Goodway establishes European JV with Italmatic

Malaysian compounder Goodway Integrated Industries Bhd has formed a European joint venture with Italmatic SRL and two private individuals, with the intention of supplying compound into the European tyre and retread sector. The company does not expect to produce compound locally, but will market compound produced by companies within the Goodway group

The new joint venture, called Goodway Europe SRL was set up on July 15 and is incorporated in Italy. Dr Massimo Ghitturi of Goodway Europe confirmed that the company does not expect to sell significant volume of compound in 2004, but that sales will increase during 2005. He did not give any further details on the company's plans.

Goodway holds 40 percent of the equity and Italmatic owns 30 percent. Paolo Borgianni, an Italian national, and Angelo Vassena, a Swiss national, own 20 and 10 percent respectively.

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Goodway (Malaysia) website

Italmatic (Italy) website