Chinese tyre maker Aeolus Tyre Co. recently announced that the company plans to expand to new international markets with the set up of two subsidiaries in South Africa and Australia, according to a filing on the Shanghai Stock Exchange.
It will invest 15 million South African Rand and A$2.4 million to establish Aeolus (South Africa) Construction Machinery Tyre Co and Aeolus (Australia) Construction Machinery Tyre Co.
The company said the new units will engage in sale of tyres and conveyor belts with focus on off-road products.
According to the announcement, this external investment can promote the company’s product structure transformation and upgrading, deepen the development of sales channels in key regional segmented markets, and shorten the sales chain to achieve an increase in market share and profits, it added.