The leading tyre manufacturer of Pakistan ‘Service Industries Ltd’, and the Chinese company Chaoyang Long March Tyre Co. Ltd. have joined hands to manufacture All Steel Radial Truck & Bus Tyres in Pakistan. These companies have signed a joint venture agreement.
Chaoyang Long March Tyre Co. Ltd. was established back in January 2003. Presently, the company exports its products to more than 90 countries.
As for Service Industries Limited, it was established back in 1961. It is the leading footwear and tyre company in Pakistan. Recently, Service has also entered the tractor tyre market.
According to the agreement, Service Industries Limited will own 51% and Chaoyang Long March Tyre Co Ltd will own 49% of the new company called Service Long March Tyres Pvt. Limited.
The first phase of the $250 m worth project will start with a $100m investment in SITE Sindh. The land for this project has been purchased.
The CEO of Service Industries Limited Arif Saeed said, “We have 50 years of experience in the tyre industry, and we have the most recognized brand and largest distribution network in the country. In Long March we have found a top-notch partner, with leading technology and a vision similar to ours. Together, we will complement each other and intend to build a world-class company.”
Chairman Chaoyang Long March Tyre Co Ltd Li Qingwen said, “Long March is a global brand. For our expansion, we looked at many countries and decided that Pakistan offered the best opportunity with a sizeable domestic market, investor-friendly policies and a good, skilled workforce. I am very excited to be working with Service Industries Limited as our local partner. Their experience and the 3,000 skilled workers they have will be a huge asset for the JV company. We look forward to exporting tyres around the world from our new factory.”