ChemChina (China National Chemical Corp) has gained European Union antitrust approval for Pirelli takeover. According to a Reuters report, the completed transaction would give the combined company a 10 per cent market share. As a result, ChemChina unit China National Tire & Rubber is now expected to go ahead with plans to set up a joint venture to acquire a 26.2 per cent stake from Italian holding firm Camfin and then make a mandatory takeover bid for the rest of Pirelli.
On Tuesday 30 June, Road Haulage Association chief executive Richard Burnett made the trip to Calais to witness for himself the "appalling conditions" under which UK hauliers are currently operating. “This action will have a massive effect on the UK economy as a whole and is putting the livelihood and lives of hundreds of hauliers at risk”, said Richard Burnett.
On 29 June ZC Rubber Group hosted the grand opening ceremony of ZC Rubber Thailand, the leading Chinese manufacturers’ first overseas manufacturing subsidiary, located in Rayong, Thailand. At the same time the company’s top executives took the opportunity to announce the foundation of new TBR production line in order to meet ”the quickly increasing demand on medium and heavy truck tyres from Southeast Asia and South Asia. ZC Rubber will keep on the globalization strategy for a better future.”
Mexican carrier Morgan Express says ti achieved reductions by retreading over 800 tyres from its fleet with Vipal materials. Morgan has over 40 years of experience in the logistics markets, with facilities in five Mexican cities (Guadalajara, Monterrey, Nuevo Laredo, Veracruz, and Mexico City). The company, which has a fleet of around 150 vehicles, retreaded over 800 heavy duty tyres in 2014, using Vipal’s VEL B and V167 B treads.
Milltek Sport has released a new stainless steel exhaust system for BMW’s popular F32 428 model. The manufacturer says the system balances looks, power and soundtrack in one package, with variations for manual and automatic cars with and without tow bar setups.
Michelin communications head, Michael Küster will take on additional responsibility for commercial vehicle tyres and the Travel Publishing Group public relations on 1 July. Küster was previously head of product and motorsport communications with responsibility for Germany, Austria and Switzerland (DACH region). Nina Grigoleit, who previously supervised these areas, will take on other duties within the company.
A couple of months ago we discussed the “restructuring” of relatively large and modern Chinese manufacturer Deruibao Tire. Back then, Qingdao Doublestar was top of the list of firms connected with an acquisition/cooperation/merger rescue orchestrated by the local government. A month later government-owned ChemChina announced that it was buying Pirelli. This latter point has been covered in some depth in the pages of Tyres & Accessories, especially in our April edition. The Pirelli/ChemChina story will no-doubt garner more attention as the very complex outworkings of the deal are walked out, but what remains of interest is the way in which both the local Chinese market and the global industry are engaged in a period of both parallel and inter-connected consolidation.