Cooper Tire’s partner in the Qingdao Ge Rui Da Rubber (GRT) truck and bus radial tire production joint venture is to change.
Sailun Jinyu Group has signed a share transfer agreement with Qingdao Yiyuan Investment (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 tires under the Roadmaster and Cooper brands for global markets,” said Cooper president and 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 of 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.”