It was a difficult birth. As regular visitors to this site are well aware, Qingdao Doublestar Co Ltd.’s acquisition of Kumho Tire was punctuated by more than its share of complications: Threats of mass resignations, bickering over brand name use and questions about financing all belonged to the experience.
A ceremony was held on 6 July to mark to completion of Doublestar Tire’s acquisition of a 45 per cent share in Kumho Tire. The event in Seoul was titled ‘Celebrating New Beginning’ and was attended by the Chinese and South Korean tyre makers’ management teams as well as representatives from Korea Development Bank, which together with other creditors still maintains a 23 per cent share in Kumho Tire.
On 22 September 2016 Doublestar Europe Ltd was registered as a UK company based in London. Tyres & Accessories understands that the company is a joint venture between Zenises and growing Chinese tyremaker Qingdao Doublestar designed to bring Chinese products into European markets.
Things are tough in China, but not every company is going under. While some are struggling others are expanding quickly. During the course of the recent Reifen China exhibition in Shanghai, Tyres & Accessories spoke with Qingdao Doublestar representatives and found our more about the company’s ambitious plans for rapid change despite the turbulent market conditions.
At the end of 2011 Double Star Tires based in Qingdao, Shandong province, China announced plans to produce a range of multi-coloured tyres. According to local news reports, Double Star has dared to differ from the overwhelming trend towards manufacturing black tyres having developed a patented process to make tyres of any colour. This range has been appropriately dubbed “Rainbow” and is set for imminent market release.
The Qingdao Doublestar Tire Industrial Co., Ltd., which is based in Qingdao (Shandong province), is one of several Chinese tyre manufacturers undergoing strong expansion. The company was founded in 1996 and belongs to the Double Star group that mainly produces the Doublestar brand, but also a secondary brand called Huaqing.