Former Goodyear Division Forms China Joint Venture
Veyance Technologies Inc., formerly Goodyear Tire & Rubber’s Engineered Products division, has entered into a joint venture with Ruiyuan Rubber and Plastics Co. Ltd. to make conveyor belts in Yanzhou, China. Veyance said the new entity, Shandong Aneng Conveyor Belt & Rubber Co. Ltd., is the largest manufacturer of conveyor belts in China, with 20 production lines producing more than 12 million square metres of conveyor belts each year.
“This joint venture is a perfect fit for Veyance, which introduced the first steel-cable-reinforced belt and produced the strongest and longest steel-cable-reinforced belts currently in use,” commented Chris Jones, vice president and general manager of Veyance Asia-Pacific. Jones added that China’s conveyor belt market is undergoing annual growth of seven 7 per cent.