Ghandhara Tyre and Rubber Company Limited, formerly known as The General Tyre and Rubber Company of Pakistan Limited, has announced a significant shift in its technical partnerships, according to a notice sent to the Pakistan Stock Exchange (PSX).
The company has mutually agreed to conclude its Royalty Technical Services Agreement with Continental Global Holding Netherlands B.V. effective August 31, 2024. This agreement, originally renewed in 2018, was set to last until December 2024 but will now end earlier than planned.
In a strategic move to enhance its manufacturing capabilities, Ghandhara Tyre has entered into a new Technical Services Agreement with Shandong Huasheng Rubber Co., Ltd. (SHRC), a leading technology service provider in the tyre industry based in China.
This new agreement will commence on September 1, 2024, and is set for a period of seven years, pending necessary regulatory approvals.
The partnership with SHRC is expected to significantly boost Ghandhara Tyre’s manufacturing processes by leveraging SHRC’s advanced technical expertise and proprietary know-how.
This development marks a pivotal step for the company as it seeks to innovate and improve its product offerings in the competitive tyre industry.
The new collaboration, aligns with the company’s long-term strategy to seek alternative technology suppliers and enhance its technological capabilities, said the notice.
