Reports: Yitao Rubber and South China sign JV agreement
Online news sources are reporting that South China Tire & Rubber Co., Ltd. and Guangzhou Yitao Rubber Manufacture Co., Ltd. have signed cooperation agreement at a ceremony celebrating the creation of the Guangzhou Huayiyang Co., Limited joint venture.
South China Tire & Rubber general manager Zou Yongzhi said that through their joint effort, they are likely to compete with the world-leading tyre corporations.
With a reported annual output of 12.5 million units, South China Tire & Rubber is said to have become the largest radial tyre manufacturer in southern China. Guangzhou Yitao is a private enterprise which specialized in rubber air spring and has an annual output of 900,000. It is announced that the newly established company is supposed to produce 5 million units and make 1.5 billion yuan per year.