Doublestar constructing tyre recycling plant
Qingdao Doublestar broke ground on an industry 4.0 scrap rubber recycling plant in December 2017. When fully operational, the $92.7 million plant will process 200,000 tons of scrap rubber annually.
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Toyo wins $1.6 million ruling against Doublestar
On 20 November 2017 the United States District Court for the Central District of California held Chinese tyre factories Doublestar Dong Feng Tyre Co., Ltd. (DDF) and Qingdao Doublestar Tire Industrial Co., Ltd. (QDT) in contempt for violating a 2014 Final Judgment prohibiting the manufacture and sale of tyres using a confusingly similar tread to that of Toyo’s best-selling Open Country M/T. DDF and QDT were held in contempt for selling the AMP M/T tyre, which was deemed to be too similar.
Kumho takeover implosion isn’t the end of market consolidation attempts
No I am not talking about the unqualifiable rumours that Doublestar made an offer of up to 250 million euros for Zenises. Rather, that in the first week of September we learnt that Doublestar’s proposed acquisition of Kumho was collapsing before the firm’s eyes after the Qingdao-Chinese tyre manufacturer asked for a double-digit discount. And it is also worth considering what all this means for the wider tyre manufacturing sector.
Apollo Tyres ‘has no intention’ of entering Kumho acquisition race
Apollo Tyres has denied reports published in India’s Economic Times suggesting that it is about to enter the race to acquire Kumho Tire. An Apollo spokesperson told Tyres & Accessories: “Apollo Tyres strongly denies the story headlined ‘Apollo Back in Kumho Race as Geopolitics Sours China Deal’ that appeared in the print edition of The Economic Times on 2 October, 2017.
Zenises denies Doublestar acquisition rumours
Zenises Group CEO, Harjeev Kandhari has denied rumours emanating from the Spanish market that Chinese tyremaker Doublestar has bid as much as 250 million euros for the company. Doublestar and Zenises entered into a European joint venture in October 2016.
Reports: Doublestar/Kumho acquisition close to collapse
Doublestar’s proposed acquisition of Kumho is reportedly close to collapse after the Qingdao-Chinese tyre manufacturer asked for a double-digit discount. According to reports in the Nikkei, Kumho’s major shareholders are planning to write to Doublestar asking the firm to agree to the end of bid talks between the two parties.
Kumho Tire proposal ‘tentatively’ accepted
Although it’s probably too early for champagne corks to pop, progress has been made in the Kumho Tire shareholding negotiations. Yonhap News Agency writes that the tyre maker’s creditors have “tentatively agreed to accept original proposals” made by Kumho Asiana, adding that this may pave the way for creditors to complete the sale of the 42.01 per cent shareholding to Qingdao Doublestar Tire.
Creditors, Doublestar Tire receive final offer for use of Kumho brand name
Negotiations over the use of the Kumho brand name are drawing to a conclusion, with Park Sam-Koo and the board of Kumho Industrial Co. announcing their final offer following a meeting yesterday. This offer centres on the payment of 0.5 per cent of Kumho Tire’s sales in brand royalties for 12.5 years and a clause ensuring that Doublestar uses the Kumho name for the entire period.
Acquisition ugliness: Kumho Tire execs threaten mass resignation
Qingdao Doublestar Tire’s bid to acquire 42.01 per cent of South Korean tyre maker Kumho Tire is developing into a drama of the sort not witnessed since a stubborn Cooper Chengshan Tire helped derail Apollo Tyres’ purchase of Cooper Tire & Rubber. Business Korea writes today that 41 Kumho Tire executives, including chief executive officer Lee Han-seob, intend to resign should Kumho Tire’s creditors sell the share to Doublestar.
Premium tyremakers continue to lead global top 20
Global premium tyremakers continue to lead Tyres & Accessories annual ranking of the leading tyre manufacturers. Owing to the fact that all five of the top five firms have remained stable in their positions, it is difficult to view the chart very differently. Indeed, stability is the order of the day on this year’s table, with 12 of the 20 keep the same positions as last year.
Harjeev Kandhari appointed vice chairman of Doublestar Europe
Harjeev Kandhari has joined the board of directors of Doublestar Europe as vice chairman. The joint venture between Qingdao Doublestar and the Zenises Group, of which Kandhari is CEO, is responsible for the sale, marketing and distribution of all Doublestar products in the continent, including the UK and other major markets.
Zenises, Doublestar officially confirm strategic partnership
Qingdao Doublestar and Zenesis have made their first official comment on their operational joint venture, Doublestar Europe. Tyrepress.com reported last year that the company had been formed on 22 September 2016 between the Zenesis Group and the top five Chinese tyre manufacturer.
Kumho Tire: Will South Korea’s new President stop sale to Doublestar?
Moon Jae-in is South Korea’s new President, and this may be bad news for Qingdao Doublestar and its efforts to acquire a controlling share in Kumho Tire. In an article published earlier today, The Korea Times explored the possibility that Moon may prevent the Chinese tyre maker from acquiring Doublestar. According to the financial daily, analysts consider this a very real threat to the deal.
Doublestar the only bidder left to buy Kumho
Speaking off the record, Chinese executives within Qingdao Doublestar have confirmed the company’s intentions to purchase well-known South Korean tyre manufacturer Kumho Tyre and that it is “now only Doublestar left to buy Kumho”. However, at roughly the same time, Korean newspapers have been reporting that Doublestar probably won’t have the right to use the Kumho brand name post-acquisition. With all this in mind, Tyres & Accessories summaries the story so far.
Kumho brand name off-limits to tyre maker’s potential purchaser
The latest development in the negotiations to sell a stake in Kumho Tire is that potential buyer Qingdao Doublestar Tire probably won’t, after handing over KRW 955 billion (£653.6 million) for the 42.01 per cent controlling share, be permitted to use the Kumho name.
