Cooper Tire & Rubber Company announced that it had recently signed an agreement with the investor of Qingdao-based Greita Rubber Co., Ltd. (English name GRT) headquartered in China to acquire a majority stake in the company. Cooper will invest approximately RMB 600 million, equivalent to US$ 93 million for the acquisition of 65% of the company’s shares and initial investment in operations. The company will be renamed as Cooper (Qingdao) Tire Co., Ltd.). After obtaining relevant approval and approval from the Chinese government, the transaction is expected to be completed in the first half of 2016.

Cooper acquires a majority stake in China's card passenger car steel tires

Cooper (Qingdao) Tire Co., Ltd. will become Cooper's global supplier of all-steel tires , including road tires for the North American market and all-steel tires for Asia and other markets. The company will also produce passenger car tires in the future. Cooper (Qingdao) Tire Co., Ltd. has a production area of ​​one million square feet. After full expansion, the annual output is estimated to be about 2.5 to 3 million full-steel tires and almost equal number of passenger tires.

Grida Rubber Co., Ltd. is located in the northern part of Qingdao City, Shandong Province, China. The investor is Qingdao Yiyuan Investment Co., Ltd., which was established in 2014 and currently employs about 600 people. Li Zhihua, founder, executive director and general manager of Qingdao Yiyuan Investment Co., Ltd. has many years of experience in the tire industry. He is also a professor at Qingdao University of Science and Technology. Grida Rubber Co., Ltd. has started production and put into production. It mainly produces all-steel tires in the early stage. The company also employs an experienced management team.

Brad Hughes, Cooper’s chief operating officer, said: “We are excited to take this positive step and ensure the supply of more all-steel tyres while advancing our Asian development strategy. Cooper is very excited about this.” After many options for comprehensive consideration, we are very pleased to be able to reach this agreement to complete our goal of finding a new high-quality, low-cost all-steel tire supplier for the North American and Asian markets. As we said before, we need to take A series of actions can accomplish our development goals, and today's statement is absolutely one of the most important ones,” Hughes concluded.

“Qingdao Grida Rubber's team has a very deep understanding of the industry and technical knowledge and is very impressive,” said Roy Armes, chairman, chief executive officer and president of Cooper, “The company has strong technical force. Employee groups and equipment, through further investment, we will continue to expand. At present, the management team is committed to discovering the current opportunities in the all-steel tire industry and our plans for further development in Asia. This is in line with the current high efficiency of Cooper. The global manufacturing network is highly strategically aligned, allowing us to further optimize the company's global production footprint.Let us join this team together to join the Cooper company family and look forward to Cooper (Qingdao) Tire Co., Ltd. in the coming years Continuous success!"

Li Zhihua said: “After long-term evaluation, we have chosen the best partner. Cooper is a leader in the global tire industry and has achieved numerous brilliance in the past 100 years. We are very happy to be able to become a team. Members.We look forward to cooperating with Cooper, taking full advantage of the opportunities seized by both parties, driving development with innovation, and continuously improving the manufacturing of all-steel tires and other tire products."

After the acquisition is completed, Cooper (Qingdao) Tire Co., Ltd. will join the Cooper company system and stand side by side with the other seven tire manufacturing plants. The seven manufacturing plants include three US plants located in Findlay, Ohio, Texarkana, Arkansas, and Tupala, Mississippi; and Krušewa, in China, Kunshan, Melksham, UK, and Serbia. Factory and a joint venture plant near Guadalajara, Mexico.

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