Cooper completes majority stake purchase in GRT
Cooper Tire completed its purchase of a 65 % interest in China-based Qingdao Ge Rui Da Rubber Co., Ltd. (GRT) under terms that were previously announced.
GRT produces truck and bus radial (TBR) tyres for global markets and will manufacture TBR tyres to meet Cooper’s customer needs in North America, as well as in Asia and other markets. In the future, passenger car radial tyres may also be manufactured at the one-million-square-foot GRT facility, which has room for further expansion.
“Our partnership with GRT is an important step in Cooper’s strategic plan as it diversifies our TBR tire supply beyond a single source,” said President & Chief Executive Officer 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.”