Funds managed by Equistone Partners Europe have agreed to sell a majority stake in Karl Eugen Fischer, the world’s leading manufacturer of cord-cutting machines for the tyre industry. Equistone acquired Karl Eugen Fischer in August 2013 and is now selling its stake to DBAG Fund VII, managed by Deutsche Beteiligungs AG. Management will retain a shareholding in the company. The financial terms of the deal have not been disclosed.
Apollo Vredestein reports significant progress towards its goal of becoming recognised as a valuable supplier to fleets in 2017. According to the company, the new business has been won on the back of both Apollo and Vredestein tyres offered as test fitments, which have been running for more than a year by over 10 prestigious national and international fleets. The recent announcement of Vredestein’s entry in the OE sector as a partner to Seat, VW and Ford is said to have further strengthened the European brand’s position.
Dongying Fangxing Rubber Co., Ltd. was founded in 2000 in Shandong Province’s Guangrao county. According to the company, Fangxing is one of the national top 100 companies in Shandong Province. The firm’s tyre factory covers an area of 600,000 square metres and has over 2000 employees, including 200 technical personnel. The firm describes itself as “a new enterprise specialising in tyre research and development, manufacture and sales -with 2 billion yuan of fixed assets”.