ESSEN, Germany (June 29, 2012) — GiTi Tire Co. Ltd., coming off 16-percent growth in fiscal 2011, will continue to grow profitability this year and in 2013 by gaining volume share in mature markets and achieving breakthroughs in emerging countries, according to Richard Lyons, managing director Europe.
Speaking at the GiTi Dealer Conference at the recent Reifen 2012 trade show in Essen, Mr. Lyons stated that GiTi would achieve these goals in “unprecedented economic times” by introducing high-quality products with premium performance, a first-class level of service and an improved value-proposition.
GiTi Tire's sales grew to $2.9 billion last year, Mr. Lyons said, from $2.38 billion in 2010. Europe accounted for one-third of GiTi's export market revenue in 2011, he added, rising from 21.5 percent in 2010. He did not give specific figures.
GiTi is banking on new car and truck tires launched earlier this year to keep its sales momentum rolling, according to presentations by other GiTi Europe executives.
About 120 people attended the tire makers's conference, including representatives from Cyprus, Czech Republic, Finland, France, Germany, Greece, Hungary, Italy, Malta, Netherlands, Poland, Portugal, Slovakia, Spain, Sweden, Turkey and the United Kingdom plus GiTi teams from China, Indonesia and Singapore.