WEIHAI, China—Triangle Tire Co. Ltd. has scrapped a project to build a passenger and truck tire plant in the U.S. due to "a change in investment environment."
In a Chinese-language filing with the Shanghai Stock Exchange on May 13, the tire maker said its board of directors had agreed on the withdrawal from the $580 million project in Edgecombe, N.C.
Announced in November 2017, the project was expected to be completed in five years and ultimately produce up to 6 million tires a year, comprising 5 million passenger and light truck tires and 1 million truck tires.
The company got as far as clearing ground at the 1,449-acre site in Edgecombe County by mid-2018. Since then the company referred to the plant's progress as "stalled" on a number of occasions.