Kolon Industries announced on September 18 that it has completed a tire cord factory in Vietnam's Binh Duong Province. Tire cords are a kind of fiber reinforcing material that acts as the frame of tires. It is an important material that is expected to grow in demand due to the emergence of vehicle safety issues amid the expansion of the autonomous car market.
The new plant has an annual production capacity of 16,800 tons of polyester tire cords. It will boost Kolon Industries' tire cord production capacity to 93,800 tons, which amounts to about 15% of the global tire cord market.
The plant is located in the Bau Bang Industrial Park, a two-hour drive from Ho Chi Minh City, Vietnam. The opening ceremony was attended by Lee Woong-ryeol, chairman of the Kolon Group, Mai Hung Dung, vice governor of Binh Duong Province, officials from Hankook Tire, Kumho Tire and Nexen Tire, all of which buy tire cords from Kolon Industries, and Jang Hee-koo, president of Kolon Industries.
Kolon Industries has built overseas production bases in China, Indonesia and Mexico. The factory in Binh Duong Province has become the company’s ninth overseas production base. Kolon Industries plans to expand its tire cord plant in Vietnam as global demand is expected to grow.