Cooper completes GRT shareholding purchase
Cooper Tire & Rubber has completed its purchase of a 65 per cent interest in China-based Qingdao Ge Rui Da Rubber Co., Ltd. (GRT). GRT produces truck and bus radial tyres for global markets and will manufacture these to meet Cooper’s customer needs in North America, as well as in Asia and other markets. In the future, passenger car tyres may also be manufactured at the one-million-square-foot GRT facility, which has room for further expansion.
“Our partnership with GRT is an important step in Cooper’s strategic plan as it diversifies our TBR tyre supply beyond a single source,” said Brad Hughes, president and chief executive officer of Cooper Tire & Rubber. “Cooper is committed to delivering high quality tyres 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.”