Doublestar Group announced that it has completed an agreement with South Korea’s Korea Development Bank (KDB) to acquire a 45% stake in Kumho Tire for RMB 3.9 billion ($500M). By this, Doublestar becomes Kumho Tire’s controlling shareholder, while KDB and other Kumho creditors will remain the second largest shareholder with a 23% stake.
BEIJING (Reuters) – Beijing has begun downplaying Made in China 2025, the state-backed industrial policy that has provoked alarm in the West and is core to Washington’s complaints about the country’s technological ambitions, diplomatic and Chinese state media sources said.
With a full-blown trade war looming amid U.S. President Donald Trump’s threats to impose tariffs on up to $450 billion in Chinese imports, his administration has fixed on Beijing’s signature effort to deploy state support to close a technology gap in 10 key sectors.
Beijing is increasingly mindful that its rollout of the ambitious plan has triggered U.S. backlash.
Cologne, Germany – Europe’s TBR market is likely to see shortages and price rises into early next year in response to the EU ‘s recent imposition of provisional tariffs on Chinese tires, according to Stephan Helm, chairman of German tire retail trades association the BRV.
“With the anti-dumping tariff situation that we have right now, a lot of the orders in the last quarter have stopped,” Help said at the Future Tire Conference, held 30-31…
SHANGHAI (Reuters) – Goldman Sachs (NYSE:) said it expected China to adopt a slightly easier monetary stance in the face of tit-for-tat tariffs between Beijing and Washington that, while likely to have limited immediate impact on the economy, were at risk of escalating.
WASHINGTON — Volatility in raw materials prices for tires and rubber goods has moderated since last year, but is far from gone, according to manufacturers and industry analysts.
TOKYO—Denka has developed its third high-performance elastomer, dubbed Evolmer, which can be used as an alternative to hydrogenated nitrile rubber.
AURORA, Ohio—A new Philpott Solutions Group is on the way, starting by shutting down operations in China and bringing them back to its new Aurora facility.
Washington – The US Department of Commerce has made minor downward revisions in countervailing duties on three companies exporting Chinese passenger and light truck tires to the US after finding errors in its earlier calculations.
The minor revisions affect countervailing duty rates for a period of review from 1 Dec, 2014, to 31 Dec, 2015. on three companies: GITI Tire Global Trading Pte. Ltd (and several allied firms), Cooper (Kunshan) Tire Co. Ltd, and Zhongce Rubber Group Co. Ltd.
Giti Tire has become the Official Tyre Partner of the F3 Asian Championship, a new five-round, 15-race series Certified by the FIA. At each event the tyre manufacturer will provide all teams with two sets of GitiCompete GTR1 tyres, part of the company’s comprehensive range of competition racing tyres which are used in events around the world.
Birmingham, UK – While details of tariffs to be imposed by the EU on truck & bus tires originating from China have yet to emerge, the impending move is already having an impact on the market.
At the Commercial Vehicle Show 2018 in Birmingham’s NEC, dealers reported significant increases on the prices of Chinese TBR tires, to allow for tariffs that are expected to be back-dated to 1 Feb.