Following Triangle Tyre’s initial public offering (IPO) in 2016 on the Shanghai Stock Exchange, the company has raised capital to drive its business forward. As a result, the Weihai-Shandong based company has initiated a globalization process aimed at increasing its shares in the most strategic markets. This means the establishment of new European Headquarters in Milan, Italy and a newly appointed European team. Triangle Tyre has chosen Corrado Moglia to lead its European growth agenda, as general manager for Europe. Moglia is a tyre veteran with more than 25 years of experience in the industry with Bridgestone, Marangoni and Giti Tire in his career, with his latest position in Giti being managing director for Latin America and Europe.
Despite a 36.3 per cent increase in operating income to RMB 2.2 billion (£249.4 million) in the first quarter of 2017, Triangle Tire reports that its year-on-year net profit declined 2.6 per cent in the first three months of the year to RMB 156.9 million (£17.8 million).
In the summer of 2015 we reported Triangle Tire’s appointment of Pierre Cohade as the company’s chief executive officer. At the time we wrote that the former Goodyear man (Cohade served as president of Goodyear Tire & Rubber’s Asia Pacific business between October 2004 and December 2011) had joined China’s second largest tyre maker in April that year and was tasked with extending Triangle Tire’s globalisation plan.
Chinese tyre manufacturer Triangle Tyre celebrated its 40th anniversary on 8 April. According to the company, over the past 40 years, Triangle Tyre has enjoyed “a big improvement in the tyre production” both in terms of quality and quantity.
Approval has been given for the long-anticipated Triangle Tire Co Ltd. initial public offering. The Shanghai Stock Exchange disclosed on 6 January that the go-ahead was granted at the meeting of the exchange’s Issuance Examination Committee held earlier that day.
Triangle Tire’s Triangle Tire USA division is establishing its North American headquarters in Franklin, Tennessee. At the same time, the company announced that it has appointed ex-Bridgestone Americas executive Manny Cicero as its CEO. Following his time at Bridgestone, more recently Cicero has worked as an industry consultant.
A group of “leading rubber processors from China” are set to visit Thailand, Indonesia and Myanmar to survey sites to establish rubber plants in the next week or so. Thailand’s The Nation reports that about 10 rubber processors from Shandong province and representatives from the China Council for the Promotion of International Trade are scheduled to visit Indonesia, Myanmar (Burma) and Thailand between 19 and 25 November.
The group reportedly consists of around 50 representatives from both companies and government agencies. It will reach Thailand on 23 November where it will stay for two to three days with a view to considering “opportunities to invest in the South and Northeast, the country’s major rubber tree growing areas”.