With an increasing number of countries and regional groupings implementing anti-dumping and countervailing policies against Chinese-produced, Chinese tyremakers are describing the situation as “not optimistic”. However, facing the harsh international trade environment head-on, Jinyu Tire reports that it has a number of solutions for the current market problems.
After a turbulent few years, tyre industry supplier, Nynas AB has changed hands again signing a binding agreement with an investment vehicle managed by Davidson Kempner Capital Management LP for the acquisition of the entire equity stake (49.9%) in Nynas from Bitumina Industries Limited, making it the largest individual shareholder of Nynas.
Kirkby Tyres has invested 3.5 million euros in moving to new, larger premises in Dublin, Republic of Ireland in a move that was completed on Wednesday 21 July 2021. According to the company, “Kirkby Tyres Ireland operations serves all geographical areas in Ireland” and made the investment due to “increased sales activities and opportunities”.
Continental has acquired a minority stake in Israel-based start-up Feelit Technologies Ltd. The investment took place as part of a round of Series A Funding valued at US$7 million, however, the exact amount of Continental’s holding hasn’t been disclosed. Continental anticipates that this new relationship with Feelit will benefit several business areas.
Jiangsu General Technology Co. Ltd, which is known as General Science or Jiangsu General, has announced plans to invest 3.061 billion yuan (£341.930 million; 399.958 million euros; US$473 million) in the construction of a 10.2 million tyre a year factory in Anqing, Anhui Province, China. The announcement of the new Chinese production base follow plans for investment in the construction of a separate factory in Cambodia.
Camfin S.p.A. (Camfin) and Longmarch Holding S.à.r.l. (Longmarch), an investment vehicle owned by the Chinese Niu family which owns Chinese tyremaker Hixih, have entered into an agreement concerning the acquisition of shares in Camfin shareholding by Longmarch. The agreement represents the fulfilment of an April 2020 accord between Camfin and Longmarch, which included a call option for 4.89 per cent of Pirelli and means Camfin now owns 14.1 per cent of Pirelli.
GS Yuasa is using Welsh Government funding of up to £2.5 million to form part of a multi-million pound investment by the Japanese based corporation in its production plant in Ebbw Vale. As a result, 105 new jobs and a further 360 positions are protected.
Stone Tyres in St Helens has submitted plans to St Helens Council regarding the expansion of his growing tyre retail business. Despite the advertising of the last 12 months, Stone Tyres has continued to grow – especially the firm’s Gorilla Tyres mobile tyre fitting sister business. However, the latest expansion plans refer to bricks and mortar business and specifically to the construction of an MOT centre next to the Stone Tyres premises.
Enso aims to disrupt the market by combining sustainable, energy-efficient, high-mileage anti-particulate, electric vehicle-orientated tyres with a direct-to-customer, tyres-as-a-service business model. Following the news that an Enso tyre-equipped Renault Zoe set a new hypermiling record at least partly based on its tyres, Tyres & Accessories found out more about the company, its products and its financial position.
Earlier in the year, Sailun Group announced it was evaluating the feasibility of producing car tyres in Cambodia, but the plans its Board of Directors approved this month are for a larger and costlier plant than originally reported. Planned capacity has risen 80 per cent, and the proposed investment almost doubled.
Shandong Linglong Tire Co. Ltd is investing 6.066 billion yuan (£669.678 million; 779.348 million euros; US$949.830 million) in its latest tyre factory. Tyres & Accessories has confirmed that the roughly billion-dollar Tongchuan City factory project will put sustainability at the heart of its plans, which include largescale retread capacity.
The board of Shandong Linglong Tire Co., Ltd has agreed to build its sixth Chinese tyre factory in Tongchuan City, Shaanxi Province. The construction site is located in Dongjiahe Circular Economy Industrial Park, Yaozhou District, Tongchuan City, Shaanxi Province and will be home to large and modern factory manufacturing tyres for a wide range of business segments.
The board of Shandong Linglong Tire Company Ltd has revised its 10-year “medium and long-term development plan (2020-2030)” to focus on a 7+5 rather than a 6+6 tyre manufacturing capacity expansion model. Up till April 2020, Linglong has worked according to a 5+3 plan, but last year this was upgraded to 6+6, meaning the company plans to run six tyre factories in China as well as six situated in international locations. However, according a stock market filing dated 10 June 2021, Linglong’s board voted unanimously in favour of running a total of seven plants in China and five internationally.
At the end of March, Yokohama Rubber sold its headquarters building in central Tokyo. The company is now preparing to shift its headquarters functions to its Hiratsuka factory, which is located some 40 miles south of Tokyo, in Kanagawa Prefecture. It will gain 20.8 billion yen (£134.9 million) from the sale of the headquarters building – and will use the funds to fuel growth in key areas.