BANG PU, Thailand (BRAIN) — The Vittoria Group will invest $20 million into building the world's first carbon-neutral bicycle tire facility that will open at the end of next year.
Vittoria's tire production capacity will double at the Lion Tyres Thailand factory in the Bang Pu industrial district, which will employ 400 additional workers. The Lion Tyres Thailand factory premises also will grow to 560,000 square feet and be near the current headquarters. The facility is designed with sustainability in mind with solar panels, intelligent climate control, and increased use of biodegradable and recycled materials.
"We are very pleased to further invest in Thailand, the world's premium place for development and production of high-quality bicycle tyres," said Vittoria Group President and CEO Stijn Vriends. "The new factory is an important milestone in our journey toward sustainable and carbon-neutral manufacturing."
The 172,000-square-foot facility will feature product testing and research capabilities. Ground was broken Thursday.
"The new Lion Tyres Thailand greenfield factory is a much-needed investment to match the bicycle industry demand for speed of supply and high-quality products," said Vittoria Group Chief Operations Officer Massimo Zanco.
The relationship between Vittoria Group and Thailand began in 1988 with the opening of the first factory in Bangkok. The current operations are spread over five buildings in Bangkok and Rayong, including Vittoria's graphene compound research and production facility and the 4C technology that merges four compounds in a single bicycle tire tread.
Vittoria sells through subsidiaries in Asia, Europe, and North America. It develops tires for all performance levels in road, off-road, and urban use. Vittoria Group is owned by its managers and the investment fund Wise Equity.
