Sentury Tire, a massive Chinese tire manufacturing company, has acquired land for the $300 million first tire factory in Morocco.
The general manager of this tire company will get ready for the opening of the tire factory in Morocco in the near future, according to information obtained by Tyrepress China media, which confirms earlier reports on the same topic that were first sparked in May.
China Securities Journal reported today that Lin Wenlong, general manager of the Chinese company, signed an agreement with Jaafar Mrhardy, president of Tangier Technology City Development, to buy about 200,000 square meters of land close to Africa’s largest container port and to confirm the Moroccan partner’s involvement in the facility’s development and operation.
Sentury operates two other facilities outside of China, one each in Thailand and Spain. The Tanger-Med Port, which handles more than half of all cargo moving through Moroccan ports, will be 35 kilometers from the new complex.
Sentury, a Qingdao-based company, announced in December that it will invest over $300 million of its own money to build a car tire factory in Morocco with a six million unit annual production capacity. The company did build a facility in Tangier for this purpose in April.
After the project is finished, Sentury will be the only tire manufacturing in Morocco, enhancing the firm’s global competitiveness.
China produces and exports the most tires in the world, making up more than half of the total.