WEIHAI, Shandong/China (May 20, 2016) — Triangle Group Co. Ltd., the second largest tire manufacturer in China and 15th largest worldwide, is aiming to crack the top 10 globally over the next few years, according to the firm's top executive speaking at the company's 40th anniversary ceremony held recently in Shanghai and Weihai.
Triangle Chairman Ding Yuhua laid out the master plan for expansion in capacity, product line, research and development as well as sales network.
“We need to pay high attention to and contribute to the ‘ground-shaking' transformation of the sector,” Mr. Ding said during his speech.
Weihai-headquartered Triangle plans to boost its total capacity roughly 20 percent to 30 million units annually over the next five years, Mr. Ding said. The company produces passenger car, truck and bus and OTR tires and sells in 180 countries. Fiscal 2014 sales were $2.87 billion.
Included in the growth are plans to achieve smart manufacturing for 10 million units of high-performance tire capacity at its Huayang, China, plant and 3.5 million radial truck tires at its Huamao, China, factory over the next three to five years.
Funding the growth will come in part from capital to be raised from Triangle's upcoming IPO on the Shanghai Stock Exchange.