Cooper Tire & Rubber Co. has acquired 65% interest in the China-based TBR tire company, Qingdao Ge Rui Da Rubber Co. Ltd. (GRT).
With the acquisition, GRT will produce truck and bus radial tires for Cooper customers in North American, as well as in Asia and other markets, Cooper said. Additionally, GRT may also manufacture passenger car radial tires for Cooper at its 1-million-square-foot facility that has room to grow.
“Our partnership with GRT is an important step in Cooper’s strategic plan as it diversifies our TBR tire supply beyond a single source,” said Cooper President and CEO Brad Hughes. “Cooper is committed to delivering high quality tires with superior value to our TBR customers. In addition to this exciting new partnership with GRT, we continue to actively evaluate other options around the globe for additional sources of supply.”
“We are pleased with the team at GRT as they possess deep industry and technical knowledge and there is a strong workforce in place at the facility, which offers space for expansion to accommodate future growth. We are proud to welcome everyone at GRT into the Cooper family and look forward to many years of success together,” Hughes adds.
Cooper first announced its plans to acquire the majority share in the Chinese tiremaker in January 2016.
