Nynas has exited company reorganisation after Swedish courts confirmed the process is now complete following a creditors meeting. The court’s decision is effective 21 December 2020. After this, Nynas will no longer be limited by reorganisation regulations.
The US Treasury Department’s Office of Foreign Asset Control (OFAC) has confirmed that Nynas is no longer being blocked pursuant to the Venezuela Sanctions Regulations. As a result of a corporate restructuring of the ownership of Nynas AB, sanctions are lifted.
Numerous news sources are reporting that, following the closure of Goodyear’s Venezuela factory, ex-employees are being given 10 tyres each as part of their severance payment.
Goodyear Tire and Rubber has ceased tyre production Venezuela. In a statement the company said the local economy and US sanctions were behind halting production:
According to a statement issued on 7 September, Pirelli has disposed of its car tyre factory in Guacara, Venezuela and all other activities within the country. As Pirelli’s Venezuelan subsidiary was deconsolidated as far back as 31 December 2015, the tyre maker says the operation’s divestment “has no financial effects on the group.”
After a stoppage of two days, Pirelli’s tyre factory in Guacara, Venezuela is said to be operating again. Venezuelan daily El Universal reports that the country’s Ministry of Labour has intervened in the matter, and this led to production recommencing on 29 August.
The Pirelli factory in Guacara, Venezuela hasn’t escaped the economic turmoil the country is currently experiencing, and plant workers received a nasty surprise upon arriving for yesterday’s shift. Local news sources report that the factory has been shuttered as it lacks the raw materials needed to maintain production. Pirelli is also allegedly unable to pay the wages of its 704 unionised workers and approximately 175 other employees in Guacara following the introduction of currency reforms on 20 August.
A lack of raw materials is behind Pirelli’s decision to suspend production at its Guacara tyre plant in Venezuela. Tyrepress.com understands that the tyre maker views the production stop as a temporary measure, however it has widely been reported as an indefinite pause.
Currency issues have hindered Pirelli’s efforts to obtain raw materials for its factories in Venezuela, and as a result the company will halt production there on 30 January. Reuters writes that operations will stop for a fortnight, restarting on 13 February using raw materials provided by another company division.
At the end of May, Goodyear Tire & Rubber shared details of its plans to increase its consumer tyre capacity in the Americas by 12 million units a year between 2013 and 2019 by erecting a new factory and upgrading existing plants. Further details on these projects have been published by “agência latinapress”; on 27 June, it reported Goodyear’s Latin American region president Jamie Szulc as saying the tyre maker is looking at sites in Brazil, Columbia, Mexico and the US for its greenfield facility, which will have an annual capacity of 6 million tyres. Szulc is also quoted as saying that investments in Goodyear plants in Venezuela, Peru and Columbia are on the cards.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
Nynas
Nynas