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BEIJING, July?21 (Xinhuanet) -- Shandong tire producer expands its overseas reach with UK ventures cheap nike air max 90 Zoom IT , reports Meng Jing.


You Xuezhong, chairman of the board of Shandong Yongtai Chemical Group, a leading private tire producer in China, brought his entire family to the United Kingdom this summer.


It seemed like a cozy family trip with even You's grandchild being on board, but the 63-year-old businessman certainly had much more on his mind than spending some quality time with his family.


During the trip to the UK in mid-June cheap nike air max 90 ultra essential 2.0 , You struck a deal to acquire the Coventry-based automotive manufacturer UYT Ltd for 28 million pound ($43.59 million).


The acquisition marks Yongtai's second major move in the UK. In July 2013, the tire producer, based in Dongying, a city in East China's Shandong province, acquired a 70 percent stake in Covpress Ltd cheap nike air max 90 master , a Coventry-based pressed materials company that presses steel into car-body parts.


UYT, which is going to serve as an assembly plant for the car parts pressed by Covpress, is seen by Yongtai as part of an important move to extend the industrial chain of its auto component business as assembled products can be sold at much higher prices than pure components.


With the acquisition of UYT, Yongtai has also inched closer to its goal of being a flagship in the auto components industry.


"Coventry, which is the heart of UK's carmaking industry cheap nike air max 90 pinnacle , is the perfect place for us to make investment in terms of gaining cutting-edge technology. Combined with China's advantage in production and the large automobile market, we are building something that can be very competitive worldwide," said You.


The UK motor industry was born in Coventry, which is home to many famous brands like Jaguar, Rover cheap nike air max 90 ultra 2.0 flyknit , Triumph, Healey and Riley. But the city has lost its manufacturing sheen over the years, especially after the global financial crisis hit in 2008.


In recent years, more and more Chinese private carmakers, such as Zhejiang Geely Holding Group cheap nike air max 90 ultra se , have set their sights on the region, believing it is an ideal opportunity for them to upgrade their auto manufacture skills by investing in Coventry-based companies.


Chinese investment has proven to be an effective way to boost local jobs and lift local economy, especially in Covpress' case. Since Yongtai's investment about two years ago, Covpress has moved into a fast track of development.


Chris Challen, a crane operator at Covpress cheap nike air max 90 woven , said workers have never been busier. "In the hard times before the acquisition, our workers could work only three or four days a week because we didn't have a lot of orders. Now we work five days a week, and every day we have three shifts. But still we sometimes need to work extra hours on weekends."


According to Yongtai, the production capacity of Covpress has jumped 30 percent and the number of employees increased from 400 in 2013 to 700 at present. It has also got more orders from automakers such as Jaguar Land Rover Ltd, the Coventry-based multinational automotive company.


You Xiaoming cheap nike air max 90 hyperfuse , general manager of Yongtai and the son of Yongtai's chairman You Xuezhong, said: "Covpress has gained more orders than they can actually produce. We have had to eliminate some office space to make room for production."


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