SINGAPORE-A Malaysian investment group, headed by the owners of Silverstone Tire Pte. Ltd., has acquired controlling interest of a tire-making joint venture in Hubei, China, involving local manufacturer Dong Feng Tyre Factory. The investment group has established Lion Rubber Industry Pte. Ltd. in Singapore, which is majority owned by Silverstone, to oversee the ownership of its 55-percent stake in the Chinese venture, Dong Feng Lion Tyre Co. Ltd.
Dong Feng Tyre Factory, which will retain 45 percent control of the venture, operates two tire plants in Hubei, one making bias-ply passenger car and light truck tires and the other radial passenger car and all-steel radial truck tires.
Bruce Davis, Europe correspondent.
Iran plant to start production
TEHRAN, Iran-Kavir Tyre Co.'s Birjand, Iran, plant will start producing steel radials by year's end, according to a report from the IRNA news agency in Tehran.
So far only about $8.6 million has been spent on the $116.8 million plant, which eventually will employ about 2,000 and make 25,000 metric tons of tires per year.