YANTAI, China—China's Linglong Group Co. Ltd. has opened subsidiaries in Mexico and Luxembourg to engage in the import and export of tires and raw materials used in tire production.
The two subsidiaries—Elite Faith Mexico S.A. de C.V. in Mexico City and Linglong Luxembourg S.a.r.l. in Luxembourg City—were set up "as per Volkswagen's request to build up Linglong's overseas sales network to speed up the two companies' cooperation," Linglong said.
Linglong, in October, became a global supplier to Volkswagen A.G., becoming the first Chinese tire maker to secure such a position, according to the company.
In fiscal 2016 Linglong reported a 20 percent rise in revenue to $1.52 billion, nearly 54 percent of which came from overseas markets. The company's net profit during the year jumped 49 percent to $170 million, or 11 percent of sales.