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.
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.
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.
Cooper Tire & Rubber Co. has entered into a multi-year manufacturing offtake agreement with Sailun Vietnam Co. Ltd. for the production of truck and bus radial (TBR) tires for global markets. The offtake agreement gives Cooper a third global source of TBR tire production to meet growing customer needs. Tires will be manufactured under the Roadmaster, Dean and Starfire brands.
The 2016 deal for J.D. Power left a U.S. company famed for enhancing transparency — shining a light on quality and customer satisfaction in the automotive and other industries — owned by a private Hong Kong company that was soon embroiled in a largely hidden dispute in China over the source of its funding. The 2016 deal for J.D.