(Yicai Global) June 13 -- Hamaton Automotive Technology plans to invest in and set up a production plant for tire valves in Thailand to make full use of local resources, enhance the competitiveness and profitability of the company's products and expand its Southeast Asian market.

The Hangzhou-based firm will invest USD13.73 million in tandem with its two wholly-owned units in Hangzhou and Hong Kong to register and set up a project firm in the Rojana Industrial Park in Thailand's Rayong Province, it announced in a statement yesterday, adding it will directly hold 98 percent of the joint venture.

The statement offered no further details such as the plant's scale of production, planned investment and starting date of production.

The project still needs regulatory approval, including from the State Administration of Foreign Exchange, it said.

The company makes tires, wheels, car counting instruments, valves, smart electronic auto control systems, and other products, and plies both import and export businesses.

Editor: Ben Armour