TRS announces Joint Venture for tyre recycling in China to address growing demand for performance rubber powder
Tyre Recycling Solutions SA. Switzerland (“TRS”) and Tengzhou SDS Star Smith Metal Products Co., Ltd. (滕州思达施密丝金属制品有限公司) (“SDS”) today concluded a joint venture agreement regarding Tyre Recycling Solutions China Jointco, Ltd., (“TRS China”) a consolidated subsidiary of TRS Switzerland. The venture will be established by TRS and SDS, under Chinese laws. The Parties intend to domicile JointCo in Tengzhou ( 滕 州 市 ) Economic Development Zone, Shandong Province, one of the nation’s clusters for the production of tyres. TRS shall be the majority owner with 67% (sixty- seven percent) of both the share capital and the voting rights. SDS SubCo shall own the balance of 33% (thirty-three percent).