Bangkok Bank is providing a loan of Bt2.5 billion to Deestone Group, one of Thailand’s leading tyre manufacturers, for factory expansion, as the group expands its annual production capacity for radial tyres to 10 million units by the end of this year, from 7 million currently.
Chansak Fuangfu, senior executive vice president of Bangkok Bank, said it was pleased to be a trusted financial partner of Deestone Group and to provide funding to support the rapidly growing demand for radial tyres in Thailand.
This collaboration will not only help Deestone become more competitive and achieve sustainable growth, but it will help enhance the growth and stability of the Thai economy by generating more employment and providing more income across all industry sectors, the bank believes.
Suvit Vongsariyavanish, chief executive officer of Deestone Group, said the company planned to invest Bt10 billion this year, comprising Bt6.5 billion for its business expansion and Bt3.5 billion for Phase 3 of the factory expansion of Deestone’s subsidiary Svizz-One Cooperation Corporation.
The group serves the Thai market and exports to more than 115 countries worldwide.
At present Deestone Group has five factories operated by its subsidiaries Deestone Company, Deerubber Co, Deestone International Co, Siam Truck Radial Co and Svizz-One Cooperation Corp, with 10,000 employees altogether.
“The support of our financial partner Bangkok Bank will help Deestone achieve our goal of producing high-quality products at a reasonable price that meet international standards of performance and quality,” Suvit said. – The Nation