Tag: investment
Reports: General Tyre Pakistan planning US$200 million investment in new factory
General Tyre and Rubber Company of Pakistan Limited is planning to invest around US$200 million on a new plant, local government officials told The News International on Saturday 2 February.
The thinking behind Bridgestone’s TomTom Telematics acquisition
Bridgestone’s successful acquisition of TomTom Telematics follows earlier reports that both Michelin and Bridgestone were vying to buy the Telematics business unit from Netherlands-based company TomTom. In addition, according to Dutch financial daily Het Financieele Dagblad, Michelin was one of four in the running. For its part, Michelin was allegedly aiming to add the business into its Michelin Solutions portfolio. Clearly, in order to maintain its original plans and to compete with Bridgestone, Michelin will now have to find an alternative way of moving forward.
Saudi Arabia investing US$2 billion in solar/carbon black complex
Saudi Arabia is planning to develop a $2 billion solar and carbon black integrated complex in partnership with China’s Longi and South Korea’s OCI, according to various news reports from the area.
European Springs expands with 1 million euro investment in UK operations
European Springs & Pressings, supported by parent company Lesjofors, has invested 1 million euros in a new spring coiling machine, the first of its kind in the UK.
Prinx Chengshan invests £19 million in purchasing land for new Thailand tyre factory
Having rejected earlier plans for a new tyre factory in Malaysia, Prinx Chengshan has invested 170.6 million yuan (£19.464 million) in buying at least 433,600 square metres of land in at Tambon Nong Suea Chang, Amphur Nong Yai, and Tambon Klong-Kew, Amphur Ban-Bung, Chonburi province in Thailand. According to stock exchange filings dated 25 December 2018, the deal comprises “several plots of land” and will be funded by the company’s recent global share offering.
FinTyre buys RS Exclusiv Reifengrosshandel and TyreXpert Reifen + Autoservice
European FinTyre Distribution (EfTD) has signed a binding agreement to acquire two key players in the German tyre market: RS Exclusiv Reifengrosshandel GmbH and TyreXpert Reifen + Autoservice GmbH. As a result of the acquisition EfTD now has a total turnover of 740 million euros in Germany and project annual unit sales of 8.5 million tyres.
Tamworth motorsport, high performance brakes firm secures £3m finance
A Tamworth based manufacturer of high-performance brake components for the motorsport and performance vehicle market has secured a £3 million finance package from HSBC UK to fund new state-of-the-art machinery to boost production. Alcon has used the funding to purchase five Computer Numerical Control (CNC) machines as well as a noise, vibration and harshness (NVH) dynamometer.
Motokiki tyre price comparison site launches
A new online tyre price comparison service has launched, aiming to provide UK motorists with an online tool to choose their tyres quickly and easily, and bringing together products from a wide variety of retail businesses. Motokiki’s comparison engine is designed to offer an impartial whole of market price comparison of tyres from a broad range of suppliers, as well as tyre label result comparison, and the location in which they can be fitted. The company initially comprises 20 staff in offices a short walk from Port Talbot railway station, working on the technical development and marketing of the website, with other aspects of the business outsourced to teams around the country, such as its London-based communications agency, FWD Consulting. Tyres & Accessories travelled to south Wales in late November to attend the launch, with Maven Capital Partners (“Maven”) and the Development Bank of Wales, which have collectively made an equity investment of £3 million in the company, also represented.
Toyo investing US$138 million in US plant expansion
Toyo Tire North America Manufacturing Inc. is set to create more than 150 jobs when it invests over US$138 million in its manufacturing operation in Cartersville, Georgia. According to an official announcement, new jobs will include positions in production, support and administration.
Increased capacity, exports: Prometeon investing $115 million in Turkey
Capacity at the Prometeon Tyre Group plant in İzmit, Turkey will increase by 75 per cent by 2020 in order to accommodate plans to almost double exports from the facility. This project will be funded by a US$115 million investment announced by the company on Tuesday.
Pirelli, Rostec investing 100 million euros to double Voronezh plant capacity
Pirelli Tyre Russia and Rostec have placed their signatures upon a memorandum covering plans to more than double production capacity at the Voronezh Tire Plant in southwest Russia. This agreement formalises the long-held aim of increasing capacity at the joint venture facility from 2 million to more than 4 million passenger car tyres per annum.
Bain Capital buys US distributor Dealer Tire
The private equity firm building up a European tyre distribution group through its acquisition of firms such as Fintyre and Reiff has made a significant investment in North America. Bain Capital reports its acquisition of a majority shareholding in US-based aftermarket tyre and parts distributor Dealer Tire, LLC. The interests of Lindsay Goldberg LLC, Dealer Tire’s investment partner since December 2014, will be acquired by Bain Capital Private Equity. The transaction is expected to close by December.
Michelin investing in winter tyres, semi-finished products in Canada
Investments totalling CA$21 million (£12.3 million) will add 150 new jobs to the Michelin tyre factory in Nova Scotia, Canada and make permanent 200 temporary positions that were previously slated to end in 2020. The investments take the form of two new projects at Michelin’s Pictou County site – a new winter tyre line and the North American launch of a new process for semi-finished materials. These projects are valued at $9 million and $12 million respectively.
Linglong holds business investment talks with EBRD
Talks were held last week between Linglong Tire and the European Bank for Reconstruction and Development (EBRD). Linglong Tire chairman Wang Feng met with key EBRD representatives, including Jurgen Rigterink, first vice-president, Betsy Nelson, vice-president and chief risk officer, and Jean-Marc Peterschmitt, managing director of industry, commerce and agribusiness, in London on 16 October to discuss cooperation on the construction of Linglong’s tyre plant in Serbia.
Millbrook expands ADAS test facilities
Millbrook is expanding its Advanced Driver Assistance Systems (ADAS) test facilities. According to the well-known test centre, Millbrook has “the best facilities for testing these cutting-edge technologies in the UK”. In addition to modifications to existing road and test track infrastructure, Millbrook is reportedly making “a significant investment in high-precision instrumentation and soft targets that allow contact without damage”.