US tyre company Cooper Tire & Rubber Company’s partner in the China-based Qingdao Ge Rui Da Rubber Co. (GRT) truck and bus radial (TBR) tyre production joint venture will change to Sailun Jinyu Group Co. The latter firm has signed a share transfer agreement with Qingdao Yiyuan Investment Co. (QYI) to acquire QYI’s 35% interest in GRT, subject to government approval. Cooper owns 65% 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 tyres under the Roadmaster and Cooper brands for global markets,” said Cooper President/CEO 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 tyres. 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 tyre industry expertise to drive further success at GRT in partnership with Cooper.”