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The vast majority of Sailun Jinyu Group shareholders have approved the adoption of a new company name and changes to the company’s articles of association. Votes held during an extraordinary meeting of shareholders on 12 October resulted in a 99.1 per cent turnout in favour of both measures. The tyre maker will thus adopt the name Sailun Group Co., Ltd.
At a meeting held yesterday, the Board of Directors of Sailun Jinyu Group Co. Ltd. approved a change of the company’s name to Sailun Group Co., Ltd.
In 2016, Cooper Tire & Rubber invested some US$93 million to acquire a 65 per cent shareholding in Qingdao Ge Rui Da Rubber Co., Ltd (GRT). The remaining 35 per cent share in the China-based truck and bus radial manufacturing operation was retained by Qingdao Yiyuan Investment Co., Ltd. (QYI), however QYI is now selling its stake in the business. Sailun Jinyu Group Co., Ltd. has signed a share transfer agreement with QYI to acquire its 35 per cent interest in GRT for RMB 220 million (£24.4 million, US$32.0 million), subject to government approval.
Under a new multi-year manufacturing offtake agreement, the Sailun tyre plant in Vietnam will produce truck and bus radial (TBR) tyres for Cooper Tire & Rubber. Tyres produced for Cooper in the Sailun Vietnam Co., Ltd. plant will be manufactured under the Roadmaster, Dean and Starfire brand names and be sold in global markets. Cooper says the offtake agreement gives it a “third global source of TBR tyre production to meet growing customer needs.”
Two of Sailun Jinyu International Europe’s tyre brands will now be distributed by wholesalers Viking Wholesaler Tyres and Bond International following a major strategic review of its UK distribution operations. The manufacturer pronounced itself “delighted to announce a number of enhancements and improvements” for its portfolio, which includes the Sailun, Jinyu, Blacklion, and Rovelo brands. The new strategy has become effective immediately, SJI Europe added.
Sailun Jinyu Group has announced that it sold its Kings Road Tyres Group (KRT Group) tyre wholesale subsidiary to KRT Holdings Ltd in a November Shanghai stock market statement.
As of the end of May, Gareth Passmore has stepped down as president of Sailun Jinyu International (SJI). The company reports that Passmore left the company due to “family and personal” reasons.
During May’s Autopromotec 2017 in Bologna Sailun held a prize draw, and received customer donations and pledges of over 5000 euros, which Sailun matched to make a donation of 10,000 euros to the World Child Cancer charity.
The bottom line at China’s Sailun Jinyu Group Co Ltd took a hit in the first quarter of 2017. According to preliminary statistics provided by its financial department, the tyre maker anticipates a net loss attributable to shareholders in the vicinity of RMB 50 million (-£5.65 million). In the same three-month period a year earlier, the company reported a net profit of RMB 95.16 million (£10.76 million).
UK wholesaler and specialist in commercial vehicle products Kirkby Tyres continues to leverage its exclusive distribution deals in order to deliver the right tyres to the UK’s evolving commercial vehicle segment. The Speke, Liverpool based company has exclusive distribution agreements with Double Coin, Sailun and Longmarch, and these relationships are allowing it to fulfil customer requirements. “We believe that long-standing business relationships are essential,” Kirkby’s spokesman told Tyres & Accessories. “It is through such relationships that we are able to offer our customers assurance of quality, continuity of supply and a full manufacturers’ warranty.”
At the beginning of November Sailun Jinyu International (SJI) appointed Gareth Passmore as its president for Europe. He replaced Martin West, who has been appointed global president of the SJI Speciality Tire Group. Passmore, who started on 1 December 2016, is now responsible for all operations throughout Europe across all of the Sailun Jinyu Group brand portfolio – Sailun, Jinyu, Black Lion and Rovelo. Passmore brings with him over 25 years of tyre industry experience, including time with Continental, Apollo (in South Africa) and latterly with Sumitomo Rubber Industries where he headed up the Falken brand’s European export operations. During a recent brand and winter tyre product demonstration event in Sweden, Tyres & Accessories caught up with Passmore and at the same time we were introduced to Sailun’s ambitious goal of becoming a top 10 tyre manufacturer in the years to come.
Sailun is increasing prices of its commercial truck, passenger and light truck tyres by between 5 and 8 per cent in North America. The increase went into effect 1 January 2017.
Sailun Jinyu Group reports that the first all-steel TBR tyre was manufactured in its new factory in Vietnam on 24 November. In announcing the news, the China-based tyre maker notes that it decided to erect a second plant at its Sailun (Vietnam) Co., Ltd. site in order to combat the tariffs in place in the USA. It began work on the factory on 14 March 2016 and produced the first tyre just over eight months later.
Sailun Jinyu International (SJI) has appointed Gareth Passmore as its president for Europe. He replaces Martin West, who has been appointed global president of the SJI Speciality Tire Group. Passmore will be responsible for all operations throughout Europe of the four brands within the Sailun Jinyu Group portfolio – Sailun, Jinyu, Black Lion and Rovelo. He will join Sailun on 1 December 2016, and be based at the SJI European Operations Centre in Birmingham, after relocating to the UK.
Sailun Tyres (Europe) has appointed Janis Amolins as its business development manager for East Europe. Amolins will be responsible for the sales and development of the Sailun Jinyu Group’s portfolio of four brands for Europe: Sailun, Jinyu, Black Lion and Rovelo. He joins the Sailun team with immediate effect.
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