QINGDAO, Shandong—Chinese machinery maker Mesnac and natural rubber supplier Hainan Rubber have entered a three-year strategic partnership.

The two parties will join forces in the research and development of rubber materials and products as well as smart manufacturing, according to a Mesnac statement. The companies also plan to set up an industrial fund to invest in "related areas."

Under the partnership, Mesnac and Hainan Rubber will establish a national laboratory for natural and synthetic rubber and cooperate on the development of air springs. Target applications include shock-absorbing mounts for high-speed rail, tire tread materials and products for new-energy sectors, Mesnac said. 

The partners also hope to help "formulate new industry standards on EVEC rubber," the statement added. Developed by Mesnac company Eve Rubber, EVEC is manufactured through liquid mixing and is claimed to improve tire performance in terms of wet grip, wear and rolling resistance.

Together, Mesnac and Hainan Rubber also plan to develop smart technologies for rubber-harvesting and processing as well as safer, more automated rubber machinery and IoT-based plants.

The partners plan to leverage "preferential policies" in the Hainan Free Trade Zone, and help upgrade Chinese industry.