Aeolus plans market expansion with new overseas subsidiaries

Shanghai, China – Aeolus Tyre is eyeing overseas expansion with plans to establish two new subsidiaries: in Indonesia and Chile.

The projects were referenced jointly in a 26 July statement* by parent company Fengshen Tire to the Shanghai Stock Exchange.

Based in Jakarta, Fengshen (Indonesia) OTR Tire Co. (tentative name), is to be set up with a registered capital of IDR10 billion (€604 million).

The Indonesian subsidiary also has a tentative English name PT Aeolus Indonesia OTR Tire – subject to approval and registration of its name by local authorities.

In Santiago, meanwhile, the tire maker is to establish Fengshen (Chile) OTR Tire Co., Ltd. (tentative), English name Aeolus Tire Chile SpA (tentative), with registered capital of €1,200 [sic].

Fengshen/Aeolus said both projects are part of its policy to ‘promote exchange with international markets and develop its business fields.

‘The business scope of both companies will be tire-related, involving import & export as well as wholesale.’

*Based on Google translation of Chinese-language document.