Franklin, Tennessee – Triangle Tire has launched an initial public offering (IPO) at the Shanghai Stock Exchange (SSE), the Chinese tire-maker has announced.
Triangle received approval for the proposed IPO from the China Securities Regulatory Commission (CSRC) earlier in August and was listed on the SSE on 10 Sept.
The IPO is expected to raise approximately €590 million, which the company said will be invested in upgrading production capacity and technical capabilities.
Currently ranked 15 in ERJ’s Global Tire Ranking 2015, the company expects the move to help its “brand globalisation” plans and its presence in the US.
The company formed Triangle Tire USA and opened its US headquarters in Franklin earlier this year.
“The IPO moving forward is great news for Triangle Tire USA and provides further impetus for US tire distributors and dealers to join the Triangle team on the ground floor,” said Triangle Tire USA CEO Manny Cicero.
The money raised, he added, would help the company’s “already considerable investments” in R&D and developing “highly-advanced, automated manufacturing facilities”.
Triangle currently has five production facilities in China. The company is also considering establishing its sixth production facility outside of China, it announced on 8 Sept.
Headquartered in Weihai, Shandong, Triangle offers radial truck tires to the trucking industry, as well a range OTR radial and bias products.
Triangle Tire USA offers passenger and light truck tires, including ultra-high performance (UHP), winter and speciality trailer tires.