Qingdao Doublestar Tire, owner of Kumho Tire since July 2018, has once again grown through an acquisition. The Chinese tyre maker says it has completed the purchase of Shandong Hengyu Technology Co., Ltd. for RMB 899 million (£103.1 million). Doublestar disclosed in March that it had signed an agreement with Hengyu Technology’s administrator to acquire 100 per cent equity in the business.
Shangdong Hengyu Technology has become the latest tyre manufacturer to announce that it is making tyres based on the Nobel Prize-winning material graphene. Other firms using graphene in tyres include bicycle tyremaker Vitorria and fast-growing Chinese manufacturer Sentury Tire.
According to the company supplying Hengyu with Graphene (The Sixth Element Materials Technology), Shangdong Hengyu has developed “tyre formulations” that the companies say demonstrates the positive impact of graphene on the performance of tyres.