Recently, there are a number of domestic tires and related industries, and subsidiaries have been established in Europe.
Among them, Linglong Tire is a wholly-owned subsidiary registered in Luxembourg with a registered capital of 12,000 Euros and is mainly engaged in investment holding business.
It is understood that Linglong tires are communicating with many countries for the location of their European factories, and it has not yet been finalized.
Haley New Materials intends to team up with ASLI A/S to establish a joint venture subsidiary, Hailide Fibers Europe A/S, in Denmark.
The company has a registered capital of 1 million Euros and is mainly engaged in the sales of polyester chips, polyester industrial filaments and tire cord fabrics.
Giant Wheel Intelligence decided to invest 13.6 million euros to set up a wholly-owned subsidiary in Antwerp, Belgium.
Previously, the company had established Grand Wheels (Europe) Holdings Limited in Luxembourg, Odgy Precision Machine Tool Co., Ltd. (ODG) in Frankfurt, Germany, and participated in the German OPS company.
When it comes to the reasons for entering Europe, many companies said that they want to expand their market share and promote business cooperation in Europe. Setting up a subsidiary in the local area is the most direct and convenient option.
A research report shows that with the steady increase in car sales in Europe, coupled with the gradual stabilization of oil prices and favorable policy factors, it is expected that by 2021, the European tire market will reach 49 billion US dollars.
According to industry insiders, the huge market potential in Europe has made more and more domestic tire companies eye on this “big cakeâ€.
Tire companies' emphasis on the European market has also boosted the investment enthusiasm of the upstream industry.
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