2 Jan 2016
Beijing – Beijing Capital Tire Co. Ltd, an affiliate of state-owned conglomerate Capital Group in Beijing, declared bankruptcy in October, a Chinese industry official has confirmed.
The company has 7.1 million tire/year capacity and dates back to the 1970s, said Capital's website, on which it claimed to be one of China’s top five PCR makers.
According to reports - dated 25 June and 16 Nov - on Chinese news website Tire World, Capital Tire had suspended production since early 2015 and started laying off 1,000 employees, or half of its total staff, about six months ago.
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