BEIJING, Aug. 4 (Xinhua) -- Chinese tire maker Qingdao Sentury Tire Co., Ltd. signed an agreement with Tanger Med Zones on purchasing 200,000 square meters of land for a tire factory construction project in Morocco on Tuesday, reported China Securities Journal.
It is learned that the Morocco plant construction work will commence in August.
According to the company's announcement previously, in view of the company's Qingdao factory and Thailand factory production capacity has been unable to meet the customers' growing demand for orders, Sentury intends to invest self-funded 297 million U.S. dollars in Morocco of North Africa in construction of an annual output of 6 million high-performance car, light truck radial tire plant project.
Besides, the project is also another tire factory of Sentury planned overseas after in Thailand and Spain, which is another important step for the company to further consolidate its global strategy.
Upon completion, the project will become the only tire manufacturing company in Morocco, which will significantly enhance the global competitiveness of Sentury.
(Edited by Bao Nuomin with Xinhua Silk Road, baonuomin@xinhua.org)
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