First phase of greenfield project expected to become operational in 2024
Shenzhen, China – Qingdao Sentury Tire Co. is aiming to raise Yuan4 billion (€547 million) to fund its planned greenfield tire production project in in Galicia, northwest Spain.
In a series of announcement made to the Shenzhen Stock Exchange 31 Dec, the Chinese tire maker said it planned to issue some 194.9 million shares in a “non-public manner” to no more than 35 specific investors to raise the funds.
The funds raised will go towards the completion of the company’s Spanish radial tire project, with an annual output of 12 million high-performance cars and light trucks.
Sentury unveiled plans for the Spanish plant in December 2021, saying it was part of its “833Plus” strategy, which aims to build “eight digital tire intelligent manufacturing bases” around the world over a decade.
The layout will include three plants in China, two in Thailand, one each in Europe, Africa, and North America as well as three global R&D centres in China, Europe and North America.
The plant in Galicia will have a total annual output of 12 million high-performance radial tires and will be completed in two phases over a 36-month period.
The first phase, expected to be completed in 24 months (2024), will have a production capacity of 6 million units.
By 2025, production will reach 12 million units, according to Sentury’s previous announcements.
