In a strategic pivot, Sentury Tire has announced the reallocation of approximately RMB 2.8 billion (£313 million) initially earmarked for a new factory in Spain, redirecting the funds to enhance its existing plant in Morocco. This decision underscores a shift in focus due to prolonged approval processes in Spain, which remain indefinite, contrasted with the successful progression of the Moroccan facility.
Sentury Tire had previously committed to establishing a significant presence in Spain, with construction anticipated to commence later in 2023. However, the Spanish project has encountered persistent bureaucratic hurdles without a clear resolution on the horizon. This uncertainty has compelled Sentury to reassess its investment strategy, prioritising the Moroccan plant where developments are advancing smoothly.
