Grupo Kuo to build rubber plant in Nanjing
Grupo Kuo, a Mexican industrial conglomerate, has formed a Chinese joint venture to build a plant in Nanjing to produce nitrile rubber for tires.
The $60 million (383 million yuan) factory, which will employ 100 workers, will launch production in 2014. Initially the plant will produce 30,000 metric tons annually.
To run the plant, Grupo Kuo is forming a 50-50 joint venture -- INSA GPRO Synthetic Rubber Co. -- with Jiangsu GPRO Group.
Jiangsu is a privately owned enterprise that produces synthetic rubber, chemicals and fuels.
Grupo Kuo does business in 70 countries, and its automotive and non-automotive businesses generate annual sales of $1.8 billion.
