Hangzhou Zongce to build overseas tyre plant

ERJ staff report (DS)

Beijing -- China's largest tyre maker Hangzhou Zongce plans to build a tyre factory outside China in an attempt to evade anti-dumping dutues imposed on exports from China.

Hangzhou's chairman Chairman Chen Jinrong was quoted in a Chinese-language report saying that construction is likely to commence in 2012. The company has plans for a large facrory in Thailand covering 67 acres with an investment of yuan 1 billion (euro 127 million)

The comments were made following an announcement that Hangzhou's parent company has raised around yuan 900 million in offshore funds. The cash is likely to be used to build the factory.

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News story from CRIA (Chinese language)

Above story auto-translated (from Chinese language)