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.
Seoul – Following months of debates and dispute over trademark rights and price tag, China’s Qingdao Doublestar has agreed to cancel a deal to buy a 42.01% stake in South Korea’s second tire-maker, according to the Korean news agency Yonhap.
As reported by ERJ, after months of disputes over trade mark rights, Doublestar, in August, asked for the price tag to be reduced to 800 billion won, from the original 955 billion won (€778 million) agreement signed in March.
FRANKFURT — European carmakers offered a further 20 percent cut to average carbon dioxide emissions in the next round of EU goals currently being drawn up, but said full compliance should wait until 2030 and remain conditional on consumer uptake of electrified cars. The proposal was announced at the Frankfurt auto show by Dieter Zetsche, CEO of Daimler and president of the European manufacturers’ association, ACEA.
Goodyear Tire & Rubber Co. has named Chris Delaney as president of Goodyear’s Europe, Middle East, and Africa business unit; Ryan Patterson as president of Goodyear’s Asia Pacific business unit; and Scott Rogers as the new North America consumer business.
CAMBRIDGE, Ontario — The Tire and Rubber Association of Canada (TRAC) is moving its office to Cambridge and announced the retirement of longtime executive assistant Helen Theodorou. The association takes up residence Aug. 25 at its new office, located at A19-260 Holiday Inn Drive,Cambridge, Ontario, N3C E8, Canada. TRAC’s office has been in Mississauga, Ontario.
The board of directors of Toyo Tire U.S.A. Corp. (TTC) has announced the promotion of Roy Bromfield to president and CEO of Toyo Tire U.S.A. Corp. In this role, he is responsible for all product categories of Toyo-branded business in the U.S. replacement market.
MILAN (Reuters) – Italian tyremaker Pirelli, bought by state-owned China National Chemical (ChemChina) two years ago, will sell up to 40 percent of its equity capital in an initial public offering as it plans to return to the Milan stock exchange in October.
The relisting of the world’s fifth-largest tyremaker will test demand for a streamlined firm that focuses on high-end consumer tyres, after the company’s less profitable truck and industrial tyre business was folded into a unit of ChemChina[CNNCC.UL].
A confidential study prepared by analysts at Banca IMI, one of the global coordinators for the IPO, valued the group’s equity at between 7.6 billion and 8.7 billion euros ($9 billion – 10.4 billion).
AKRON — The world’s leading tire makers committed more than $7.3 billion in the past year toward new plants and capacity expansions, a measurable drop from record spending of $10 billion-plus in 2015-16 but still ahead of the annualized average for the past decade.
The investment sum was buoyed by nearly $3.3 billion in spending on acquisitions, deals that involved companies with collective annual sales of more than $2.5 billion — including Qingdao Doublestar Tire Co. Ltd.’s still-pending $830 million bid to buy what amounts to a controlling interest in South Korea’s Kumho Tire Co. Inc.
LYON, France—French scrap tire management company Aliapur is launching an international media campaign to promote the use of its tire shreds as an alternative fuel for the cement industry.
Seville, Ohio—Rubber liner maker Blair Rubber Co. is expanding steadily its reach overseas.
It recently entered an exclusive business partnership with South Korean corrosion protection product manufacturer Saekaphen Korea Co. Ltd. to serve as an applicator and distributor of linings for Blair in the country, a Blair spokesman said.