Tires / Rubber Products
Compagnie Generale des Etablissements Michelin SCA Announces Reorganization of Truck Tire Production
Compagnie Generale des Etablissements Michelin SCA announced that it is to regroup its production of heavy truck tires at its La Roche-sur-Yon site. The Joue-les-Tours site will cease to produce truck tires, and will instead focus on semi-finished products. The Company's truck tire factory in Algeria will cease production. Of the 930 people currently employed at the Joue-les-Tours plant, around 200 will continue to work at the new facility specialized in semi-finished products. Of the 730 others, 250 could have pre-retirement programs, while each of the 480 remaining persons will be offered two positions corresponding to his or her qualifications at another Michelin plant in France. For employees unable or unwilling to relocate, career transition workshops will be set up. The production and marketing of Michelin truck tires in Algeria will be sold to Cevital. Cevital will initially acquire 67% of the local subsidiary's capital, before buying out the remaining shares in a second phase. Production at the Algerian plant, which is too small to be sufficiently competitive and whose urban location prohibits any future expansion, will be discontinued in late 2013.
Cheng Shin Rubber Ind. Co Ltd Transfers Equipment to Subsidiaries
Cheng Shin Rubber Ind. Co Ltd announced that it has transferred machinery and relative equipment to its two subsidiaries, a Xiamen-based rubber industry company and MAXXIS International (Thailand) Co., Ltd. from July 11, 2012 to June 10, 2013, respectively for NTD 558,312,225 and NTD 775,737,085, for operating purpose and allocation of group resources.
Lion Forest Industries Berhad Announces Winding Up Of Harapan Permai Sdn Bhd
Lion Forest Industries Berhad announced that the Harapan Permai Sdn Bhd (Harapan Permai), a dormant wholly owned subsidiary of the Company, had on December 26, 2012 lodged with the Companies Commission of Malaysia the relevant statutory forms together with the Liquidator's Statement of Accounts in relation to the members' voluntary winding-up Pursuant to Section 272(5) of the Companies Act, 1965, Harapan Permai was dissolved on March 26, 2013 (Dissolution).
Sava dd Sells Rubber Manufacturing Division to Czech Partner
Sava dd announced that it has signed the contract on selling the Rubber Manufacturing division with its strategic partner, CGS as. The funds from the sale were transferred on January 8, 2013.
Sava dd Plans Strategy for FY 2013 and 2014 Including Sale of Part of Its Business
Sava dd announced that following the 4. Supervisory Board meeting of the Company held on December 13, 2012, it adopted a new strategy for the 2013 and 2014 fiscal year. As a result, the Company plans to agree on restructuring the financial sources to provide the platform for further implementation of the strategy. Sava dd plans final arrangement with the lending banks, which will enable consolidation of its investment portfolio and business optimization of Tourism sector. The volume of financial expenses at the level of subsidised companies is planned with due regard to the existing contractual interest rates, while Sava dd plans to reduce the bank interest rates to the level, which will facilitate its further implementation of the strategy. The Company is to sell Rubber Manufacturing and part of Real Estate and Energy Management, while the largest operations in the Group will be represented by Sava dd, engaged in investments in the banking sector and the merged and consolidated tourism. In the 2013 fiscal year, Sava dd will continue to carry out the activities for selling the remaining investments in the real estate sector and energy management business. In the 2013 fiscal year, sales revenues of the subsidiaries of the Sava Group will be higher than in the 2012 fiscal year. Its prevailing part refers to the generated sale of Tourism, where a further growth is anticipated.
Sumitomo Rubber Industries Ltd to Merge with Subsidiary
Sumitomo Rubber Industries Ltd annoucned that it has decided to merge with its Tokyo-based wholly owned subsidiary, which engages in the sale of tyre to overseas markets, effective January 1, 2013. After the merger, the subsdiary will be dissolved.
Anhui Zhongding Sealing Parts Co Ltd to Dissolve Subsidiary
Anhui Zhongding Sealing Parts Co Ltd announced that it will dissolve a wholly owned subsidiary, an Anhui-based active powder technology company, which is engaged in the research, development, production and sale of waste rubber, waste plastics active powder, activated modifier products.
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Analyst Research
| Report Title | Price |
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Provider: Bohai Securities Co.,Ltd.
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$23.00
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Provider: GlobalData
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$125.00
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Provider: SADIF-Investment Analytics, S.A.
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$25.00
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Provider: Auerbach Grayson & Co., Inc.
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$25.00
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Provider: Wright Reports
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$65.00
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