(Yicai Global) April 20 -- Jiangsu General Science Technology Co. will spend up to USD5 million to set up a Singaporean unit as it looks to facilitate natural rubber procurement and tire sales in Southeast Asia.
The move aims to speed up overall business development in line with the company’s globalization strategy, the Wuxi-based company said in a statement yesterday.
The deal will consolidate JGST’s natural rubber sourcing and sales channels and allow the firm to benefit from favorable investment and trade policies available in Singapore, the company said.
JGST announced plans to plow USD300 million into a high-performance radial tire plant in Cambodia the same day, seeking to bolster market share and profitability in the Southeast Asian nation and steer clear of American tariffs on Chinese tires.
Editor: James Boynton