Cooper Tire’s Partner in GRT Joint Venture to Change as Share Transfer Agreement is Signed
FINDLAY, Ohio--(BUSINESS WIRE)--Sep 26, 2018--Cooper Tire & Rubber Company (NYSE: CTB) today announced that its partner in the China-based Qingdao Ge Rui Da Rubber Co., Ltd. (GRT) truck and bus radial (TBR) tire production joint venture will change. Sailun Jinyu Group Co., Ltd. has signed a share transfer agreement with Qingdao Yiyuan Investment Co., Ltd. (QYI) to acquire QYI’s 35 percent interest in GRT, subject to government approval. Cooper owns 65 percent of GRT and has been a partner in the joint venture since 2016.
“GRT has been a highly successful partnership for Cooper, ramping up quickly and producing high quality TBR tires under the Roadmaster and Cooper brands for global markets,” said Cooper President & Chief Executive Officer Brad Hughes. “The partnership with QYI has been a productive one, and we expect a smooth transition to our new partner, Sailun Jinyu Group. We have an existing relationship with Sailun through an offtake agreement with Sailun Vietnam’s operation in Tay Ninh to produce Roadmaster brand TBR tires. We look forward to working with Sailun Jinyu Group to continue to meet customer needs in the growing TBR market.”
ZhongXue Yuan, President and Chairman for Sailun Jinyu Group, which is headquartered in Qingdao, said, “We are pleased to become a partner to Cooper in the GRT joint venture and admire the work that has been done at the facility to make it operational quickly and with a focus on quality and safety. We intend to continue the great work being done at GRT and will lend our considerable tire industry expertise to drive further success at GRT in partnership with Cooper.”
About Cooper Tire & Rubber Company
Cooper Tire & Rubber Company (NYSE: CTB) is the parent company of a global family of companies that specializes in the design, manufacture, marketing and sale of passenger car, light truck, medium truck, motorcycle and racing tires. Cooper’s headquarters is in Findlay, Ohio, with manufacturing, sales, distribution, technical and design operations within its family of companies located in more than one dozen countries around the world. For more information on Cooper, visit www.coopertire.com, www.facebook.com/coopertire or www.twitter.com/coopertire.
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CONTACT: Cooper Tire & Rubber Company
Jerry Bialek, 419-424-4165
Anne Roman, 419-429-7189
KEYWORD: UNITED STATES VIET NAM ASIA PACIFIC NORTH AMERICA CHINA OHIO
INDUSTRY KEYWORD: TRANSPORT TRUCKING PUBLIC TRANSPORT AUTOMOTIVE MOTORCYCLES OFF-ROAD TRUCKS & SUVS RECREATIONAL VEHICLES TIRES & RUBBER OTHER AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: Cooper Tire & Rubber Company
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PUB: 09/26/2018 08:00 AM/DISC: 09/26/2018 08:01 AM