Yokohama takes control of venture
TOKYO-Yokohama Rubber Co. Ltd. has taken over majority ownership of its Hangzhou Yokohama Tire Co. Ltd. joint venture in Hangzhou, China, in advance of ground-breaking for the venture's radial tire plant, which was set for April 22.
Yokohama hiked its stake to 80 percent from 45 percent, taking over four-fifths of Hangzhou Rubber (Group) Co.'s 50 percent share for about $4.8 million. YHI Holdings Pte. Ltd., a Yokohama sales subsidiary in Singapore, holds the remaining 10 percent.
Production of radial passenger tires should begin by May 2003, with initial annual capacity of 750,000 units; a second phase will double the capacity by 2006. Yokohama has budgeted $30 million for each phase.
South Pacific to expand N.Z. plant
UPPER HUTT, New Zealand-South Pacific Tyres Ltd. will invest about $5 million at its Upper Hutt passenger car tire plant this year to expand output by nearly two-thirds and prepare the plant for around-the-clock operation.
The expansion, to 2.4 million tires a year from 1.4 million, will absorb some capacity being phased out by South Pacific in Australia. South Pacific is a 50-50 venture between Goodyear and Pacific Dunlop Ltd.
Small plane hits former Pirelli HQ
MILAN, Italy-At least three people died and about 60 were injured April 18 after a small plane with mechanical trouble accidentally hit the Pirelli Tower, Italy's tallest skyscraper and former home of Pirelli S.p.A.
The collision carved a huge hole in the side of the 32-story structure that now houses government offices.