All-steel Radial Tire Project of Double Coin Starts Construction in Xinjiang

Double Coin Group (Xinjiang) Kunlun Tyre Co., Ltd. started on April 13 the construction of an all-steel radial tire project with expected annual capacity of 1.2 million tires.

With an overall investment of 1.08 billion yuan, the construction is divided into three phases and is scheduled to be completed in 2018. The first-phase construction started on April 13 is to expand the rubber mixing plant with an investment of 120 million yuan.

The company has lately published a number of procurement announcements for batch-off coolers and other facilities for the project.

Before the construction, an all-steel radial tire project with annual capacity of one million tires of Xinjiang Kunlun Tyre has come on stream. After the completion of the new project, the producer’s annual capacity will reach 2.2 million, making it the largest all-steel radial tire producer in northwest China.

Established in April 2014, Double Coin Group (Xinjiang) Kunlun Tyre is a joint venture of Double Coin Group and Xinjiang Investment and Development (Group).

Double Coin Group added 572 million yuan in Double Coin Group (Xinjiang) Kunlun Tyre for a 51% stake and became the controlling shareholder. After the capital increase, registered capital and total assets of the latter were 940 million yuan and 2.3 billion yuan, respectively, with nine shareholders in total.