Tag: joint venture

Saudi Aramco to become 100% owner of Arlanxeo

Saudi Aramco to become 100% owner of Arlanxeo

8th August 2018 | 0 Comments

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.

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IRC Tire: Work begins on JV motorcycle tyre plant

IRC Tire: Work begins on JV motorcycle tyre plant

7th August 2018 | 0 Comments

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.

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Pirelli acquires 49% in Chinese tyre plant to boost APAC ‘high value’ strategy

Pirelli acquires 49% in Chinese tyre plant to boost APAC ‘high value’ strategy

2nd August 2018 | 0 Comments

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.

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thyssenkrupp Steel Europe enters steel wheel JV with Chinese partners

thyssenkrupp Steel Europe enters steel wheel JV with Chinese partners

29th June 2018 | 0 Comments

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.

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Continental, Osram sign lighting JV contract

Continental, Osram sign lighting JV contract

5th April 2018 | 0 Comments

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.

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Clarification: Michelin, Sumitomo Corporation tyre wholesaling JV

9th January 2018 | 0 Comments

In order to clear any consfusion arising from the announcement that Michelin and Sumitomo Corporation of Americas (SCOA) are forming a joint venture to pool tyre wholesale resources in the USA and Mexico, the Micheldever Group has issued a statement stressing that it is not in any way connected with Sumitomo Corporation or its North American subsidiary.

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Michelin, Sumitomo Corporation to pool tyre wholesale resources in USA & Mexico

4th January 2018 | 0 Comments

With the creation of a 50-50 joint venture, Michelin North America Inc. says it and Sumitomo Corporation of Americas will form the second-largest player in the United States’ wholesale tyre market. The two companies have entered into a definitive agreement to combine their respective North American replacement tyre distribution and related service operations. The transaction is subject to customary approvals.

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Michelin sells its 40% Double Coin (Anhui) Warrior Tire shareholding

20th November 2017 | 0 Comments

Michelin has announced the sale of its 40 per cent equity in Double Coin (Anhui) Warrior Tire Co. Ltd. Specifically, as the tyre maker reported today, Huayi Group (Hong Kong) Co., Ltd. will purchase 30 per cent of the equity in the business held by Compagnie Financière Michelin SCmA, and Double Coin Tire Group Co., Ltd. will purchase the remaining ten per cent of the equity, currently held by Michelin (China) Investment Co. Ltd.

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Michelin X Multi range grows with addition of drive sizes

10th November 2017 | 0 Comments

Michelin’s new X Multi range of commercial vehicle tyres for regional and long haul transportation applications, launched in the UK earlier in 2017 at the CV Show, has been extended with the addition of two new drive sizes – 315/60R22.5 and 295/60R22.5. These X Multi D fitments are particularly targeted at car transporters and low-height 4x2 tractor units, on which they are popular sizes. The manufacturer took the opportunity of the extensions to the X Multi range to host Tyres & Accessories at its recently redeveloped research and development campus in Ladoux, just outside Clermont-Ferrand, introducing one of its latest joint ventures which has helped enhance the production process for the latest Michelin commercial and consumer tyres. It also demonstrated the X Multi range’s performance characteristics against competitors at its proving ground.

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Osram and Continental planning intelligent lighting JV

6th November 2017 | 0 Comments

Osram and Continental are set to establish an intelligent lighting joint venture. The global joint venture will operate under the name Osram Continental GmbH and have its registered office in the Munich region. Osram and Continental will each have a 50 per cent stake in the joint venture. The aim is to generate annual sales in the mid-triple-digit-million-euro range with a workforce of around 1,500 employees and 17 locations worldwide.

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Zenises denies Doublestar acquisition rumours

13th September 2017 | 0 Comments

Zenises Group CEO, Harjeev Kandhari has denied rumours emanating from the Spanish market that Chinese tyremaker Doublestar has bid as much as 250 million euros for the company. Doublestar and Zenises entered into a European joint venture in October 2016.

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Nexion Group and Bright Technology form joint venture

Nexion Group and Bright Technology form joint venture

9th June 2017 | 0 Comments

During May’s Autopromotec, leading Italian garage machinery firm Nexion Group and Chinese garage equipment-maker Bright Technology announced that they have formed a joint venture. According to the two companies, the two firms have formed a third company that will allow Bright and the Nexion Group to “assert itself as a leader in the industry and be active on all global markets with a full range in all product segments from the top of the range to the entry level”.

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Yokohama confirms Belshina meeting took place

31st May 2017 | 0 Comments

Yokohama Rubber Co. Ltd. executives have confirmed that the firm’s chairman recently visited Belshina. According to the company, the visit followed earlier meetings with Belarussian managers in Japan. However, Yokohama executives stopped short of confirming joint venture reports and instead issued the following carefully worded statement:

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Reports: Belshina discussing Yokohama JV

30th May 2017 | 0 Comments

Belarusian OTR tyre manufacturer is reportedly discussing the establishment of a joint venture with Japanese tyremaker Yokohama. According to the local Belarusian Telegraph Agency (BelTA), talks were held during a visit from a delegation of Yokohama's executives led by chairman and representative member of the board Tadanobu Nagumo. BelTA cited representatives of Belarusian state petrochemical concern Belneftekhim as its source.

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Bridgestone’s Russia tyre plant to officially open next week

Bridgestone’s Russia tyre plant to officially open next week

19th May 2017 | 0 Comments

An official opening ceremony for Bridgestone’s new passenger car tyre factory in Russia will be held next Thursday, states the tyre maker. Although commercial production at the Bridgestone Tire Manufacturing C.I.S. LLC facility began last December, on 25 May more than 200 invited guests, including key Bridgestone partners, suppliers and representatives from local, regional, national and also Japanese government authorities, will attend a ceremony at the 81-hectare plant site in the Zavolzhye Industrial Zone, some 560 miles southeast of Moscow.

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