Sentury Tire, a Chinese tire manufacturing giant, has obtained property for the construction of Morocco’s first tire factory, which will cost USD300 million.
Tyrepress China media has learned that the general manager of this tire company will prepare for the launch of the tire factory in Morocco in the near future, confirming previous news on the same subject that first sparked in May.
Lin Wenlong, the Chinese company’s general manager, signed an agreement with Jaafar Mrhardy, president of Tangier Technology City Development, to purchase approximately 200,000 square meters of land near Africa’s largest container port and to confirm the Moroccan partner’s involvement in the facility’s construction and operation, China Securities Journal reported today.
Sentury has two more plants outside of China, one in Thailand and the other in Spain. The new facility will be 35 kilometers from Tanger-Med Port, which handles more than half of all goods passing through Moroccan ports.
Based in Qingdao, Sentury said in December that it will invest almost USD300 million in self-raised capital to develop a car tire facility in Morocco with an annual capacity of six million units. In April, the business did establish a facility in Tangier for this purpose.
Sentury will now become Morocco’s sole tire manufacturer once the project is completed, increasing the company’s global competitiveness.
China is the world’s largest tire producer and exporter, accounting for more than half of global output.
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