Tag: joint venture
Dongfeng & Maxion Wheels form aluminium wheel JV
Maxion Wheels, the world’s largest wheel manufacturer, has entered into an agreement to form a new passenger car aluminium wheel joint venture with Dongfeng Motor Parts and Components Group, one of China’s largest automotive parts companies. The new legal entity, Dongfeng Maxion Wheels, will build a new two-million per year capacity plant in Hubei Province, China. Series production is scheduled to begin in the second half of 2020.
Electromobility: Michelin, Faurecia create hydrogen fuel cell systems JV
In 2017, Michelin stated that hydrogen “ticks all the boxes” for its vision of sustainable mobility. The company’s activities in this area are now moving forward with the signing of a Memorandum of Understanding to create a new joint venture that will bring together all of Michelin’s fuel cell related activities, including its subsidiary Symbio, with those of automotive parts manufacturer Faurecia.
Baolong and Huf Launch BH SENS TPMS joint venture
Shanghai Baolong Automotive Corporation (Baolong) and Huf Hülsbeck & Fürst GmbH & Co. KG (Huf) founded the BH SENS joint venture in China, Europe and the USA in January 2019. The goal is to use the joint venture to integrate the experience and capabilities of Baolong and Huf in the TPMS sector. As a result BH SENS will be one of the world’s largest suppliers of both Original Equipped (OE) and Independent After Market (IAM) TPMS solutions, meeting the diverse demands of customers in passenger vehicle, commercial vehicle and Off the Road markets.
Environ signs MoU with EE-TDF Cleveland
Scandinavian Enviro Systems AB has signed a memorandum of understanding with EE-TDF Cleveland, LLC, a US tyre-recycling company. The agreement remains in effect for six months, has an option to extend, and opens up opportunities for additional joint venture plants with an annual recycling capacity of 30,000 tonnes tyres.
Cooper Tire and Sailun announce Vietnam TBR tyre joint venture
Cooper Tire & Rubber Company is to form a joint venture with Sailun Vietnam Co, Ltd to build a 2 million capacity truck and bus radial manufacturing plant. Subject to closing and government approvals, the facility will be located near Ho Chi Minh City, Vietnam, at the site of Sailun Vietnam’s existing operations, which early in 2018 signed an offtake agreement to produce Roadmaster, Dean and Starfire brand tyres for Cooper. The new announcement represents the latest move in a series of cooperative moves between the two firms - Sailun Jinyu invested in joining Cooper in its GRT JV in September.
Trelleborg invests in India two-wheel tyre production JV
Trelleborg Wheel Systems is investing in a two-wheel tyre factory in India. According to the company, the investment forms part of Trelleborg’s strategy to “strengthen its positions in attractive market segments”. Currently Trelleborg’s mostly makes two-wheel tyres in Europe. Products include tyres for selected niches, such as enduro and motocross, as well as scooters, mopeds and motorcycles.
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.
Pirelli completes high-end tyre JV
With the completion of Pirelli’s acquisition of a 49 per cent stake in Jining Shenzhou Tyre Co., the tyre maker’s management assume operational responsibility for the joint venture company’s consumer tyre plant in China. Pirelli states that the new plant will provide it with the “necessary production flexibility” it requires within its ‘High Value’ segment to accommodate the evolving Chinese market as well as expected developments in electric vehicles and the growing share of original equipment homologations obtained in China, Japan and Korea.
Russia, Saudi Arabia to finalize rubber joint venture by end of 2018
Russia and Saudi Arabia will finalize several joint projects by the end of 2018, Russian Energy Minister Alexander Novak recently told journalists. The projects referred to see Saudi Aramco partner with Russain firms Sibur and Novatek. The Sibur plant plans centre on a particularly significantly sized rubber factory.
Sailun Jinyu joins Cooper Tire in GRT joint venture
In 2016, Cooper Tire & Rubber invested some US$93 million to acquire a 65 per cent shareholding in Qingdao Ge Rui Da Rubber Co., Ltd (GRT). The remaining 35 per cent share in the China-based truck and bus radial manufacturing operation was retained by Qingdao Yiyuan Investment Co., Ltd. (QYI), however QYI is now selling its stake in the business. Sailun Jinyu Group Co., Ltd. has signed a share transfer agreement with QYI to acquire its 35 per cent interest in GRT for RMB 220 million (£24.4 million, US$32.0 million), subject to government approval.
Saudi Aramco to become 100% owner of Arlanxeo
An agreement was signed today for the sale of Lanxess’ 50 per cent share in the Arlanxeo joint venture to its partner, Saudi Aramco. Should antitrust authorities approve the transaction, Lanxess will receive approximately 1.4 billion euros in cash after deducting debt and other financial liabilities for its 50 per cent share in the business, which is valued at 3.0 billion euros. Lanxess, which at the end of June 2018 had a net financial debt of 2.6 billion euros, says it plans to use the proceeds to strengthen its financial basis and reduce net financial debt.
IRC Tire: Work begins on JV motorcycle tyre plant
A groundbreaking ceremony took place on 1 August for the joint venture tyre plant that Indonesian tyre maker PT Gajah Tunggal is setting up with Inoue Rubber Co., Ltd., a subsidiary of Japan’s Inoac Corporation. The joint venture, known as IGM, is located in Tangerang, Indonesia and will manufacture motorcycle tyres sold under the IRC Tire brand name.
Pirelli acquires 49% in Chinese tyre plant to boost APAC ‘high value’ strategy
With investment of 65 million euros, Pirelli is taking a 49 per cent share in a “technologically advanced” consumer tyre plant in China. Through this joint venture partnership with Hixih Rubber Industry Group, Pirelli says it will gain greater production flexibility in APAC, particularly within the high value segment. The new joint venture company has been named Jining Shenzhou Tyre Co.
thyssenkrupp Steel Europe enters steel wheel JV with Chinese partners
Under a joint venture contract signed on 22 June, thyssenkrupp Steel Europe will partner with Chinese companies to produce steel wheels, including lightweight hot-formed models, for the local automotive industry. China’s leading steel wheel manufacturer, Jingu Wheel, will hold a 51 per cent share in the joint venture, thyssenkrupp Steel Europe 34 per cent and Ansteel Iron and Steel Group 15 per cent. China’s competition authorities are now examining the tie-up, and thyssenkrupp anticipates the deal’s finalisation within the next few months.
Continental, Osram sign lighting JV contract
Negotiations between Continental and lighting manufacturer Osram have concluded with the two parties in agreement on the shape and form of their new Osram Continental GmbH joint venture. Each of the partners will hold a 50 per cent share in the business, with Continental’s Harald Renner acting as chief financial officer and Dirk Linzmeier from Osram taking on the role of chief executive officer. Osram Continental is expected to be up and running in the second half of 2018 once all necessary approvals have been granted.