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Hyosung to invest 110 million US dollars in China

The Hyosung Corporation has announced that it plans to invest 110 million US dollars in building a steel cord plant with annual production capacity of 33,600 tons in Qingdao, China. The joint venture with the Qingdao administration will be named Hyosung Steel Cord Qingdao.

The company is planning to inject an initial 50 million US dollars by September next year to produce 16,800 tons of steel cord annually. The investment is being driven by the growing demand by Chinese tyre manufacturers and the country’s expanding auto market.
“When the new plant is completed, Hyosung’s steel cord business will expand to make up 7 percent of the global market and 10 percent of the mainland Chinese market,” the company explained.

17th September 2003/by Tyrepress Editors

Toyota To Sell Stake In Indian JV

Toyota is negotiating to sell 10 per cent of its Indian joint venture to the Kirloskar group, Toyota’s partner in the venture. Kirloskar originally held 26 per cent of the equity, which was reduced to 11 per cent and, later, one per cent, as the group found difficulty in meeting its capital commitments – problems which now appear to be over.

26th August 2003/by Tyrepress Editors

VW To Double Capacity In China

VW is set to invest six billion Euro over the next five years to double capacity at its two Chinese joint venture plants to 1.6 million vehicles a year. The company is also looking for new manufacturing sites in China. The initial one billion Euro investment in the factory at Changchun will be funded entirely from revenues from the Chinese market.

17th July 2003/by Tyrepress Editors

New Drivers at Matador

Since T&A last visited Matador there have been a few changes in the management team. These have been brought about by the retiring of company patriarch, Stefan Rosina Snr. There can be little doubt that Stefan Rosina Snr. is not only a sound businessman, but also an astute politician; if he were otherwise he would not have been able to guide Matador into the free market as he did. The many years involved in the business have placed Mr. Rosina in a commanding position to help develop Matador’s relations both with the Slovak government, of whichever hue, and with politicians and businessmen in the new markets of Russia and the former Soviet influenced states. Although no longer at the helm of Matador, Stefan Rosina Snr, still plays a major figurehead role both as a consultant and as a powerful lobbying tool for Matador.He has been replaced as president of Matador by his son, Stefan Rosina Jnr. as President and Chairman of the Board of Directors. Mr Rosina Jnr. told T&A that the company aims to remain fully independent although working towards new projects with joint venture partners in growing markets. Mr. Rosina reported ongoing developments in Russia at Omskshina, where the JV was now producing 1.5 million tyres per annum and selling every single piece on the Russian domestic market where the Matador brand had already developed a strong following of loyal and satisfied customers. Two other joint ventures in Russia were still under development. Much there depended upon final negotiations and Due Diligence work before any official announcements could be made. However, a JV with Addis Tyre in Ethiopia was in the course of being finalised as we spoke. “This is a long term investment, we will build gently in Africa through our Ethiopian partners. We have long term plans to develop the region, create jobs and wealth and provide education. In Matador, wherever we are we see the potential to provide good employment prospects through the generations. My father worked for Matador, Miroslav (brother) and myself work for Matador and our children also have started working for Matador. We see that same opportunity for all our employees families.”The direction of the company may not have altered but the structure of the upper management has. Stefan Rosina Jnr is the President and Chairman, he is supported by Miroslav Rosina as Vice Chairman and Director of International Operations. The top layer of management is completed by Jozef Vozar, vice president for strategy and General Director Štefan Prekop.

8th July 2003/by Tyrepress Editors

Kumho: Big change and no change

Kumho Industrial, until recently the owner of Kumho Tire, has been trying to find a new investor for the tyre division. An investor that would allow the incumbent management and strategies to remain in place, albeit in an enhanced form.The new arrangement is such that the Tire Business Unit has been acquired, with a 50 per cent share being taken by the Military Mutual Aid Association, a military pension fund. Kumho retains a 30 per cent share, and the balance is made up from a number of smaller investors. This establishes a new joint venture with an initial value of 1.2 billion US Dollars.T&A visited J. M. Kim, managing director of Kumho UK, to get a first hand reaction to the new joint venture.

11th June 2003/by Tyrepress Editors

Kumho Agrees Sale Of Tire Business Unit

Kumho Industrial Co., Ltd. has announced that it has agreed to sell its Tire Business Unit for the sum of Won 1.428 trillion (US$ 1.2 billion). The Tire Business Unit will be acquired by a new joint venture company whose principal shareholder will be South Korea’s military pension fund, the Military Mutual Aid Association (MMAA). The new joint venture company is to be established during June with Won 500 billion (US$ 410 million) of paid-up capital. The MMAA will own 50 per cent of the company with Kumho Industrial taking a 30 per cent stake. The remaining 20 per cent will be distributed between several smaller investors.

2nd May 2003/by Tyrepress Editors

Nokian And Amtel Finalise Russian Joint Venture

Nokian Tyres and Amtel Holdings have formally registered the joint venture company Amtel-Nokian Tyres LLC (ANT), in which both have a 50 per cent stake. ANT will begin operations immediately, with a target of selling 600,000 Nordman branded tyres this year and 2 million tyres in 2004.

25th April 2003/by Tyrepress Editors

Continental To Acquire Stake In Sime Darby

German tyre giant Continental has signed a joint venture with Malaysian industrial conglomerate Sime Darby Bhd and is taking a 30 per cent stake in Sime Darby’s tyre operations – DMIB Bhd and Sime Tyre International Malaysia Sdn Bhd (STI). Continental’s equity stake will be in a new company – SDC Tyre Sdn Bhd – that will become the holding company of both DMIB and STI. The agreement also provides the option for Continental to obtain a further 21 per cent (controlling) share in the new company in two years time. The JV is aimed at better equipping the companies to capitalise on opportunities in the Asian Free Trade Area (AFTA).

26th February 2003/by Tyrepress Editors

Goodyear’s New Global Aviation Tire Marketing Manager

Don Roulett has joined The Goodyear Tire & Rubber Company as global marketing manager for aviation tires. He replaces Jim Pickering, who has retired. Roulett joins Goodyear after 13 years with Honeywell/Allied Signal Aircraft Landing Systems, where he was program/business manager for Boeing and Airbus OEM projects and deputy general director of a Honeywell joint venture within the Russian Federation. He worked for Goodyear Aerospace in Akron from 1979 to 1982 as a development engineer. “Don’s considerable experience in global aircraft development will be a considerable asset as we continue our penetration of this market, especially overseas,” said Alex Dumm, general manager Goodyear’s global aviation tires.

26th February 2003/by Tyrepress Editors

Goodyear PAX System On Show

A concept car fitted with a Goodyear PAX system will be one of the vehicles on show at the North American Auto Show, to be held at Detroit later this month. The tyre, resulting from the joint venture with Michelin to develop the PAX system, is one of more than two dozen concept tyres that Goodyear will be highlighting at car shows during 2003. Concept tyres are more than just a bit of fun – Goodyear’s Aquatred, which had a deep, circumferential aquachannel groove, first appeared as a concept tyre in the 1980s. It was redesigned for the road a decade later by tyre engineer Sam Landers, who now heads Goodyear’s runflat development team, which includes the PAX project.

2nd January 2003/by Tyrepress Editors

Ansell-Goodyear CEO Departs

The chief executive of Australian joint venture Ansell-Goodyear has departed suddenly, with no reason given. Rob McEniry is regarded as the main force behind the renaissance of South Pacific Tyres, in which Ansell-Goodyear has a 50 per cent stake, consolidating to two manufacturing sites and taking out A$85 million of annual costs. SPT is moving towards profitability and an Ansell spokesman was confident that McEniry’s departure would not adversely affect the reconstruction programme.

30th December 2002/by Tyrepress Editors

Nokian And Amtel Sign Joint Venture Agreement

Nokian and Russian company Amtel Holdings have formally signed the joint venture agreement to produce and sell passenger and light truck tyres in Russia and CIS countries under the Nordman and Amtel brands. 900,000 tyres will be produced next year and 3,600,000 the year after. Upgrades of Amtel factories will require investments of US$ 25 million and the two partners intend to build a greenfield factory in Russia to produce premium tyres under the Nokian brand. The target is an annual production of 1.2 million tyres within three years of the start of the project.

30th December 2002/by Tyrepress Editors

ArvinMeritor To Acquire Rest Of Zeuna Stärker

ArvinMeritor has agreed to buy the remaining 51 per cent that it does not already own of German joint venture Zeuna Stärker GmbH. The price will be around $75 million and the deal will be concluded in the second half of next year. Zeuna Stärker specialises in exhausts and emissions technology; ArvinMeritor acquired 49 per cent of the venture in 1998.

18th December 2002/by Tyrepress Editors

Bosch and Michelin establish joint venture

Robert Bosch GmbH, Stuttgart, and the Michelin Group, Clermont-Ferrand, have established a joint venture company for integrated vehicle dynamics management systems. The new company is called Integrated Safety Systems ISS and is based in Paris. The purpose of the joint venture company is the market introduction of new systems resulting from the partners’ joint development activities. In 2001, both companies had announced their cooperation in the fields of tires and chassis control systems, with the objective to improve safety and mobility of automobiles thanks to an optimized coupling between tire and electronic brake control technologies. Bosch produces automotive technology in 140 plants on all 5 continents. In 2001, it achieved sales of € 23.2 billion in this business sector, with 143 000 employees. Last year, the Bosch division chassis systems, a leading manufacturer of braking systems, had 18 000 employees and achieved sales of around € 4.5 billion. Michelin produces and sells tires for all kind of vehicles, including passenger car, light and heavy trucks, 2-wheels, aircraft, agricultural and earthmover vehicles, as well as the US space shuttle, and develops suspension and anti-vibration systems. Michelin counts 80 production sites in 5 continents, has 130 000 employees and sales operations in over 170 countries. The Group achieved around € 15,8 billion sales in 2001.

28th September 2002/by Tyrepress Editors

Continental To Build Moscow Plant

In a joint venture with Moscow Tyre Plant, Continental has signed an agreement to build a new production facility in Moscow. Continental is the majority shareholder and will produce tyres for passenger cars and light trucks. The predicted investment will be in the region of 30 million Euros over three years. The plant is expected to produce 1.5 million tyres per year when it opens in 2003 and will generate 3.4 million tyres for Continental and Barum, largely destined for the local market. The new plant in Moscow will help Continental avoid the 70 per cent import tax on new tyres.

13th September 2002/by Tyrepress Editors