(Yicai) March 12 -- Chinese tiremaker Sailun Group will invest USD251 million to build a new manufacturing facility in Indonesia, it announced yesterday, the latest move in its recent overseas expansion.

The Shanghai-traded shares in Sailun Group [SHA: 601058] closed up 0.07 percent at CNY14.32 (USD2.00) today. 

This is the third big overseas investment project the company has announced since December last year. The new facility will be located in Jatengland Industrial Park in Demak, Central Java, Indonesia, and it will produce 3.6 million radial tires annually, as well as 37,000 tons of non-road tires.

In December last year, the Qingdao, Shandong province-based firm announced it would establish its first North American factory in Mexico, with investment totaling USD240 million. In January this year, Sailun said it would inject a further CNY774 million (USD107.9 million) into its production facility in Cambodia, taking its investment in the plant to around CNY2.25 billion (USD313.22 million). 

Sailun released a business performance prediction last month saying it anticipated net profit for 2023 of around CNY3.1 billion, a sharp rise of 132.77 percent from the previous year. 

Editor: Tom Litting