Tag: investment
Cabot buys Chinese nanotube supplier for $115 million
On 6 January 2020, Cabot China Limited, a wholly owned subsidiary of Cabot Corporation agreed to buy Shenzhen Sanshun Nano New Materials Co., Ltd, a leading carbon nanotube (CNT) producer in China. The $115 million pricetag reportedly includes “liabilities and contingent payments”. According to the company, the move is designed to strengthen Cabot’s position in the high-growth batteries market, particularly in China, which is the largest and fastest growing electric vehicle market in the world.
Guizhou Tire begins $350 million construction project on two China factories
Guizhou Tire recently broke ground on two new tyre production facilities near the firm’s headquarters in Guizhou, Guiyang province. According to Asian Rubber Journal reports, when operational, the first - a $307 million plant - is expected to generate nearly $426 million annually. Capacity is salted to be 3 million truck tyres a year.
ToughTech’s expansion supported by £100,000 NPIF investment
Tyre pressure monitoring systems (TPMS) firm ToughTech has received a £100,000 investment from NPIF – BFS & MSIF Microfinance, managed by GC Business Finance and MSIF and part of the Northern Powerhouse Investment Fund.
European commission approves 3.2 billion euros of battery research support
The European Commission has approved 3.2 billion euros of battery research and development support under EU State aid rules. The funding comes as the result of an Important Project of Common European interest (IPCEI) application jointly notified by Belgium, Finland, France, Germany, Italy, Poland and Sweden to support research and innovation in the common European priority area of batteries.
Dunlop Aircraft Tyres considering Indonesia factory
Dunlop Aircraft Tyres Ltd (DATL) is planning to invest 1 trillion rupiah (£54.14 million; 64 million euros; US$70.92 million) in an aircraft tyre retreading factory in Karawang, West Java, Indonesia. According to several local news sources, the retreading factory will be followed by a new aircraft tyre production plant as well.
Roadbot’s $600 million UAE tyre plant
In January 2019, construction of the United Arab Emirates’ (UAE) first tyre plant began. Now, the best part of a year later, sources operating in the Middle East and Africa region report that the Roadbot factory, which is being built in KIZAD’s China-UAE Industrial Capacity Cooperation Demonstration Zone by Tirebot, is nearing the completion of its initial stage of development. During the ground-breaking of the plant in January, company representatives said the factory would become operational in October 2020. As much as US$600 million is reportedly being invested in the project.
Autogem invests in new mezzanine level
Autogem has invested in a new mezzanine level at its headquarters/warehouse in order to provide “greater efficiencies and speed of product delivery to customers”. The expansion, which has taken place roughly two years after the company’s move to Autogem House in Abbey Road, North London, creates 400-pallets’-worth of additional space, which in turn allows the company to house more products.
Quick Lane opens new Colchester centre
Quick Lane Tyre & Autocentre opened its new Colchester branch today as the brand continues its UK and European growth.
Halfords buys Tyres on the Drive for £746,000
In October Halfords Group bought troubled online tyre retailer Tyres on the Drive for £746,000, but the company had previously valued the business at as much as £150 million.
Tirescanner.com live in 42 US states, multi-million dollar funding close
Less than a year after Tirescanner.com was founded, at the start of November, the business reported that it is live in Florida. This means Tirescanner already covers 1200 postcodes codes, matching consumers with products from a range of hundreds of thousands of tyres and – crucially – connecting them with “the best local retailers”. At the moment this works on a next day install, but the plan is to take this to a same-day level. And more states are said to be coming fast. We’re used to pretty rapid progress when it comes to dotcom start-ups, but such fast growth is more understandable when you consider that Tirescanner is driven by Blackcircles.com founder Mike Welch. Tyres & Accessories recently caught up with Welch in order to find out how the company plans to continue and sustain this growth.
Bridgestone looking to increase capacity in South Africa
Bridgestone is considering increasing production capacity at its tyre factories in South Africa in order to gain market share in the country’s minibus taxi segment. It appears to be looking at investing around ZAR 300 million (£16.1 million) in its plants, a capex additional to the ZAR 400 million investment it is currently completing at the company’s main production site in Brits.
Report: Yokohama has signed ‘no shop contract’ with Prometeon
Rubber industry news sources have confirmed earlier reports that Yokohama Rubber is in acquisition talks with Prometeon.
Hankook Tire postpones Hungary truck tyre plant
News reports from Hungary suggest Hankook Tire has put on hold plans to set up a truck tyre production unit at its Rácalmás plant. English-language publication the Budapest Business Journal writes that fellow business daily Világgazdaság shared this news with its readers yesterday.
New warehouse, increased capacity at Bridgestone’s Hungary tyre plant
Bridgestone has inaugurated the newly expanded warehouse at its tyre production plant in Tatabánya, Hungary. The new 10,000 square metre addition to facility’s warehousing was set up as part of a HUF 9.2 billion (£25.2 million) investment to develop the Tatabánya site and increases storage capacity by 180,000 tyres. The plant’s warehousing can now store up to 600,000 tyres, a growth that is expected to aid Bridgestone’s business with original equipment customers.
Sailun Group extends capacity expansion project
Sailun Group Co., Ltd. has issued a new timetable for the completion of its project to add capacity for larger rim passenger car and light commercial vehicle tyres at its Dongying factory in China. The self-funded investment to add 15 million units of capacity will now be implemented by December 2020 rather than this year, as originally planned. According to Sailun Group, the level of investment in the project and proposed usage of the funds remains the same.