Throwing 899 Million, Qingdao Double Star Won Hengyu Technology!

- Mar 19, 2019-

On March 14, the tire industry reported explosive news. Qingdao Double Star Co., Ltd. has signed an agreement with the administrator of Shandong Hengyu Technology Co., Ltd., Qingdao Double Star will invest 899 million yuan to acquire the entire share of the latter, opening the domestic The road to integration in the tire industry.


Qingdao Double Star said that its merger and acquisition and reorganization platform jointly established by Guangrao Finance and Shandong Yinji is to accelerate the transformation of the old and new kinetic energy of Guangrao tire industry. Before that, Hengyu Technology was used as a pilot to carry out integration work, and the county government also provided With the necessary policy support, the 8.9 billion yuan of the plan was settled by the court in accordance with the ruling of the court.


 


Nirvana transformation, creating a new model of Guangrao


Qingdao Double Star said that Hengyu Technology, which has been ranked among the top 50 in the rubber industry in Shandong Province, has fallen into a situation of insolvency due to poor management. The total debt of assets has reached 695 million yuan. After the official launch of the double star, it will focus on Its high-quality production capacity is integrated to achieve the “Phoenix Nirvana” of Hengyu Technology.


According to the relevant person in charge, Hengyu Technology's annual production capacity is 6 million car tires and 650,000 card passenger tires. After filling and filling, it can realize the production capacity of 10 million car tires and 800,000 card passenger tires.


In the future, Qingdao Double Star plans to give full play to the regional advantages of Hengyu Technology, and through its industrial structure adjustment, new equipment and upgrades, it will become a model to lead the Guangrao County tire factory to high-end intelligence, to meet high-end and professionalization. Market demand and significantly improve profitability.


 


Synergistic development, Qingdao Double Star optimizes global layout


Qingdao Double Star revealed that the company will combine the existing plant layout and production capacity of Double Star Tire, Kumho Tire and Hengyu Technology to integrate global production capacity, maximize their respective advantages, create synergies and achieve high quality development of their industries. .


In addition, Qingdao Doublestar will also make full use of its advantages in sales, brand and service, and further enhance its market share at home and abroad through the new capacity of Hengyu Technology. The scale advantage will also make it in procurement, warehousing and logistics. The competitiveness of the other aspects has been improved.


 


Guangrao tire industry, waiting for a break


Guangrao County is China's famous “tire capital”, and tire production has accounted for a quarter of the country. However, with the structural overcapacity, export and environmental protection issues becoming more and more prominent in recent years, companies with “savage development” of large-scale low-end production capacity have suffered losses or even bankruptcy liquidation.


As Liu Jiayi, secretary of the Shandong Provincial Party Committee, pointed out at the mobilization meeting held in February this year, if the "tank jars" of low-end production capacity cannot be eliminated, high-quality resources cannot be transferred to high-end industries and projects. Concentration, we will not be able to take the big step of high-quality development, and the transformation of the Guangrao tire industry will be urgently needed.