Doublestar to acquire financially troubled Hengyu

Qingdao, China – Doublestar plans to acquire tire maker Hengyu Technology, currently undergoing bankruptcy restructuring, for €118 million (899 million yuan).

The investment will go through Jixing Tire, a subsidiary of Doublestar, said the company’s announcement on 15 March.

Hengyu currently has 650,000 unit annual truck and bus tire capacity and 6 million unit annual passenger car tire capacity on stream since 2015, Doublestar’s board office told ERJ.

The capacity at Dongying could be respectively raised to 800,000 and 10 million when a facility upgrade is completed, according…

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