Bangkok--20 Apr--Bangkok Bank
Bangkok Bank has provided loans of Baht 2.5 billion to Deestone Group, one of Thailand’s leading manufacturer of tires. This will enable it to expand its production of radial tires and reach its target of producing 10 million units by the end of this year.
Mr. Chansak Fuangfu, Bangkok Bank Senior Executive Vice President, said the bank is pleased to be the trusted financial partner of Deestone Group and to provide loans of 2.5 billion to support the rapidly growing demand for radial tires in Thailand. Deestone Group is one of Thailand’s leading manufacturer of tires with a good long-term relationship with Bangkok Bank. This collaboration will not only support Deestone Group to 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, which will be a significant driver for the economy.
Mr. Suvit Vongsariyavanish, Deestone Group Chief Executive Officer, said the company intends to expand its radial tire manufacturing capacity to 10 million units this year, rising from 7 million units at present. The company plans to spend Baht 10 billion this year, including Baht 6.5 billion for its business expansion, and Baht 3.5 billion for the phase 3 factory expansion of Deestone’s subsidiary Svizz-one Cooperation Company Limited. The new factory will expand the company’s capacity for manufacturing radial tires to serve the increasing demand from the local market and provide exports to more than 115 countries worldwide. At present Deestone Group has five factories operated by its subsidiaries Deestone Company Limited, Deerubber Company Limited, Deestone International Company Limited, Siam Truck Radial Company Limited and Svizz-one Cooperation Company Limited, with 10,000 employees altogether.
‘The support of our financial partner, Bangkok Bank will help Deestone to achieve our goal of producing high quality products at a reasonable price that meets international standards of performance and quality.’ Mr. Suvit said