Giti Tire Response To Preliminary Decision On Countervailing Duty In Antidumping Investigation Of Tires From China
RANCHO CUCAMONGA, Calif., Nov. 26, 2014 /PRNewswire/ -- A preliminary decision was made by the Department of Commerce on November 24, 2014 to impose a countervailing duty of 17.69% on certain passenger vehicle and light truck tires produced by Giti Tire in its manufacturing facilities in China and imports for sales in the United States.
Giti Tire is very disappointed with the Department's preliminary determination. Giti is a private company which believes in free-market practices and competes fairly in the global tire arena. The company's success is attributed to free trade and fair competition as demonstrated by its successful sales in more than 100 countries in a highly-competitive global tire industry. Giti believes that these preliminary duties do not reflect its actual circumstance. The company is seeking clarification from the Department on its calculation and will continue to work with the Department between now and the issuance of the final determination to ensure that Giti Tire's actual circumstance is properly reflected in the Department's calculation.
Giti Tire has a long-term commitment to the U.S. market, its customers, the American consumer and its American workforce. On June 16, 2014, Giti announced that it will invest more than US$560 million to build a manufacturing facility to serve the U.S. market, creating 1,700 jobs in South Carolina. The company asserts this demonstrates a sustained and significant commitment to the U.S., with no intention to harm the tire industry in the United States.
About Giti Tire
Giti Tire Group, headquartered in Singapore, has been in the tire business since 1951, and is ranked 10th globally by Tyre Press. Giti Tire operates 8 manufacturing plants, produces a broad range of tire products, serving major original equipment vehicle manufacturers, auto-service outlets, tire dealers and consumers in more than 10 countries worldwide.
GITI Tire (USA) Ltd., based in Rancho Cucamonga, California, is the sales, marketing, and distribution company for North America. It markets and sells a family of brands: GT Radial, Primewell, Dextero, and Runway tires for high performance vehicles, passenger, SUV, light truck and medium trucks through national retailers, independent retailers and distributors across the United States and Canada. For more information, please visit www.gtradial.com; www.primewelltires.com; www.dexterotires.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/giti-tire-response-to-preliminary-decision-on-countervailing-duty-in-antidumping-investigation-of-tires-from-china-300001626.html
SOURCE Giti Tire (USA) Ltd.
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