Chinese tyre maker Sailun Group Co. Ltd. has introduced a new rotational system for appointing the company’s president. Under the format, which takes effect this month, Sailun’s Board of Directors appoint a member of senior management to serve in this role for a maximum period of two years. Wang Jianye has been named the first president of Sailun Group under the system, succeeding Zhongxue Yuan.
The joint venture between Cooper Tire & Rubber Company and Sailun Vietnam Co, Ltd has produced its first tyre. ACTR, facility located near Ho Chi Minh City, Vietnam.
Cooper Tire & Rubber Company is to form a joint venture with Sailun Vietnam Co, Ltd to build a 2 million capacity truck and bus radial manufacturing plant. Subject to closing and government approvals, the facility will be located near Ho Chi Minh City, Vietnam, at the site of Sailun Vietnam’s existing operations, which early in 2018 signed an offtake agreement to produce Roadmaster, Dean and Starfire brand tyres for Cooper. The new announcement represents the latest move in a series of cooperative moves between the two firms – Sailun Jinyu invested in joining Cooper in its GRT JV in September.
In 2016, Cooper Tire & Rubber invested some US$93 million to acquire a 65 per cent shareholding in Qingdao Ge Rui Da Rubber Co., Ltd (GRT). The remaining 35 per cent share in the China-based truck and bus radial manufacturing operation was retained by Qingdao Yiyuan Investment Co., Ltd. (QYI), however QYI is now selling its stake in the business. Sailun Jinyu Group Co., Ltd. has signed a share transfer agreement with QYI to acquire its 35 per cent interest in GRT for RMB 220 million (£24.4 million, US$32.0 million), subject to government approval.
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