Century shoots, the Chinese tire manufacturer, announced its decision to close its factory in Galicia, in northwestern Spain, and to transfer its investments to its Tangier factory in Morocco.
According to data from the Shenzhen Stock Exchange, Century Tire was faced with difficulties in Galicia, linked in particular to obtaining environmental permits, which forced it to make this decision to close its factory which would have cost more than 500 million euros and allowed to produce 12 million tires per year, relay The reason.
The Chinese company has decided to transfer its investments to its Tangier factory in Morocco, created in September 2023. In this perspective, the tire giant invested last year 360 million euros additional in this factory based in Tangier Automotive City.
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This decision meets long-term strategic development requirements, Century said in a report, highlighting the attractiveness of the business climate, skilled workforce, the quality of infrastructure and political stability in Morocco.
In 2024, the Chinese giant achieved a turnover of more than one billion euros, up 8.5 % compared to the previous year, and a net profit of 264 million euros, representing an increase of 59 %. The Tangier factory contributed to an increase of 10.2 % of annual production, showing the strategic interest of the kingdom for Century draws.
