Chinese maker of tyres Shandong Linglong Tire Co. Ltd and Paraguayan dealer in tyres Sunset Tires Corp. Ltd have  struck a deal to co-operate in increasing their shares of the tyre markets in Brazil and Paraguay, Yicai Global reports.

The financial news website quotes a written statement issued by Shandong Linglong Tire as saying representatives of the companies will sign the agreement in the Brazilian city of São Paulo.

The report says Sunset Tires has agreed to buy over US$300 million worth of Shandong Linglong Tire tyres between 2019 and 2021, or at least 10 percent of the tyres it imports from China.

Sunset Tires has also agreed to open at least 90 outlets for Shandong Linglong Tire tyres in Brazil and Paraguay in the next three years, 60 of them bearing the Linglong brand, Yicai Global says.