Help | Sitemap | Archive | Advanced Search | Mirror in USA   
  CHINA
  BUSINESS
  OPINION
  WORLD
  SCI-EDU
  SPORTS
  LIFE
  WAP SERVICE
  FEATURES
  PHOTO GALLERY

Message Board
Feedback
Voice of Readers
China Quiz
 China At a Glance
 Constitution of the PRC
 State Organs of the PRC
 CPC and State Leaders
 Chinese President Jiang Zemin
 White Papers of Chinese Government
 Selected Works of Deng Xiaoping
 English Websites in China
Help
About Us
SiteMap
Employment

U.S. Mirror
Japan Mirror
Tech-Net Mirror
Edu-Net Mirror
 
Monday, March 26, 2001, updated at 09:43(GMT+8)
Business  

World Tire Giant Michelin Joins Hands with Chinese Partner

World tire giant, Michelin, has entered into an alliance with China's Shanghai Tyre and Rubber Co., Ltd. after 30 months of negotiations, company officials said Sunday.

The two sides will soon begin to work together strategically in the production of radial tires for sedans, trucks and buses, among others.

Initially they will start a 200-million-U.S.-dollar joint venture, in which Michelin will take 70 percent of the stakes and the Shanghai Tyre and Rubber Co. the other 30 percent.

The joint venture, to be named the Shanghai Michelin Warrior Tyre Co., is expected to have an annual production of eight million radial tires for sedans and 15,000 tons of wire for tires by the year 2010.

The Chinese partner's trademark, Warrior, which is well known in the domestic market, will be preserved in the joint venture.

Michelin is also scheduled to start a solely owned research and development center in Shanghai.

Edouard Michelin, president and chief executive officer of Michelin, called the agreement a milestone that will reshape the tire market of China.

He stressed the importance of the Chinese market in Michelin's global strategy and expressed his optimism towards Shanghai as the center of the tire industry for both China and the Asia-Pacific region.

Fan Xian, president of the Shanghai Tyre and Rubber Co., said the alliance will offer his company an opportunity to learn from Michelin's world-class technology, craftsmanship, management and marketing skills and sharpen the competitive edge of Chinese tire producers.







In This Section
 

World tire giant, Michelin, has entered into an alliance with China's Shanghai Tyre and Rubber Co., Ltd. after 30 months of negotiations, company officials said Sunday.

Advanced Search


 


 


Copyright by People's Daily Online, all rights reserved