GUPT tire and rubber company announced to increase investment in Asian factories
GUPT tire and rubber company (represented by the New York Stock Exchange on behalf of CTB) today announced that its shares in its subsidiary Kubo Jianda tire (Kunshan) Co., Ltd. will be increased from 50% to 100%. The investment amount of the increased shares is US $116.5 million, and the delivery is expected to be completed through a wholly-owned subsidiary on March 15, 2011. The finance of the subsidiary has been included in the global financial statements of GUPT tire and rubber company. Once the temperature is too high, the subsidiary will be renamed as GUPT tire (Kunshan) Co., Ltd. with the approval of the government. At present, the subsidiary produces many kinds of cars and light truck tires to improve production efficiency, which are sold to North America and Europe, and will also be sold to China's domestic market in the future
caokechang, global vice president and general manager of Asia Pacific region of GuBo tire rubber company, said, "the management team and employees of Kubo Jianda tire (Kunshan) Co., Ltd. have worked tirelessly to build the company into a world-class factory to produce high-quality and competitive products. We expect the company to continue to play an important role in the global supply chain of Cooper Tire and rubber company. "
Mr. Miller, global vice president and President of International Department of GUPT tire and rubber company, also said, "we are in a joint venture to ensure that people can better use the experimental machine. The company's partners for Kubo Jianda tire (Kunshan) The contribution brought by the establishment and growth of the limited company is invaluable, and both sides also benefit from joint efforts. Our ownership of the new company enables the company to continue to grow and strengthen its competitiveness. We are excited about the new company's role in the future of Cooper Tire and rubber company
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