Canadian firm leaves China TORONTO—South China Industries (Canada) Inc. has divested itself of its majority interest in a Chinese tire company and will look for new business ventures under a new name.
The company, which had owned an 80-percent interest in China's Guilin Tire Co. since 1993, sold the shares back to Guilin South Rubber Group Corp. for $6.3 million—only about 18 percent of what it originally had paid for them.
In its annual report, South China Industries' President and CEO John D. Pennal said the company agreed to the terms after searching for more than two years to find a third party interested in buying its stake in Guilin Tire.
South China's losses mounted during the past three years, reaching $18.3 million last year on sales of $40.7 million. Sales also fell during the period.
South China will relaunch itself as Tri North Capital Inc. and look for investment opportunities in Canada.
M/T supplies Japanese racers
STOW, Ohio—Max-Trac Tire Co. Inc., which does business as Mickey Thompson Performance Tires & Wheels, is supplying a new drag-racing tire exclusively to the Big End Racing Club (B.E.R.C.), which Mickey Thompson characterized as the premier sanctioning body for drag racing in Japan and the equivalent of the NHRA (National Hot Rod Association) in the U.S.
The Mickey Thompson Big End tire features yellow lettering and track-proven performance, the company said, and is available in size 26210.5-16 exclusively from the B.E.R.C., 329-1 Nakaechi, Atsugi, Kanagawa, Japan. Fax: +81-462-45-7738. Internet: www.bigend.net.