SEOUL, South Korea—Kumho Tire Co. Inc. is planning to boost capacity at car and light truck tire plants in the U.S. and Vietnam, including a doubling of capacity at its factory in Ben Cat, Vietnam.
The moves are in response to growing demand from North America.
In the U.S., Kumho plans to boost capacity by 550,000 units a year, with the expansion due on stream by the fourth quarter of 2022. Kumho did not disclose its budgeted investment for this expansion, which will boost the five-year-old plant's capacity to nearly 3.9 million units a year.
In Vietnam, Kumho is budgeting $305 million over two years for the project, which will boost the 13-year-old plant's capacity to 9.3 million units a year, versus 3.8 million in its current form.