Iron Castings - Cast Iron Railway Parts
Products mainly include: railway connecting rod, railway shoulder, railway track fitting, stop lock bar.
Material: grey iron, ductile iron
The most common used grey iron is HT200 & HT250, ductile iron QT400 and QT500, besides, we also have high level Cast Iron such as high chrome casting iron, SiMo ductile iron.
We owned the advanced equipments including 6 automatic molding lines, 22 electric furnaces, 120 sets machining equipments, shot blasting line and advanced inspection equipments.
Cast Iron Railway Parts Cast Iron Railway Parts,Railway Parts,Cast Iron Railway Track,Railway Fasteners Railway Dandong Hengrui Machinery Co., Ltd. , http://www.hrcastings.com
·Qingdao Double Star Co., Ltd. officially entered the Korean Kumho Tire
South Korea's Kumho Tire held an extraordinary general meeting to select Chai Yongsen, Chairman of China Double Star Group, and Zhang Junhua, Chief Financial Officer of the company.
"The company's acquisition of South Korea's Kumho Tire completed the asset delivery today." Qingdao Double Star Co., Ltd. (referred to as "Qingdao Double Star") Securities Department staff confirmed to reporters. The biggest merger and acquisition case in China's tire industry was finally settled on July 6, 2018, and the asset was officially delivered.
On this day, Yonhap News also reported that South Korea's Kumho Tire held an extraordinary general meeting on the 6th, elected Chai Yongsen, chairman of China Double Star Group, and Zhang Junhua, chief financial officer of the company. The two will participate in the board of directors as non-executive directors to ensure the independent operation of the Kumho original management team.
Kumho Tire ranks 14th in the world, with 8 factories and a global sales network and brand influence. In recent years, the performance of Kumho Tire has fallen sharply, causing shareholders to sell their shares to repay their debts.
As early as the beginning of 2017, Double Star Group and its subsidiaries began to intervene in the restructuring of Kumho Tire. After successfully defeating more than 10 bidders in the German mainland, French Michelin, Shanghai Aerospace, and China Chemical, they signed the contract. However, with the growing tension between China and South Korea, this swallowing cross-border M&A has suffered from various obstacles including political factors and trade union obstruction from the beginning, resulting in this cross-border M&A case falling in September 2017. only.
Who can think of half a year later, in March 2018, the negotiations that had been terminated have come back to life. Qingdao Double Star (000599) Dong Bian Liu Bingxiang said that the Chinese market is crucial for the decline in the performance of South Korea's Kumho tires. This is also one of the main reasons for the resumption of M&A negotiations between the two sides, because “expanding the Chinese market will solve the biggest problem of Kumho Tire.â€
In the effort of Qingdao Double Star, the day before the Korean Kumho Tire was about to go bankrupt, the Kumho Tire Trade Union voted at the Gwangju Plant on April 1st, and 2,741 union members participated in the voting (participation rate reached 91.8%), accounting for 91.8%. 60.6% of the 1,660 people favored the sale and 1052 people opposed it. In view of the vote to agree to sell, the creditor group will sign a sale agreement with Qingdao Double Star, which has become a key turning point in the entire merger.
According to the announcement issued by Qingdao Double Star (000599) on April 20, 20, Double Star Group and its subsidiaries Xingwei Korea Co., Ltd. and Kumho Tire Co., Ltd. (hereinafter referred to as “Kumho Tireâ€) and Kumho Tire Creditors represent Korea Industrial Bank. (hereinafter referred to as “KDBâ€) signed the “Share Subscription Agreement†and the “Shareholders Agreementâ€. Xingwei Korea will invest 644.3 billion won to subscribe for 129,267,129 common shares of Kumho Tire at 5,000 won/share, accounting for Kumho Tire 45% of the total number of shares after the issuance of shares, and became the controlling shareholder of Kumho Tire.
According to the 2016 Global Top 75 Tire Rankings, Kumho Tire ranked 14th and Double Star Tire ranked 34th. If the merger is successful and the sales of the two are added together, Qingdao Double Star will become the largest tire manufacturer in China and will rank among the top ten in the world.
However, due to the twists and turns in the process of this cross-border M&A case, no one dares to make a final conclusion until the last moment of the real delivery of assets.
According to the Yonhap News Agency, on July 6, 2018, Kumho Tire also selected three external directors, including Cai Liangji, former president of Hyundai Motor Business Planning, and increased the number of directors to nine. Jin Zongyi, president of Kumho Tire, said that Kumho will work with the major shareholder Double Star to continuously improve synergy and brand value. All employees work hard to restore income as their first task, and it is expected that visibility results will be achieved in the short term.
Chai Yongsen, chairman of Qingdao Double Star Group, attended the investment delivery ceremony that morning. He said that the advantage of Kumho tires is mainly passenger tires. The advantage of Double Star is mainly in the passenger tires. It is expected that the two sides will play their respective advantages and synergies and develop into the world's leading tires. enterprise.
In view of the fact that South Korea's Kumho Tire has five production bases and four R&D centers outside China, some analysts believe that Qingdao Double Star Group has not only acquired brand, production capacity and technology through overseas mergers, but more importantly, using Kumho tires. The global industrial layout can also effectively resolve the impact of trade barriers.