Cooper Tire Changes Joint Venture Partner
Cooper Tire & Rubber Co. announced that its partner in the China-based Qingdao Ge Rui Da Rubber Co. (GRT) truck and bus radial tire production joint venture will change.
Sailun Jinyu Group Co., has signed a share transfer agreement with Qingdao Yiyuan Investment Co. to acquire its 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 tires under the Roadmaster and Cooper brands for global markets,” Cooper CEO Brad Hughes said.
“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,” he said.
Findlay, Ohio-based Cooper Tire & Rubber Co. is the parent company of a global family of companies that design, manufacture, market and sell passenger car, truck, motorcycle and racing tires.