A tire factory, funded by the Kumho Tire in the Republic of Korea (ROK), began operation in Tianjin, a traditional manufacturing center in north China.

The project has a designed annual production capacity of 5.25 million pieces, and plans to expand its output to 10.4 million pieces a year by 2007, said a company official. But, he declined to reveal the project's size of investment.

It is the largest tire production project in northern China, the official said.

Sam Koo Park, chairman of the Kumho Asiana Group that is the parent company of Kumho Tire, said Kumho Tire will expand its investment to 370 million U.S. dollars in Tianjin next year.

The tire manufacturer also plans to launch a research and development center in Tianjin with a cost of 36 million U.S. dollars, Park added.

Kumho Tire now ranks 9th among major tire producers around the world.

Source: Xinhua