Cooper Tire & Rubber Co. has completed its $93 million purchase of a 65% interest in China-based Qingdao Ge Rui Da Rubber Co. Ltd.
GRT produces truck and bus radial (TBR) tires for global markets and will manufacture TBR tires to meet Cooper’s customer needs in North America, as well as in Asia and other markets. In the future, passenger car radial tires may also be manufactured at the 1-million-square-foot GRT facility, which has room for further expansion.
The plant will be renamed Cooper Qingdao Tire Co. Ltd., the company announced previously. Cooper estimates that at full capacity, the plant is capable of making approximately 2.5 million to 3 million TBR tires annually, and nearly the same number of passenger tires.
“Our partnership with GRT is an important step in Cooper’s strategic plan as it diversifies our TBR tire supply beyond a single source,” says CEO and President 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.”
For more information on Cooper, visit www.coopertire.com.