Chinese tyre manufacturer Sentury Tire is set to commence construction on a tyre factory in Morocco this month after acquiring the required land deal for the development, reported Yicai.
The facility is expected to expand the company’s exporting capacity with an investment of $300m.
Sentury Tire’s general manager Lin Wenlong signed an agreement with Tangier Technology City Development president Jaafar Mrhardy to acquire approximately 200,000m² of land for use in the project.
The site is located approximately 35km from the Port of Tanger, Africa’s largest container port that handles more than half of all goods passing through Moroccan ports.
Once complete, the facility is hoped to boost the company’s presence globally and to make Sentury the primary tyre manufacturer in the country.
Export of tyres from the plant to the US and European markets will be tariff-free, benefiting from Morocco’s free trade agreement with the US.
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By GlobalDataThe new facility’s construction is estimated to take roughly 18 months, reported Morocco World News.
In December last year, Qingdao-based Sentury announced the initial development of this car tyre facility, which is set to have an annual capacity of six million units.
Sentury has recently established two more plants in Thailand and Spain.
According to its annual report, Sentury’s net profit improved by 6% yearly to $111.5m last year while revenues increased by 22% to $876.8m.
