Qingdao, China — Sailun Jinyu Group Co. Ltd. has agreed to acquire a 35% ownership stake in Cooper Tire & Rubber Co.’s Qingdao Ge Rui Da Rubber Co. Ltd. (GRT) joint venture in Qingdao.
Financial details were not disclosed.
This deal will extend Cooper’s relationship with Sailun Jinyu, which struck an offtake agreement in February with Cooper covering production of Cooper’s Roadmaster-brand truck/bus tires at its operation in Tay Ninh, Vietnam.
Cooper Tire acquired 65% of GRT in 2016 for about $97 million (€82.2 million). The firm sources…