China machinery supplier unveils €74m vulcanising press order from tire makers

Shenzhen, China – Chinese tire machinery maker Greatoo Intelligent expects a series of fresh orders from local tire makers to positively impact its financial performance in 2024.

In a 30 Jan stock exchange announcement, Greatoo said it had recently signed major contracts for the supply of hydraulic vulcanising presses with 10 tire makers.

Valued at Yuan574 (€74 million), the contracts are expected to have a “positive impact” on the company’s performance this year.

Greatoo did not disclose the details of the contracts, but said the subjects of the contracts were intelligent servo hydraulic vulcanising presses.

According to Greatoo, the Chinese tire industry has “gained strong momentum” since the second half of 2023, on the back of domestic economic recovery and increased overseas demand.

Coupled with a decline in tire raw materials prices and shipping costs, the recovery can be seen in both replacement and OEM demand, it added.

In the OEM market, Greatoo said that production and sales of new-energy vehicles are growing rapidly, boosting demand for high-quality semi-steel tires.

“There has been an increase in the number of domestic tire factory technical transformation projects and tire factory overseas projects,” said the machinery supplier.

In the replacement market, meanwhile, the “destocking cycle in North America has basically ended”, added Greatoo.