China’s Doublestar Takes Control of Kumho Tire


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

Pirelli publishes 2017 results


Pirelli & C. S.p.A. has reported a 7.6 per cent increase in revenues, to 5.35 billion euros, for the 2017 financial year. This figure is below the growth target of approximately nine per cent set for 2017; Pirelli says this lower growth was due to a greater than anticipated forex impact and the acceleration of the reduction of exposure to its ‘standard’ segment.

Read the source article at Tyrepress

Halcyon Agri doubles revenue in fiscal year 2017


Singapore – Natural rubber giant Halcyon Agri Corp. Ltd. reported a profit of $35.3 million (€28.8 million) in fiscal year 2017, and its revenues more than doubled during the year to just under $2 billion.

Robert Meyer, Halcyon Agri executive director and CEO, announced the company’s results at a press conference in Singapore 26 Feb.

Read the source article at European Rubber Journal

Sibur rubber sales up 10% in 2017


Moscow – PAO Sibur Holding has reported a significant rise in synthetic rubber sales in its operational and financial results for full year 2017.

Sales of ‘elastomers’ increased by 9.7% year-on-year to 485 kilotonnes, according to the 28 Feb statement from the Russian energy and petrochemicals major.

Sibur linked the gains to increased capacity loading at its SBS production facility in Voronezh on the back of improved market conditions.

Read the source article at European Rubber Journal

Cooper Tire: Earnings affected by tax reform in 2017

Cooper Tire & Rubber Company has reported full year 2017 net income of US$95 million, or diluted earnings per share of $1.81, a 61.7 reduction on the $248 million earned the year before. Income was affected by tax reform in the USA; the tyre maker states that excluding these discrete tax items, earnings per share would have amounted to $3.10.

Read the source article at Tyrepress

Sumitomo Rubber Industries reports strong growth in Europe

In the past financial year, Sumitomo Rubber Industries (SRI) significantly increased its sales revenue, and the company’s European business played its part in achieving this result. Overall sales rose 16.0 per cent to 756.70 billion yen (£5.1 billion).

Read the source article at Tyrepress

GM offers $2.2 billion debt-for-equity swap in return for Seoul’s support: Sources


General Motors has offered to convert debt of around $2.2 billion owed by its ailing South Korean operation into equity in exchange for financial support and tax benefits from Seoul, four sources with direct knowledge of the matter said.

The restructuring proposal comes after the Detroit automaker announced last week that it would shut its plant in the city of Gunsan, southwest of Seoul, by May and decide the future of the remaining three plants in the country within weeks.

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Yokohama reports higher fiscal earnings, record sales


TOKYO — Yokohama Rubber Co. Ltd. (YRC) reported higher earnings and record sales for fiscal 2017.

Operating income rose 22.7 percent to $463.4 million on 12.1-percent better sales of $5.96 billion, increasing the operating ratio three-fourths of a point to 7.8 percent.

Net income jumped 87.5 percent to $314.3 million.

Read the source article at Tire Business

Hedge fund Bridgewater makes $22 billion bet against European firms


LONDON/FRANKFURT/NEW YORK (Reuters) – Bridgewater has shown its hand in Europe with a $22 billion bet against some of the continent’s biggest companies, filings reviewed by Reuters show, part of a bigger shift by the world’s largest hedge fund manager.

Although data was not available to show whether Bridgewater holds more European stocks than it “shorts” overall, an investor in the hedge fund firm’s Pure Alpha Major Markets strategy said that its position was slightly net “long” on Feb. 6.

Read the source article at Global Rubber Markets News

LyondellBasell Announces Entry into a Definitive Agreement to Acquire A. Schulman, Inc.

LyondellBasell (NYSE: LYB), one of the largest plastics, chemicals and refining companies in the world, and A. Schulman, Inc. (NASDAQ: SHLM), a leading global supplier of high-performance plastic compounds, composites and powders, today announced that they have entered into a definitive agreement under which LyondellBasell will acquire A. Schulman for a total consideration of $2.25 billion. The acquisition builds upon LyondellBasell’s existing platform in this space to create a premier Advanced Polymer Solutions business with broad geographic reach, leading technologies and a diverse product portfolio.

Read the source article at Stock Market Data Today