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Daye invests in Morocco bead wire and steel cord plant

Shandong Daye, a supplier of raw materials for tyres, has decided to invest 1.485 billion yuan (about £160 million; €190 million) to open a manufacturing centre in Morocco.

The Moroccan factory is planned to be carried out in two phases. The investment amount of the first phase project is 850 million yuan (about £92 million; €110 million), and it is planned to build a production line capable of producing 40,000 bead wires and 40,000 tons of steel cord per year in two years. The project’s first phase is scheduled to start construction in January 2025 and be completed and put into operation in December 2026.

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Sentury Morocco factory starts tyre production

On 30 September 2024, the first 17-inch and 18-inch tyres rolled off the production line at Sentury’s Morocco factory. The tyre manufacturer called this “the official start of production at the Morocco factory”. Qin Long, chairman of Sentury, attended the commissioning ceremony and announced that the first batch of tyre products officially rolled off the production line.

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Related news:

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Morocco branch to facilitate Hankook Tire’s growth in Africa

With the opening of a subsidiary in Morocco, Hankook Tire & Technology aims to expand its presence in the Maghreb and West Africa regions. The tyre maker’s European headquarters has played a key role in setting up the new subsidiary, which Don-yi Jeon will lead as Managing Director.

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Related news:

  1. Hankook inaugurates Technoring
  2. Hankook Tire invests in e-commerce platform Carmerce
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First Sentury Morocco factory tyre expected in September

The first tyre produced by Sentury’s Morocco factory may roll off the production line before the end of September, with the manufacturer saying: “The factory infrastructure is close to completion and will soon enter the equipment commissioning stage”.

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Related news:

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Morrocco first – Sentury Tire redirects funds earmarked for Spanish plant

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Sentury Tire has disclosed that it will invest the approximately RMB 2.8 billion (£313 million) it raised to set up a factory in Spain in the construction of its Moroccan plant instead. The motivation behind this decision, says Sentury Tire, is that while the facility in Spain is still in the “approval process” with no clear indication of when this will conclude, the tyre plant in Morrocco is “progressing well” and has a greater need for capital expenditures.

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Related news:

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Sentury’s Morocco tyre plant to start construction in Q1 2024

Sentury officially started construction of its Morocco factory in October 2023 (Photo: Sentury)

Groundworks were visibly underway in October 2023, but construction of the new Sentury factory, the first tyre manufacturing plant in Morocco in more than 25 years, will start in the first quarter of 2024. Indeed, Tyres & Accessories has seen a video depicting Sentury chairman Qin Long on-site in Morocco observing progress with the project.

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Sentury Morocco factory starts construction, annual tyre production capacity increased by 6 million

Sentury officially started construction of its Morocco factory in October 2023 (Photo: Sentury)

On 21 October, Sentury said it had officially started constructing its tyre factory in Morocco. On 25 October, the tyremaker said it would add $193 million to its Morocco plant for 6 million semi-radial tyre production capacity. Sentury classified the additional investment as the second phase of the Moroccan tyre factory project. In other words, the total investment in Sentury’s Morocco factory has become US$490 million. After both projects are put into production, it will be able to produce 12 million semi-steel radial tyres annually.

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Sentury to start Morocco plant construction after Chinese government certification

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Atmar Lens; Pexels

On July 27, Sentury revealed that it expects to commence construction for its Morocco factory soon. Tyrepress China has learned that the general manager of the tyre manufacturer is “in Morocco preparing for the start of the tyre factory”.

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Sentury gives Spain, Morocco and Thailand tyre factory updates

At the end of May, Sentury published details relating to the development of its overseas factories. The tyremaker said data for April and May 2023 showed that its production capacity was temporarily unable to meet orders. Therefore, the company believes there is an urgent need to increase production capacity in order to meet customer demand. According to Sentury’s statement, the overseas tyre traders and retailers they cooperate with include Discount Tire, OAK Tyres, Inter-Sprint, American Omni and Turbo Wholesale.

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Sentury’s Morocco tyre plant gains overseas investment approval

Jorono; Pixabay

Qingdao Sentury Tire Co. Ltd. has received the regulatory approval to invest US$296.78 million in the construction of its previously announced Morocco tyre manufacturing project. The “Certificate of Overseas Investment of Enterprises” was issued by the Qingdao Municipal Bureau of Commerce on 5 June 2023 and is valid for two years.

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Sentury Tire registers business in Morocco

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On 27 April 2023, Qingdao Sentury Tire officially registered its planned new tyre production and sales operation, Sentury Tire Morocco. The company is a wholly owned subsidiary of Sentury (Hong Kong) Trading Co., Ltd. With an investment of US$296.78 million, Sentury Tire intends to set up a plant in Tangiers with the capacity to manufacture 6 million car and light truck tyres annually.

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Sentury buys land for Morocco tyre factory project

China Road and Bridge Corporation

On 3 March, Sentury purchased 20 hectares of land for the company’s Morocco tyre factory project. Lin Wenlong, general manager of the tyre manufacturer, formally signed a land purchase agreement with the company in charge of the Tangier Tech City project. According to various reports, Sentury will use this piece of land located in Mohammed VI Tangier Tech City to build a factory in Morocco. The project is scheduled to start construction in July 2023 ahead of an 18-month construction period.

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Sentury self-financing Spanish tyre factory shortfall

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Sentury

On 17 January, Sentury said it will adjust its financing plan through the stock market and specifically non-public offering of shares. After the adjustment, the tyre manufacturer will obtain no more than 2.8 billion yuan (about £330 million; 380 million euros), which is far lower than the 4 billion yuan (about £480 million; 540 million euros) proposed in the previous plan.

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Warren Rudman leaves Sentury Tire Spain project

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Sentury Tire

On 2 January 2023, Warren Rudman left his role as general manager Sentury Tire Spain. Rudman’s departure follows Sentury’s 30 December announcement that the company is planning to invest in a new tyre factory in Morocco. Signing off his departure announcement, Rudman noted “I will start a new journey soon”.

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Sentury investing $300 million in Morocco tyre factory

On 30 December 2022, Sentury Tire shared that the company convened a board meeting to approve the “Proposal on Investing in the Construction of High-Performance Car and Light Truck Radial Tire Projects in Morocco”. In other words, the company is planning to build its third overseas factory just outside Morocco, North Africa in what will be the first Chinese tyre factory in Africa. Sentury plans to invest just under US$296.78 million in constructing the Morocco tyre plant, which is set to have a production capacity is 6 million car and light-truck tyres a year.

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