From Tire Review Staff & Wire Reports
Sumitomo Rubber Industries plans to spend an extra 45.8 million to increase capacity at six of its tire plants in Japan and Asia to meet growing demands, according to a company spokesperson.
The company, based in western Japan, had already planned to invest $302 million over the next two years.
The Japanese tiremaker will invest about 27.5 million at its plants in Japan and approximately $18.3 million at factories in China and Indonesia to increase annual production capacity by 12 percent, from 2003 levels.
According to the spokesperson, Sumitomo Rubber expects its group sales to exceed its current estimate of $4 billion for its fiscal year ending in December.
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