Fengshen Tire invested in establishing two overseas subsidiaries

Fengshen Tire Co., Ltd. issued an announcement on overseas investment to establish a wholly-owned subsidiary, taking an important step in expanding the international market.

According to the announcement, Aeolus Tire plans to establish two wholly-owned subsidiaries in Chile and Indonesia respectively. Among them, Fengshen (Chile) Construction Machinery Tire Co., Ltd. will invest US$1,200; while Fengshen (Indonesia) Construction Machinery Tire Co., Ltd. plans to invest 10 billion Indonesian rupiah (approximately 4.7623 million yuan).

Aeolus Tire said that this investment will seek more cooperation opportunities and communication platforms for the company in the international market, promote the company to continuously expand its business areas and achieve faster international development; on the other hand, it will also enhance the company's competitiveness in the international market and enhance the company's popularity and influence.

Aeolus Tire also stated that this foreign investment is consistent with the company's future development trend and investment strategy. The establishment of these subsidiaries will help promote the company's product structure transformation and upgrading strategy, deepen the development of sales channels in key regional segments, thereby shortening the sales chain and achieving better market share and profit growth.

Fengshen Tire Co., Ltd. was established in 1965. As a large-scale listed tire company controlled by China Sinochem Holdings Co., Ltd., it owns multiple brands, such as "Fengshen","Fengfeng","Henan", etc., and provides trucks, buses, construction machinery tires and other thousands of specifications.