Metallurgy / Chemicals / Rubber & Plastics

According to Huacheng Import and Export Data Observation, on February 20, Qingdao Double Star Group Co., Ltd. issued an investment announcement. Its subsidiary Qingdao Double Star Tire Industry Co., Ltd. plans to establish a joint venture in Cambodia. The name of the enterprise is Double Star (Cambodia) Tire Co., Ltd., and the joint venture is UBE Development Co., Ltd. As the main body of the project implementation, it is responsible for the investment and construction of the project with an annual output of 8.5 million high-performance radial tires.

The project includes 7 million semi-steel radial tires and 1.5 million all-steel radial tires; The total investment of the project is about 1.44 billion yuan, reported by Huacheng Import and Export Data Observation.

According to the Huacheng Import and Export Data Observation, the construction of the Cambodian plant by Twin Star Tire is to accelerate the realization of the "localization" strategy. It aims to accelerate the development of the international market, actively respond to international trade barriers, and enhance the international competitiveness of brands. In 2022, Qingdao's double-star revenue was about 4.2 billion yuan, which was the same as that of the same period in 2021. The company mentioned in its financial report that it should adhere to green development and speed up the pace of overseas plant construction. Huacheng Import and Export Data Observation Report.

According to the data, UBE was founded in 2014 and is a shareholder of China-Cambodia (Qingdao) Aluminum Co., Ltd. and other enterprises. Huacheng Import and Export Data Observation Report.