The project was initially announced in 2018 and was the first overseas manufacturing site for Chinese reinforcement materials makers. Hailide already started up facilities with 37,000 tons of annual capacity at the plant over the second half of 2020.
The plant is estimated to generate $32 million in annual profit on $213 million in sales when in full operation.
The company also is known by its brand name Halead, and has 210,000 tons of capacity in China.