Tag: MoU
IRSG and GPSNR sign MoU
The International Rubber Study Group (IRSG) and the Global Platform for Sustainable Natural Rubber (GPSNR) have signed a memorandum of understanding (MoU) designed to detail and define efforts to increase cooperation between the two bodies.
VW and Ford establish van/EV partnership
Volkswagen AG and Ford Motor Company have will partner in the production of light commercial vehicles after announcing the first formal agreements in “a broad alliance”. The alliance does not involve cross-ownership between the two companies.
Ceat signs India factory MoU
In a letter to BSE, Ceat Ltd. has confirmed entering into a Memorandum of Understanding (MoU) with the government of India’s Tamil Nadu state. The tyre maker told the stock exchange that the MoU for setting up a new greenfield facility covers an estimated investment of Rs 40 billion (£437 million) over a period of ten years. It adds that passenger car radials, commercial vehicle radials and two-wheeler tyres will be produced in the plant.
Wonderful Indonesia – Achilles signs co-branding MoU
The Achilles Radial tyre brand is one of 28 brands in Indonesia that recently agreed to promote the ‘Wonderful Indonesia’ tourism initiative. On 8 August, tyre maker PT Multistrada Arah Sarana Tbk and the companies behind the other brands signed a Memorandum of Understanding with the Republic of Indonesia’s Ministry of Tourism.
Agreement gives Continental room to expand tyre plant in Hefei, China
At a ceremony held at Continental’s headquarters in Hannover, Germany yesterday, the tyre maker signed a long-term option for acquiring additional land adjacent to its plant in Hefei, China. The deal almost doubles the space available for further expansion at the site.
MRF signs MoU for expanding plants
Indian tyre maker MRF Ltd reports it has signed a Memorandum of Understanding with the Government of Tamil Nadu to invest at least Rs 45 billion (£446.4 million) in two plants located within the state over a seven-year period.
Chinese tyre recycling plant to feed ‘SRI Compound’ demand
A plant for converting end of life tyre rubber into a compound suited for use in new tyres will be set up in China’s Fujian Province if the aims of a new Memorandum of Understanding are fully realised. The MoU signed between China Automobile Parts Holding Limited and Malaysia’s Sri Elastomers Sdn. Bhd. on 18 March formalises both parties’ intention to form an alliance for the commercialisation of SRI Compound. Plans call for the establishment of a joint operation in the city of Xiamen.
‘Ultra Mega Project’ – MRF investing Rs 45 billion to expand facilities
India’s MRF Ltd has informed the Bombay Stock Exchange that it will invest Rs 45 billion (£483.5 million) in its Perambalur and Arakonam plants in Tamil Nadu state over a seven year period as part of an expansion plan. The tyre maker will gain some level of support from the government of Tamil Nadu and says it will sign a Memorandum of Understanding with the government there in the near future. The government of Tamil Nadu has accorded the MRF expansion project ‘Ultra Mega Project Status’ under Tamil Nadu Industrial Policy 2014, a policy that aims to strengthen the state as a centre of manufacturing and increase exports from the region.
Michelin donates to €300,000 French agronomy programme
Under an agreement signed at the SIMA International Agri Business Show in Paris yesterday, Michelin will donate €300,000 to the La Salle Beauvais Polytechnic Institute to support its creation of a farming machinery and new agricultural technology programme. The funds will be donated over a three-year period through the Michelin Corporate Foundation. Jean-Dominque Senard, who in addition to his functions as Michelin chief executive officer and managing general partner is president of the Michelin Corporate Foundation, signed the Memorandum of Understanding together with Claude Gewerc, president of the Picardy Regional Council, Philippe Choquet, general director of the LaSalle Polytechnic Institute, and Richard Markwell, president of AGCO Massey Ferguson.
Pirelli signs MoU for truck tyre factory expansion in Egypt
Plans to enlarge Pirelli’s truck tyre radial facility in Egypt are one step closer to realisation following the signing of a Memorandum of Understanding between Pirelli Tyre S.p.A and Egypt’s Ministry of Investment. The freshly-autographed MoU explores the possible expansion of the Alexandria Tire Co. (Atco) plant, an operation that Pirelli holds more than 90 per cent control in. On the basis of the MoU, it is foreseen that Atco would invest around US$107 million to expand and technologically upgrade the plant. The investment is expected to take place over a 36 month period once the conditions (which have not been made public) for the launch of the expansion activities have been met. When completed, the expansion project will create up to 250 new direct jobs at Atco and increase truck tyre radial production by around 300,000 units per annum.
First Pirelli-Rosneft tyre centre opens in Moscow
Rosneft, Pirelli and the Koleso retail chain have opened the first of many Pirelli tyre centres that are planned for Rosneft service stations in Russia’s capital, Moscow. The Pirelli centre at Mira Avenue 94 has been established under the terms of the Memorandum of Understanding signed between Rosneft head Igor Sechin and Pirelli & C. S.p.A. chairman and CEO Marco Tronchetti Provera on 24 May 2014 at the St. Petersburg International Economic Forum.
Rosneft gains funding for Pirelli acquisitions, signs MoUs with the Italian tyre maker
Late last month, Russia’s Rosneft disclosed it has attracted investments from pension capital funds and financial institutions to fund its 50 per cent acquisition of the holding company that owns 26.19 per cent of all shares in Pirelli & C. S.p.A., and can thus close the deal upon receiving approval from regulatory authorities. One the acquisition is given the green light under European, Italian and Russian law, the oil giant will indirectly hold a 13 per cent stake in Pirelli.
Hankook, Lanxess join forces for synthetic rubber development
Hankook Tire and German specialty chemicals firm Lanxess will work together on the development of synthetic rubber technologies for use in high performance tyres. The details of the two companies’ collaboration were laid out in a Memorandum of Understanding signed on 26 February. Under the agreement, Hankook and Lanxess will jointly work to expedite the development of synthetic rubber grades for high performance tyres. Lanxess says the MoU builds on the ties it has maintained with Hankook since 2008, when the tyre maker awarded it a long-term contract to supply solution styrene-butadiene rubber (S-SBR) and neodymium performance butadiene rubber (Nd-PBR).
Pirelli signs Armenia synthetic rubber MoU
On 27 December, Pirelli reported the signing of a Memorandum of Understanding between Pirelli Tyre Russia, Russian petroleum company Rosneft and Oil Techno; the MoU covers setting up a joint venture to research and develop synthetic rubber, in particular Styrene-Butadiene Rubber (SBR), in Armenia.