Aeolus Tyre to Invest USD394 Million in Egyptian Tyre Plant
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fot. Aeolus Tyre
Aeolus Tyre, a leading Chinese supplier of commercial vehicle tyres, plans to invest CNY2.7 billion (USD394.1 million) to build a plant in Egypt, aiming to expand its overseas high-end market presence, lift profitability, and raise its global brand profile.
The new plant in Alexandria will have an annual production capacity of 1.5 million truck and bus tyres along with 30,000 tyres each for engineering and agricultural vehicles annually.
Construction of the plant is expected to take about twenty months and some of the project land will be created from idle plots at an existing factory owned by partner Prometeon Tyre Egypt, with the rest to be acquired from surrounding land.
As a subsidiary, Aeolus Tyre has established itself in China's Hainan province and will have a 98.9 percent stake in the new Egyptian joint venture that will oversee the factory's investment, construction, and running.
Prometeon Tyre Egypt and China National Rubber International, the Chinese firm's partners, will own the rest. Aeolus Tyre also plans to involve outside investors for the Hainan subsidiary, although details on this have not yet been finalized.
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