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Since our founding in 1993, Giti Tire has grown to become China's largest tire manufacturer in terms of production volume, sales revenue, and product range through a combination of new plant development and carefully selected acquisitions. Currently, we have a total of seven manufacturing plants in China, all of which were built or selected based on our judgment of their ability to operate at global standards in terms of production quality and capacity. We have also vertically integrated into some strategic raw materials production like nylon cord and steel wire to mitigate supply risk and quality control.
Significant milestones in the development of our business include the following:
1993
Establish Giti Anhui as a joint venture with the local Anhui government for the production of Bias tires. Giti Anhui subsequently became a wholly-owned subsidiary in 1997.
1995
Establish Anhui Prime Cord to design, produce and sell synthetic fiber cord.
1996
Commence production of PCR tires at Giti Anhui.
1998
Establish the first 14 of our proprietary sales and distribution centers, which in subsequent years has grown to a total of 45 centers, the largest wholly-owned wholesale tire sales and distribution network in China.
2000
Our subsidiary Giti Fujian, completes construction of new PCR tire production plant in Fujian and commences production.
2001
Giti Anhui commences TBR tire production through acquisition of a TBR tire production plant from the local Anhui government; Giti Anhui’s production facility ranked number one manufacturing plant in China terms of sales revenue according to China Tire Association.
2002
- Acquire a TBR production facility in Chongqing (Giti Chongqing).
- Acquire a Bias production facility, and a multi-product tire production facility in Yinchuan through joint ventures (Giti Yinchuan Greatwall and Giti Yinchuan)
2003
Completed the acquisition of a 44.4% equity interest in Hualin Tyre, a company listed on the Shanghai Stock Exchange. Hualin Tyre, located in Heilongjiang Province, is a large-scale tire enterprise producing TBR, PCR and bias tires.
2004
- To rationalize our Chinese operations, we transfer all of our PRC tire assets to Giti Tire (China) Investment Co. Ltd., a wholly-owned PRC intermediate holding company.
- Complete asset swap with GTC in which we transfer a 51% interest in Giti Fujian to GTC in return for all the assets and certain liabilities of Giti Tire (Hualin) Co. Ltd.
- Establish Giti Steel Cord (Hubei) with the acquisition of the assets of Hubei Steel Wire Factory.
2005
- Acquire a 22.5% stake in PT Gajah Tunggal Tbk., an Indonesia-based tire manufacturer listed on the Jakarta Stock Exchange which owns and operates the largest integrated tire manufacturing facilities in Southeast Asia. Our interest has since increased to 27.9%
- Establish sales and marketing subsidiaries in North America and Europe to expand export sales.
- Achieve rank of 13th largest tire manufacturer in the world in terms of production volume globally according to tirebusiness.com.
2006
- Sign multi-year sales agreements with major international distributors in North America and Europe.
- Awarded 2005 Supplier of the Year award by General Motors, one of only two tire companies to receive such award.
2007
- Established sales and marketing subsidiary in Canada to expand export sales.
- Established Giti Radial Tire manufacturing facility in Anhui to further expand our production capacity.
- Awarded 2006 Supplier of the Year award by General Motors for the second consecutive year.
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