SHANGHAI (Sept. 9, 2016) — The debut of Triangle Group Co. Ltd. as a publicly traded company on the Shanghai Stock Exchange will be a “tremendous boost” to the company's efforts to become a major player in the U.S. tire market, according to Triangle Tire USA CEO Manny Cicero.
Triangle Group's initial public offering, to take place Sept. 10, is expected to raise more than $660 million in new capital, Triangle officials said, which will be used predominantly to invest in upgrading the company's production capacity and technical capabilities for all-steel radial commercial tires and high-performance passenger car tires.
“The IPO moving forward is great news for Triangle Tire USA and provides further impetus for U.S. tire distributors and dealers to join the Triangle team on the ground floor,” said Triangle Tire USA CEO Manny Cicero.
“It will accelerate the company's already considerable investments in R&D and developing highly-advanced, automated manufacturing facilities.”