Continental has taken over Czech machine tool manufacturer VUK. The acquisition is said to strengthen the tire maker’s presence in Otrokovice, Czech Republic, which is also the home to Continental’s largest tire plant worldwide with 4,500 employees. Together with the new unit Conti will be driving forward the development and production of tire assembly machines to the latest standards.
Michelin and Camso today reached an agreement whereby Michelin will acquire Camso, headquartered in Magog, Quebec, Canada, and whereby the two companies’ off-the-road (OTR) operations will be combined to form a new division to be managed from Quebec. Led by a set of common values and a strong tradition of innovation and R&D at both Michelin and Camso, and backed by high-quality teams, the strategic partnership makes the newly created entity the world leader in OTR mobility.
Reporting net sales of US$1 billion, Camso has been designing, manufacturing and marketing OTR mobility solutions since 1982. Camso is a market leader in rubber tracks for farm equipment and snowmobiles, and in solid and bias tires for material handling equipment. It also ranks among the top three players in the construction market, in track and tire solutions for small heavy equipment. Leveraging its technological leadership in tracks and related systems, its competitive manufacturing footprint, particularly in Sri Lanka, and strong customer awareness of its CAMSO and SOLIDEAL brands, Camso has demonstrated its ability to grow rapidly, expanding at an average pace of 7% per year since 2012.
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.
According to Business Korea, Hankook Tire has acquired a 75% share of Model Solution, a Korea-based advanced digital prototype solution company, for an estimated $62 million USD.
“The acquisition is in line with the company’s strategy to secure new growth engines by aggressively acquiring companies with advanced technology and design capabilities,” according to the report.
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.
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…
TRELLEBORG, Sweden—The integration of Czech rubber company CGS with Trelleborg A.B. is proving to be a “relatively complex” process, according to President and CEO Peter Nilsson.
“In general, we have worked with it in two stages. The first one, which has started, was to secure and develop continued customer relations and sales channels,” the Trelleborg boss said in an internal interview published in Trelleborg’s annual report.
Trelleborg is focusing more on now is continuing to improve the cost and revenue aspects, in part by creating synergies.
“For example, it’s a question of how we can reduce the complexity in our manufacturing and make more efficient use of our manufacturing facilities,” Nilsson said.
According to the Trelleborg official, the company created a new sales organization in 2017 to better leverage synergies, which he said will mostly occur in 2018 and beyond.
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.
The Michelin Group announced that it intends to acquire Fenner PLC, a manufacturer of conveyor belt solutions and reinforced polymer products for the mining and industrial markets.
Headquartered in Hessle, United Kingdom, Fenner has two divisions: an engineered conveyor solutions division (ECS), which is the second largest producer of heavy conveyor belts and a player in the heavy and complex conveyor belt solution market; and an advanced engineered product (AEP) division, responsible for polymer-engineered products. Fenner identifies, designs and manufactures polymer products for niche markets around the world. Its total annual revenues amounted to £655 million ($9.16 million).
GOTEBORG, Sweden — Canadian energy-services provider ArticCan Energy Services Inc. is proposing setting up a scrap-tire processing plant in Canada designed to process 30,000 metric tons of waste tires a year.
To effect the plan, ArticCan Energy signed a memorandum of understanding (MoU) with Scandinavian Enviro Systems A.B., a Goteborg-based engineering concern founded in 2001 to develop pyrolysis technology for recovering carbon and hydrocarbon compounds from waste tires.
The parties did not disclose a proposed site, timetable for completing the plant nor the investment.