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Sentury redirects funds to Morocco factory from Spain plant project

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Chinese tyre manufacturer Sentury Tire appears to have abandoned its plans to build a major tyre factory in Spain, redirecting its planned three-digit-million-euro investment there to expand its existing facility in Tangier, Morocco, according to various Arabic language news sources including Al-Oumk. The decision, which was reportedly driven by administrative and environmental permit issues in Spain, is expected to boost the Tangier plant’s production capacity to 12 million tyres annually.

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Related news:

  1. Sentury internationalising with US tyre factory investment
  2. Sentury Tire intends to build 523m euro Spanish tyre plant
  3. Sentury self-financing Spanish tyre factory shortfall
  4. Sentury Morocco factory starts construction, annual tyre production capacity increased by 6 million
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Despite the new plant, Nokian wants to ‘continue to maintain its off-take partnerships

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While Nokian Tyres opened a new test centre in Spain a good three years ago and presented the so-called ‘Hakka Ring’ to a wider public for the first time this spring, the Finnish tyre manufacturer still has a lot going on. This primarily refers to the recent official opening of its new tyre plant in Oradea, less than a year and a half after the foundation stone was laid and less than two years after the decision was made to locate the plant in Romania, less than 20 kilometres from the Hungarian border.

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Related news:

  1. Nokian Tyres investing 650 million euros in greenfield factory in Romania
  2. Nokian Tyres: “substantial uncertainties” relating to timing of Tatneft deal closure
  3. Is Nokian Tyres a takeover target?
  4. Nokian to invest $360 million in new US tyre factory
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Sentury Tire share issue meets 75% of Spain factory costs

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Approximately three-quarters of the funds that Qingdao Sentury Tire Co. Ltd. needs to set up a factory in Spain have been secured through a share issue. On 22 August, the tyre maker informed the Shenzhen Stock Exchange that it had issued 94,307,847 shares to 20 parties at a price of RMB 26.69 (£2.93, US$3.68) per share, raising approximately RMB 2.8 billion (£307.1 million, $386.4 million).

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Related news:

  1. Sentury Tire intends to build 523m euro Spanish tyre plant
  2. Sentury self-financing Spanish tyre factory shortfall
  3. Sentury launches Qirin EV
  4. Warren Rudman leaves Sentury Tire Spain project
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Sentury’s Morocco tyre plant gains overseas investment approval

Jorono; Pixabay

Qingdao Sentury Tire Co. Ltd. has received the regulatory approval to invest US$296.78 million in the construction of its previously announced Morocco tyre manufacturing project. The “Certificate of Overseas Investment of Enterprises” was issued by the Qingdao Municipal Bureau of Commerce on 5 June 2023 and is valid for two years.

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Related news:

  1. Sentury internationalising with US tyre factory investment
  2. Sentury self-financing Spanish tyre factory shortfall
  3. Georgia selected as location for $500 million Sentury Tire US factory
  4. Sentury CEO and ‘number two’ running Spain factory project
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Sentury Tire dismisses CFO Xu Huashan

Sentury Tire confirms that Xu Huashan no longer holds the positions of chief financial officer and director within the company. The decision to dismiss Ms Xu was taken during a meeting of Sentury’s Board of Directors on 20 February.

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Related news:

  1. Sentury launches Qirin EV
  2. Warren Rudman leaves Sentury Tire Spain project
  3. Sentury internationalising with US tyre factory investment
  4. Sentury Tire IPO approval ‘ensuring company’s advancement’ – Davanti
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Is Nokian Tyres a takeover target?

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Nokian Tyres

How the Russia-Ukraine war, the company’s low share price and other challenges make Nokian Tyres prime takeover material for a premium brand with the money and desire

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Related news:

  1. Nokian Tyres: “substantial uncertainties” relating to timing of Tatneft deal closure
  2. Nokian Tyres investing 650 million euros in greenfield factory in Romania
  3. Solidium: Nokian Tyres Romania plans offer ‘good prospects for building the business on a new basis’
  4. Sentury internationalising with US tyre factory investment
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Sentury self-financing Spanish tyre factory shortfall

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Sentury

On 17 January, Sentury said it will adjust its financing plan through the stock market and specifically non-public offering of shares. After the adjustment, the tyre manufacturer will obtain no more than 2.8 billion yuan (about £330 million; 380 million euros), which is far lower than the 4 billion yuan (about £480 million; 540 million euros) proposed in the previous plan.

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Related news:

  1. Chinese aviation fund invests in, partners with Sentury Tire
  2. Sentury internationalising with US tyre factory investment
  3. Georgia selected as location for $500 million Sentury Tire US factory
  4. Sailun bond issuance application approved
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Warren Rudman leaves Sentury Tire Spain project

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Sentury Tire

On 2 January 2023, Warren Rudman left his role as general manager Sentury Tire Spain. Rudman’s departure follows Sentury’s 30 December announcement that the company is planning to invest in a new tyre factory in Morocco. Signing off his departure announcement, Rudman noted “I will start a new journey soon”.

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Related news:

  1. Sentury Tire intends to build 523m euro Spanish tyre plant
  2. Sentury investing $300 million in Morocco tyre factory
  3. Sentury Tire joins the Shenzen Stock Exchange
  4. Sentury launches Qirin EV
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Sentury Tire producing Nokian tyres for Europe

From next year, Qingdao Sentury Tire will manufacture passenger car tyres under the Nokian brand name for the Central European market. Under a recently-signed contract manufacturing agreement between Nokian Tyres plc and Qingdao Sentury Tire Co., Ltd., production of a selected range of Nokian-designed and -tested tyres will commence in the first half of 2023, with products reaching the market in the second half of the year.

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Related news:

  1. Nokian Tyres begins ‘controlled exit’ from Russia
  2. Nokian and Matador To Commence Contract Manufacturing
  3. Nokian Tyres: Lower sales & earnings in 2020
  4. Nokian Tyres: Record sales & improved margins in 2021
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Sentury launches Qirin EV

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During The Tire Cologne show, which took place in May, we spotted the Landsail Qirin EV concept tyre on the stand of wholesaler Inter-Sprint. It is a concept no longer, as Qingdao Sentury Tire officially debuted the tyre yesterday.

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Related news:

  1. Sales of the Sentury
  2. Landsail selling 1.5 million tyres a year via Grouptyre
  3. First Landsail tyres produced at new Thai factory
  4. Sentury internationalising with US tyre factory investment
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Sentury Tire intends to build 523m euro Spanish tyre plant

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Sentury Tire, the tyre manufacturer behind the global Landsail tyre brand, has outlined its plan to construct a 522.59 million euro car and light truck tyre plant in the Galicia region of northwest Spain. Qingdao Sentury Tire Co, Ltd’s board of directors approved the proposal to build capacity for 12 million high performance and light commercial tyres on a three-year schedule at a meeting in the last quarter of 2021, announcing this intention to the Shenzhen Stock Exchange on 19 December. The company has implemented a 100 per cent owned subsidiary, Sentury Tire (Spain) Co, Ltd, via its Hong Kong trading company for the project, and wants to ramp up production in two phases; it expects the plant to reach 50 per cent capacity (six million tyres) after two years, with the second half added after three years. Sentury wants to achieve these milestones in 2024 and 2025 respectively, pending construction conditions in Spain and the availability of funding, which Sentury plans to self-raise.

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Related news:

  1. First Landsail tyres produced at new Thai factory
  2. Sentury internationalising with US tyre factory investment
  3. Sales of the Sentury
  4. Warren Rudman leaves Sentury Tire Spain project
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Sentury Tire joins the Shenzen Stock Exchange

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Having received approval back in June, Qingdao Sentury Tire has successfully completed its Initial Public Offering (IPO) and is now listed on the Shenzhen Stock Exchange (China) as of 11 September 2020. 11 per cent of the company’s shares were valued at 1.31 billion yuan (162 million euros; £149.859 million) by investors, resulting in a theoretical total valuation of 1.47 billion euros. The offered shares offered were oversubscribed 2887 times over. But what is the company planning to do with its newly-raised funds?

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Related news:

  1. Georgia selected as location for $500 million Sentury Tire US factory
  2. Nexen appoints Seung-Do Jin as new European president
  3. Giti to build $560 million US tyre plant
  4. Sentury internationalising with US tyre factory investment
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Landsail Tyres – offering UK dealers ‘segment-leading range coverage’

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Grouptyre states that Sentury Tire’s Landsail brand has held a stable 1.5 million units per year for the last 3 years, meaning that an estimated one in 25 UK vehicles is fitted with Landsail tyres.

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Related news:

  1. Landsail selling 1.5 million tyres a year via Grouptyre
  2. Oak Tyres outlines brand strategy in new Davanti era
  3. Landsail raises profile at Autosport/Performance Car Show
  4. Sales of the Sentury
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China’s civil aviation authority approves Sentury aircraft tyres

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Qingdao Sentury Tire reports that its aviation tyres have gained MDA (Modification Design Approval) certification by the Civil Aviation Administration of China (CAAC) following take-off and landing tests conducted using a Boeing 737 at Yantai Laishan Airport in Shandong Province late last year. This MDA certification, the first given to a privately-owned tyre manufacturer in China, approves Sentury aviation tyres for sale and use within the country.

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Related news:

  1. Chinese aviation fund invests in, partners with Sentury Tire
  2. Sales of the Sentury
  3. Georgia selected as location for $500 million Sentury Tire US factory
  4. Sentury Tire IPO approval ‘ensuring company’s advancement’ – Davanti
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Sentury: electrostatic graphene tyre breaks through performance triangle

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Sentury and Huagao launched their first electrostatic conducting graphene tyre at the 2016 China International Graphene Innovation Conference (GrapChina) on 22 September. The launch comes less than a month after Sentury and Huagao officially announced their cooperation on the product.

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Related news:

  1. Shangdong Hengyu making graphene tyres
  2. Graphene – the tyre filler of the future?
  3. Sentury internationalising with US tyre factory investment
  4. Georgia selected as location for $500 million Sentury Tire US factory
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