Doublestar completes agreement to buy 45% stake in Kumho Tire

curata__hpkUhg5CBAl8T1a.jpeg

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.

Read the source article at Traction News

Fasten your seatbelt for next 8 months

curata__ujAbTKTORQnYyO6.jpeg

The year is barely 110 days old, and changes continue to happen within the tire industry at a breakneck pace.

First, Michelin North America Inc. and Sumitomo Corp. of America (SCOA) announced their intentions to combine Michelin’s wholesale distribution assets with TBC Corp., creating a 50/50 joint venture, National Tire Wholesale (NTW). The business, with 144 locations across North America, will distribute nearly 15 million tires.

Days later, Continental A.G. revealed it is considering restructuring to position itself for the upcoming disruption in the automotive industry.

In early March, Mavis Discount Tire and…

Read the source article at Tire Business

Kumho Tire says to issue shares to China’s Doublestar worth $604 mln

Forex Kumho Tire says to issue shares to China’s Doublestar worth $604 mln South Korea’s Kumho Tire said on Friday that it plans to issue new shares worth 646 billion won ($604.99 million) to Qingdao Doublestar Co Ltd as part of an agreed deal for the Chinese company to assume control over it.

Read the source article at SHARENET

Kumho union votes for Doublestar takeover

curata__q06Ok0jclbQXZtr.jpeg

Seoul – Kumho Tire’s labour union has voted in favour of a plan to sell a 42.01% majority share of the South Korean tire maker to China’s Doublestar Tyre, according to business news website, The Pulse.

The 2 April report said more than 2,700 unionised workers took part in the vote, of which 60.6% were in favour of the sale to the Chinese company.

Chinese investors led by Qingdao Doublestar told ERJ in March that they had reached an agreement with Kumho’s shareholder Korea Development Bank to…

Read the source article at European Rubber Journal

Kumho Tire union accepts takeover deal to avert bankruptcy

curata__rBGvGiuHTE2S0o3.jpeg

SEOUL — Workers at troubled Kumho Tire have approved the company’s acquisition by Chinese peer Qingdao Doublestar after a standoff that went down to the wire, saving South Korea’s No. 2 tire maker from a likely bankruptcy.

The Kumho labor union voted Friday night in favor of the 646.3 billion won ($607 million) deal, which would give Doublestar a 45% stake in the company. Kumho’s creditors had set a deadline of Friday for labor to accept the plan, after which the deal would have been scrapped.

Read the source article at Nikkei Asian Review

Doublestar to invest €200m in plant relocation, upgrade

curata__j3xhLGy82LNwytu.png

Shiyan, China – Qingdao Doublestar Co is to relocate its subsidiary Doublestar Dongfeng Tire in Shiyan, Hubei province and upgrade it into a smart factory.

The new plant, with planned annual capacity of 1.5 million unit truck and bus tires and 5 million unit passenger car tires, will be relocated to Zhangwan District Industrial Park in the same city. The new site has 300,000 square metre total area.

Read the source article at European Rubber Journal

China’s Doublestar Takes Control of Kumho Tire

curata__EcL3jkDZUyX9PYi.jpeg

China’s Qingdao Doublestar Co. Ltd. has agreed to invest 646.3 billion won ($597.4 million USD) for a 45% stake in South Korea’s Kumho Tire Co. Inc, multiple news outlets reported at the beginning of March.

According to a statement filed with the Shenzhen stock exchange, China’s Qingdao Doublestar Co Ltd’s parent company will buy 129.3 million ordinary shares in Kumho Tire, becoming the controlling shareholder in the debt-ridden South Korean tire maker, Reuters reported.

Read the source article at Tire Review

Doublestar to build smart rubber recycling plant

curata__dKR9UzeDrnYQlcC.jpeg

ZHUMADIAN, China – China’s tire maker Doublestar broke ground on its smart plant for scrap rubber recycling in Zhumadian in December, the company said.

Read the source article at Rubber and Plastics News