GTYR partners with SHRC for 7-year technical services agreement

By MG News | Category Equity | August 19, 2024 at 03:06 PM GMT+05:00

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August 19, 2024 (MLN): Ghandhara Tyre and Rubber Company Limited (PSX: GTYR) has announced that it has entered into a Technical Services Agreement with Shandong Huasheng Rubber Co., Ltd. (SHRC), effective from September 01, 2024 for a period of 7 years.

The above agreement, which is subject to obtaining the necessary regulatory approvals, is expected to enhance the company’s tyre manufacturing processes by leveraging SHRC’s advanced technical expertise and proprietary know-how.

SHRC is a leading technology service provider in the tyre industry, based in the People's Republic of China.

This development follows the mutual agreement between GTYR and Continental Global Holding Netherlands B.V. to terminate their Royalty Technical Services Agreement, effective August 31, 2024.

According to a notice issued by the company to PSX today, GTYR renewed the agreement back on March 21, 2018 for a period of 7 years effective from January 1, 2018.

During this time, the company sought alternative technology suppliers in the tyre industry to substitute Continental Global.

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