By Jane Ho, Crain News Service
DONGYING, China (July 8, 2015) — Shandong Deruibo Tire Co. Ltd., producer of the Deruibo, Allroad, Jaderock and Faralong brands, has declared bankruptcy and been taken over by local government for liquidation, the secretary general of China Rubber Machinery Association (CRMA) has confirmed.
The company is considered the world's 35th largest tire maker as ranked in Tire Business' annual Global Tire Report, with $992 million in fiscal 2013 sales. It announced the bankruptcy in February following an appeal to the government for a restructuring earlier that month.
CRMA Secretary General Chen Weifang confirmed the company's situation recently to European Rubber Journal (ERJ), a London-based sister publication of Tire Business.
The parties did not offer any explanation for Deruibo's plight.
Deruibo Tire — also known in some reporting as Deruibao Tire — was set up in 2009 in Guangrao county, Dongying, Shandong province and claimed annual manufacturing capacity of 33 million car, light truck, medium truck and OTR tires. The company claimed employment of 5,000 in its online profile.