CHONBURI, Thailand—Chinese steel cord reinforcements maker Jiangsu Xingda Steel Cord Ltd. Co. has initiated production at its first overseas plant, in Chonburi.
Xingda Steel Cord General Manager Liu Xiang said establishing Xingda Steel Cord (Thailand) Co. Ltd. is "integral to our strategy of globalization and proves our commitment to better serve our valued customers in the global steel cord market."
He stressed that Xingda has plans to keep expanding internationally, saying building and operating this plant "will enable us to gain a tremendous amount of experience of running a factory in another country, and this will pave the way for our further global expansion."
With a designed annual capacity of 100,000 metric tons, the Thai plant will produce steel cord products used in the tires of passenger cars and commercial trucks and buses. It's designed to provide fast and flexible delivery of steel cord products to tire makers in Thailand and Southeast/South Asia.
Xingda did not disclose its investment in the project. Thai sources said the project represented $215 million in total investment three years ago.
"Our overseas business has grown strongly during recent years, and now the Xingda Thailand plant will make us even more competitive and bring us enormous growth opportunities in the global market," Liu said.