Echoing the increase of automotive production in Vietnam, tire maker Kumho is to double its manufacturing capabilities by 2023.
Kumho has announced it is investing $305 million in the expansion of its Vietnamese plant, with the aim of producing at least 9.3 million tires a year. The project, which will create a new building within the existing factory compound, will commence in the third quarter of this year and run until the early part of 2023.
Meanwhile, the company also plans to increase the capacity of its North American facility in Macon, GA, due for completion as early as the fourth quarter of next year and which will allow the production of 500,000 tires a year.
Kumho currently operates eight manufacturing facilities globally, with sites in its native Korea, China, the U.S. and Vietnam.
Kumho’s CEO Il Taik Jung says: “As a company we are heading in a very positive direction and part of our strategy is to increase our manufacturing capacity ahead of the growing demand. This will have the dual effect of ensuring product availability for our customers and supporting the continued growth of partnerships in the North American market.”