TAIPEI, Taiwan (Dec. 19, 2008)—Cheng Shin Rubber Group said it is headed for record sales in 2008 on the strength of global sales of its Maxxis brand.
Revenue through October was up 22 percent over 2007, when Cheng Shin reported worldwide sales of $2.12 billion. That revenue volume makes it the world's 12th largest tire maker, according to Rubber & Plastics News data reports.
Despite the global economic downturn, Cheng Shin said it has continued to have strong sales growth in recent months because it is tapping new sources of revenue.
The company has introduced new products for bicycles and sport-utility vehicles during this year, he said.
About 60 percent of Cheng Shin's sales come from its Maxxis brand and the other 40 percent from its Cheng Shin brand as well as private label production.
Cheng Shin distributes tires in 150 countries, with operations in North America, where it is represented by Maxxis International USA, a subsidiary in Suwanee, Ga., Asia and Europe.
In 2007 Cheng Shin reported nearly $400 million in sales in North America.