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Sailun Jinyu joins Cooper Tire in GRT joint venture

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.

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Related news:

  1. Cooper Tire acquiring majority share in Chinese truck tyre maker
  2. Cooper Tire to become 100% owner of Mexico JV tyre plant
  3. Cooper completes acquisition of Mexico joint venture plant
  4. Cooper Tire acknowledged for BoD female representation
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Saudi Aramco to become 100% owner of Arlanxeo

An agreement was signed today for the sale of Lanxess’ 50 per cent share in the Arlanxeo joint venture to its partner, Saudi Aramco. Should antitrust authorities approve the transaction, Lanxess will receive approximately 1.4 billion euros in cash after deducting debt and other financial liabilities for its 50 per cent share in the business, which is valued at 3.0 billion euros. Lanxess, which at the end of June 2018 had a net financial debt of 2.6 billion euros, says it plans to use the proceeds to strengthen its financial basis and reduce net financial debt.

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Related news:

  1. Arlanxeo – 1 April launch for Lanxess, Saudi Aramco synthetic rubber firm
  2. Lanxess and Saudi Aramco create synthetic rubber joint venture
  3. Arlanxeo – synthetic rubber JV’s Executive Board named
  4. Rhein Chemie acquires US bladder manufacturer
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IRC Tire: Work begins on JV motorcycle tyre plant

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A groundbreaking ceremony took place on 1 August for the joint venture tyre plant that Indonesian tyre maker PT Gajah Tunggal is setting up with Inoue Rubber Co., Ltd., a subsidiary of Japan’s Inoac Corporation. The joint venture, known as IGM, is located in Tangerang, Indonesia and will manufacture motorcycle tyres sold under the IRC Tire brand name.

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Related news:

  1. July start for Pirelli’s motorcycle tyre JV plant
  2. Gajah Tunggal Plans 15% Sales Growth in 2008
  3. Groundbreaking held for Gajah Tunggal proving ground
  4. Gajah Tunggal joins Indonesia’s LQ45 stock index
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Pirelli acquires 49% in Chinese tyre plant to boost APAC ‘high value’ strategy

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Pirelli Hixih

With investment of 65 million euros, Pirelli is taking a 49 per cent share in a “technologically advanced” consumer tyre plant in China. Through this joint venture partnership with Hixih Rubber Industry Group, Pirelli says it will gain greater production flexibility in APAC, particularly within the high value segment. The new joint venture company has been named Jining Shenzhou Tyre Co.

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Related news:

  1. Pirelli completes high-end tyre JV
  2. Pirelli and Hixih move closer together
  3. Pirelli Extends China JV Relationship
  4. China recycling plant and joint venture: Enviro signs MoUs with Vanlead Group
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thyssenkrupp Steel Europe enters steel wheel JV with Chinese partners

Under a joint venture contract signed on 22 June, thyssenkrupp Steel Europe will partner with Chinese companies to produce steel wheels, including lightweight hot-formed models, for the local automotive industry. China’s leading steel wheel manufacturer, Jingu Wheel, will hold a 51 per cent share in the joint venture, thyssenkrupp Steel Europe 34 per cent and Ansteel Iron and Steel Group 15 per cent. China’s competition authorities are now examining the tie-up, and thyssenkrupp anticipates the deal’s finalisation within the next few months.

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Related news:

  1. Former Goodyear Division Forms China Joint Venture
  2. Pirelli Extends China JV Relationship
  3. Sino/Thai partners to build car & truck tyre plant
  4. 2nd Algerian tyre plant: Doublestar participating in JV
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Continental, Osram sign lighting JV contract

Negotiations between Continental and lighting manufacturer Osram have concluded with the two parties in agreement on the shape and form of their new Osram Continental GmbH joint venture. Each of the partners will hold a 50 per cent share in the business, with Continental’s Harald Renner acting as chief financial officer and Dirk Linzmeier from Osram taking on the role of chief executive officer. Osram Continental is expected to be up and running in the second half of 2018 once all necessary approvals have been granted.

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Related news:

  1. Osram and Continental planning intelligent lighting JV
  2. A maturing industry
  3. Continental, Yokohama to end OE tyre joint venture
  4. OE tyres: Continental to directly supply Japanese and Korean car makers from April
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Clarification: Michelin, Sumitomo Corporation tyre wholesaling JV

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In order to clear any consfusion arising from the announcement that Michelin and Sumitomo Corporation of Americas (SCOA) are forming a joint venture to pool tyre wholesale resources in the USA and Mexico, the Micheldever Group has issued a statement stressing that it is not in any way connected with Sumitomo Corporation or its North American subsidiary.

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  1. Michelin, Sumitomo Corporation to pool tyre wholesale resources in USA & Mexico
  2. TBC Corporation acquires Interstate brand marketing rights
  3. Independent tyre distributors building ships for choppy waters ahead
  4. Micheldever management comment on Sumitomo sale
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Michelin, Sumitomo Corporation to pool tyre wholesale resources in USA & Mexico

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With the creation of a 50-50 joint venture, Michelin North America Inc. says it and Sumitomo Corporation of Americas will form the second-largest player in the United States’ wholesale tyre market. The two companies have entered into a definitive agreement to combine their respective North American replacement tyre distribution and related service operations. The transaction is subject to customary approvals.

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Related news:

  1. Clarification: Michelin, Sumitomo Corporation tyre wholesaling JV
  2. Scott Clark appointed chairman & president of Michelin North America
  3. Garcin to lead Michelin North America
  4. US tyre makers urge climate change action
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Michelin sells its 40% Double Coin (Anhui) Warrior Tire shareholding

Michelin has announced the sale of its 40 per cent equity in Double Coin (Anhui) Warrior Tire Co. Ltd. Specifically, as the tyre maker reported today, Huayi Group (Hong Kong) Co., Ltd. will purchase 30 per cent of the equity in the business held by Compagnie Financière Michelin SCmA, and Double Coin Tire Group Co., Ltd. will purchase the remaining ten per cent of the equity, currently held by Michelin (China) Investment Co. Ltd.

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Related news:

  1. Shanghai Michelin Warrior Tire Shares Transferred
  2. Will Michelin Play a Role in New Double Coin Plant?
  3. Michelin Suspends Production At Shanghai
  4. Warrior PCR brand launched in North America
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Michelin X Multi range grows with addition of drive sizes

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Michelin’s new X Multi range of commercial vehicle tyres for regional and long haul transportation applications, launched in the UK earlier in 2017 at the CV Show, has been extended with the addition of two new drive sizes – 315/60R22.5 and 295/60R22.5. These X Multi D fitments are particularly targeted at car transporters and low-height 4×2 tractor units, on which they are popular sizes. The manufacturer took the opportunity of the extensions to the X Multi range to host Tyres & Accessories at its recently redeveloped research and development campus in Ladoux, just outside Clermont-Ferrand, introducing one of its latest joint ventures which has helped enhance the production process for the latest Michelin commercial and consumer tyres. It also demonstrated the X Multi range’s performance characteristics against competitors at its proving ground.

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Related news:

  1. Michelin aims to be a “major metal 3D printing player” with Fives JV
  2. Michelin launches X Multi D coach, medium truck tyre
  3. Michelin expands ‘most fuel efficient’ commercial vehicle tyre range
  4. Michelin previews new trailer tyre at CV Show
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Osram and Continental planning intelligent lighting JV

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Osram and Continental are set to establish an intelligent lighting joint venture. The global joint venture will operate under the name Osram Continental GmbH and have its registered office in the Munich region. Osram and Continental will each have a 50 per cent stake in the joint venture. The aim is to generate annual sales in the mid-triple-digit-million-euro range with a workforce of around 1,500 employees and 17 locations worldwide.

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Related news:

  1. Continental, Osram sign lighting JV contract
  2. A maturing industry
  3. Continental enters mobility services JV in China
  4. Menegaux: Further Michelin and Continental JVs and acquisition collaborations ‘possible’
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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.

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Related news:

  1. Doublestar forms European joint venture with Zenises
  2. Zenises, Doublestar officially confirm strategic partnership
  3. Harjeev Kandhari appointed vice chairman of Doublestar Europe
  4. Doublestar the only bidder left to buy Kumho
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Nexion Group and Bright Technology form joint venture

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During May’s Autopromotec, leading Italian garage machinery firm Nexion Group and Chinese garage equipment-maker Bright Technology announced that they have formed a joint venture.

According to the two companies, the two firms have formed a third company that will allow Bright and the Nexion Group to “assert itself as a leader in the industry and be active on all global markets with a full range in all product segments from the top of the range to the entry level”.

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  1. Corghi wins Italian Mechatronic award
  2. Corghi – tradition and innovation
  3. Cemb introducing upgraded Argos at Autopromotec
  4. Rema Tip Top signs Corghi distribution agreement
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Yokohama confirms Belshina meeting took place

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Yokohama Rubber Co. Ltd. executives have confirmed that the firm’s chairman recently visited Belshina. According to the company, the visit followed earlier meetings with Belarussian managers in Japan. However, Yokohama executives stopped short of confirming joint venture reports and instead issued the following carefully worded statement:

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Related news:

  1. Reports: Belshina discussing Yokohama JV
  2. Belshina aiming to start 63-inch OTR tyre production in 2016
  3. Belshina produces first 63-inch tyre
  4. Belshina: Phase 1 of off-road radial project nearing completion
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Reports: Belshina discussing Yokohama JV

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Belarusian OTR tyre manufacturer is reportedly discussing the establishment of a joint venture with Japanese tyremaker Yokohama. According to the local Belarusian Telegraph Agency (BelTA), talks were held during a visit from a delegation of Yokohama’s executives led by chairman and representative member of the board Tadanobu Nagumo. BelTA cited representatives of Belarusian state petrochemical concern Belneftekhim as its source.

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Related news:

  1. Yokohama confirms Belshina meeting took place
  2. Belshina aiming to start 63-inch OTR tyre production in 2016
  3. Belshina produces first 63-inch tyre
  4. Belshina: Phase 1 of off-road radial project nearing completion
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