Chinese tire manufacturer Sailun Group unveiled plans to invest USD251 million in constructing a new manufacturing plant in Indonesia, marking its latest move in expanding operations overseas. This announcement comes as the company's third international investment project since December of the previous year.

The new facility, situated in the Jatengland Industrial Park in Demak, Central Java, Indonesia, is slated to manufacture 3.6 million radial tires annually, along with 37,000 tons of non-road tires. Sailun Group's shares, traded on the Shanghai Stock Exchange under the ticker symbol SHA: 601058, saw a marginal increase of 0.07%, closing at CNY14.32 (USD2.00).

In addition to the Indonesian venture, Sailun Group previously disclosed plans to establish its inaugural North American factory in Mexico, with an investment totaling USD240 million in December. Furthermore, in January of this year, the company announced a substantial injection of funds, amounting to CNY774 million (USD107.9 million), into its production facility in Cambodia, bringing its total investment in the plant to approximately CNY2.25 billion (USD313.22 million).

Sailun Group's optimistic outlook extends to its financial projections, with a forecasted net profit for 2023 of around CNY3.1 billion, representing a notable increase of 132.77% compared to the previous year.

Source: Yicai Media Group.