TOKYO (Reuters) -- Bridgestone Corp. will spend $94.3 million to build a new plant in Shenyang, China to produce steel cord for truck and bus tires to meet surging demand in the country, the top Japanese tire maker said on Wednesday.
Bridgestone plans to begin operations at the plant in October 2005, with daily output capacity of the material, which is used to reinforce tires, reaching 70 tons by the end of 2007.
The plant, in northeastern China, will employ about 260 at full capacity and will supply mainly to Bridgestone's truck and bus tire plant in China.
"Expanding in-house production capacity in raw materials for tyres and for diversified products is a strategic priority in the Bridgestone group," the company said in a statement.
The Shenyang, China, plant will be Bridgestone's sixth steel cord factory worldwide.