China proving ground to become Sailun subsidiary

Sailun Group aims to take a majority share in the East China (Dongying) Intelligent Connected Vehicle Proving Ground, a joint venture facility it established together with vehicle manufacturer FAW Group and Dongying City. By investing an additional RMB 420 million (£45.8 million, US$57.9 million) the tyre maker will increase its stake in the venture from 37.22 per cent to 57.41 per cent, and the proving ground will become a Sailun subsidiary. The capital increase will help finance additional facilities at the site.