Taiwan Archives - Tyrepress

On 14 March, Federal Tire said it would hold a general shareholder meeting in three months. Tyrepress China found that the tyre manufacturer will issue a “Report on losses up to half of the paid-in capital” at the general meeting of shareholders. Federal explains that “the accumulated losses of the company in 2022…reached one-half of paid-in capital”. This document shows that the Federal business situation in 2022 seems to have fallen into a trough.

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16th March 2023/by Xuda Wang

Federal signs off-take deal with Vietnam tyre factory

On 24 February, Federal signed an off-take agreement with Vietnam XT Tyre. According to the agreement between the two parties, XT Tyre will start to produce tyres for Federal in 2023 by Federal’s orders and production specifications. Federal did not disclose the details of the cooperation with XT Tyre, including the specifications and production capacity involved in the making the agreed products and the specific timetable for the collaboration between the two parties.

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8th March 2023/by Xuda Wang

Cheng Shin launching 40 million tyre capacity expansion in China

Career Tracks, International News

Cheng Shin

Luo Yongli, deputy general manager of the company, recently told a briefing that he is optimistic about the operation of Cheng Shin in 2023. In the past, Cheng Shin has reportedly significantly reduced capital expenditures to combat adversity in the operating environment. But with the overall situation expected to improve, the tyre maker will start expanding production capacity, including launching a 40 million tyre capacity expansion plan at factories in mainland China.

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6th January 2023/by Xuda Wang

Federal Corporation chairman resigns

On 18 November, Federal Corporation stated that Chiang Ching Hsing, the company’s chairman and general manager, resigned. Chen Heng Kuan, who is also chairman and president of Nankang, held his position. According to analysts, both Chiang Ching Hsing and Chen Heng Kuan are representatives of Nankang Rubber on the Federal Corporation’s board of directors, and Chiang Ching Hsing’s departure will not bring about a massive change in Federal Corporation.

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21st November 2022/by Xuda Wang

Four tyre companies release September results

Cheng Shin

Recently, four Taiwanese tyre manufacturers, Cheng Shin, Nankang, Federal and Kenda, successively announced their September results. In September, Cheng Shin’s operating revenue was approximately NT$8.875 billion (about 244 million pounds, 280 million euros), an increase of 13.03 per cent over the same period last year.

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26th October 2022/by Xuda Wang

Cambrian Tyres appointed exclusive importer of Goodyear for UK and Ireland

UK News

Cambrian Tyres

On 3 October, Cambrian Tyres announced that it has been appointed as the exclusive importer of Goodyear Bicycle Tires for the UK and Ireland. Already a top-three global tyre company, Goodyear has been establishing itself as a leading brand within the global bicycle tyre segment since 2018 via a licensing agreement with Rubber Kinetics. Rubber Kinetics produce all Goodyear bicycle tyres at their “bicycle tyre specific research, development, and production centre in Taiwan”.

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18th October 2022/by Chris

Land development plan for Federal plant approved

Recently, Taiwanese tyre manufacturer Federal disclosed to the public its recent operations, including land development plans associated with one of its factories. Federal has two factories in Taiwan, located in Chungli and Guanyin, with a total of 535 employees. The tyre maker said the Guanyin plant has an annual capacity of 3 million tyres; the Chungli plant has been suspended due to the implementation of anti-dumping duties by the United States.

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17th October 2022/by Xuda Wang

Kenda USA gets $35 million of funding from Huntington Business Credit

On 28 June 2022, Huntington Business Credit announced it closed $35 million of new credit facilities with American Kenda Rubber Industrial Co. Ltd. (Kenda USA). According to Huntington Business Credit, the funds were used to “refinance existing indebtedness and provide ongoing working capital growth financing.

8th August 2022/by Chris

Nankang and Federal’s cumulative operating revenue declined

WikiTravel

In the first week of August, Taiwanese tyre manufacturers Nankang and Federal successively released operating data for July 2022.

Nankang’s operating revenue in July was NT$660 million (about £18.22 million; 21.58 million euros), down 10.8 per cent from NT$740 million (about £20.42 million; 24.2 million euros) in the same period last year. From January to July, the tyre maker’s operating revenue was about NT$4.72 billion (about £130 million; 115 million euros), down 3.08 per cent year-on-year.

8th August 2022/by Xuda Wang

Nankang Tyre took over “management rights” of Federal in Q4 2021

According to Federal Corporation’s 2021 annual report, which was published in mid-May 2022, on 15 October 2021, “major shareholder Nankang Rubber Tire Corp. Ltd. Nankang Rubber Tire Corp., Ltd…called an extraordinary shareholders’ meeting to obtain the management right[s].” Federal and Nankang representatives have been contacted by Tyres & Accessories for comment.

17th June 2022/by Chris

Fire breaks out at Federal’s Taiwan tyre factory

Screenshot from local media coverage

On the evening of 13 June 2022, a fire broke out at the tyre factory of Federal Corporation (formerly known as Taifeng Tire) in Zhongli City, Taoyuan, Taiwan. Black smoke from the fire was visible several kilometres away, according to local news reports.

14th June 2022/by Xuda Wang

Lin Junying becomes general manager of Nankang Rubber Tire

Career Tracks, Company News, International News

Nankang Rubber Tire Corp. Ltd. has announced that it has completed the re-election of directors and appointed Lin Junying as its general manager. According to Taiwan media reports, Lin Junying is the eldest daughter of Lin Xuepu, the deceased honorary chairman of Nankang and also an amateur racing driver.

10th June 2022/by Xuda Wang

Kenda wins Taiwan national quality award