QINGDAO, China—Cooper Tire & Rubber Co. is getting a new partner for its Qingdao Ge Rui Da Rubber Co. Ltd. (GRT) joint venture in Qingdao.
Sailun Jinyu Group Co. Ltd. has signed a share transfer agreement with Qingdao Yiyuan Investment Co. Ltd. to acquire QYI's 35 percent interest in GRT. Financial details were not disclosed.
Cooper Tire acquired 65 percent of GRT in 2016 for about $97 million. The firm sources its Roadmaster radial truck and bus tires from GRT's plant in Qingdao.
"We are pleased to become a partner to Cooper in the GRT joint venture and admire the work that has been done at the facility to make it operational quickly and with a focus on quality and safety," ZhongXue Yuan, chairman and president of Sailun Jinyu Group, said in a statement. "We intend to continue the great work being done at GRT and will lend our considerable tire industry expertise to drive further success at GRT in partnership with Cooper."
Cooper has an existing relationship with Sailun through an offtake agreement with its operation in Tay Ninh, Vietnam, to produce its Roadmaster brand of TBR tires.
"GRT has been a highly successful partnership for Cooper, ramping up quickly and producing high quality TBR tires under the Roadmaster and Cooper brands for global markets," Brad Hughes, CEO and president of Cooper, said in a statement. "The partnership with QYI has been a productive one, and we expect a smooth transition to our new partner, Sailun Jinyu Group."