Changshu Tongrun to set up new production base in Thailand
Changshu Tongrun Auto Accessory Co., Ltd. (Changshu Tongrun, 603201.SH) plans to build a new production base in Thailand, with an investment amount of no more than 26 million U.S. dollars, reported Xinhua-run China Securities Journal Tuesday citing announcement of the company.
According to the announcement, the new base will produce automotive jacks, hydraulic jacks, toolbox cabinets and other products, mainly supplying markets in the United States, Australia and Southeast Asia.
The Thailand production base project is expected to start construction in August 2023, with a planned construction period of 12 months, including the construction of new plants, warehouses, R&D office buildings and equipment purchases.
Changshu Tongrun said that investing in a new production base in Thailand will help the company to respond more flexibly to changes in the macro environment and is conducive to the company's integration of Southeast Asian resources, enhancing the company's industry competitiveness and overall anti-risk ability.