Bridgestone to build plant in China
TOKYO-Bridgestone Corp. will invest $99 million over two years to build a radial car and light truck tire plant in Jiangsu Province, China.
The 8,000 unit-per-day facility is due on stream in September 2004. The unit, Bridgestone's third tire plant in China, will operate as Bridgestone (Wuxi) Tire Co. Ltd., a wholly owned Bridgestone subsidiary.
Conti buys stake in Sime Darby
HANOVER, Germany-Continental A.G. is paying $31 million for a 30-percent stake in the tire activities of Malaysia's diversified manufacturer Sime Darby Berhad, formalizing a deal the two companies agreed to initially in June 2002.
Sime Darby agreed to sell an additional 21-percent stake in the business-to be known as SDC Tyre Sdn. Bhd.-within two years, Conti said. Sime Darby Group's tire manufacturing is carried out by two companies, DMIB Berhad and Sime Tyres International Sdn. Bhd., which have combined annual production of around 4 million passenger, 1 million light truck and 300,000 medium truck tires.
Former Pirelli exec now Fiat CEO
MILAN, Italy-Former Pirelli Group executive Guiseppe Morchio, who once headed the Italian company's U.S. tire operation, has been named auto maker Fiat S.p.A.'s fourth CEO in nine months.
Mr. Morchio, 55, served as president of Pirelli Armstrong Tire Corp., now called Pirelli Tire North America Inc., for nearly two years from January 1992 until October 1994, when he left to become general manager of Pirelli Group's cable sector.