Triangle's IPO Will Increase R&D Investments
Triangle Tyre Co. Ltd. became a publicly traded company on the Shanghai Stock Exchange on Sept. 10, 2016. The company’s U.S. subsidiary expects the move will boost Triangle’s efforts to become a major player in the U.S. tire market.
“The IPO moving forward is great news for Triangle Tire USA and provides further impetus for U.S. tire distributors and dealers to join the Triangle team on the ground floor,” says Triangle Tire USA CEO Manny Cicero. “It will accelerate the company’s already considerable investments in R&D and developing highly-advanced, automated manufacturing facilities.”
The initial public offering (IPO) is expected to raise approximately $662 million, which will be invested in upgrading the company’s production capacity and technical capabilities for all-steel radial commercial tires and high performance passenger car tires. Triangle also said money raised from the IPO will help speed brand globalization.
The company formed Triangle Tire USA and opened its U.S. headquarters in Franklin, Tenn., earlier this year.
Triangle currently has five production facilities in China. The company is also considering establishing a production facility outside of China, which will become the company’s sixth plant.
The company says more than half of its products are exported to international markets and more than 35% of the sales are in North America, Europe, Australia and other developed countries. Triangle Tire’s market network covers more than 170 countries and regions. In addition to the U.S., the company has established branches in Europe, Russia, India and other key markets.
Triangle Tire provides original equipment tires for Caterpillar, Volvo, GM, Nissan, Hyundai, Doosan, Terex, Iveco, CNH Industrial, Liebherr, Bell South Africa and other international automobile and truck companies.
Triangle Tire celebrated its 40th year in business this past April. It is headquartered in Weihai, a major seaport city located in the eastern part of China’s Shandong province. Its R&D center in Weihai is one of the very few R&D institutions in China to have been awarded by the Chinese Government the status of National Engineering Laboratory and National Industrial Design Institute.
Triangle Tire USA is the wholly owned subsidiary of Triangle Tyre Co. Ltd. On the commercial side, the company offers a broad range of medium radial truck tires to the trucking industry. It also has a full range of off-the-road (OTR) radial and bias products, including giant radials for the construction, mining and aggregates industries. On the consumer side, Triangle Tire USA has a comprehensive line-up of passenger and light truck tires, including ultra-high performance (UHP), winter and specialty trailer tires.
In addition to the Franklin office for Tire Triangle USA, the company opened a technical center in Akron, Ohio, in 2011, to help develop consumer and commercial tires specifically for the U.S. market.
Read "Triangle Celebrates 40 Years and Begins Building Its Brand in China" and "MTD Exclusive: Triangle's Ding on Globalization, Products, IP and Tariffs" for Modern Tire Dealer's coverage of the company's anniversary event.
For more information about Triangle Tire USA, call 1-888-TIRE-745 (888-847-3745) or 615-610-5050, or email email@example.com.