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During the Spring Festival, most tire companies change the scene of overtime and busy production, early holiday on February 10th. Under the multiple pressures of structural overcapacity and constant trade friction, the tire industry has high inventory, low profits and low demand. Industry expert Deng Haiyan in an interview with reporters, said that to resolve the current contradictions, to achieve China from a large tire manufacturing country to a strong country, merger and reorganization is the only way. In the next few years, mergers and acquisitions will become a trend in the tire industry.
Industry will now be a big wave of Taobao
China's tire capacity structural overcapacity is a serious fact, according to the China Chemical Equipment Association through equipment procurement, by 2014 China's total total steel tire production capacity reached more than 180 million sets, the total production capacity of semi-steel tires reached more than 600 million sets, while in 2014 the total steel tire sales of less than 110 million sets, half-steel tires about 400 million sets. China's tire capacity utilization rate is obviously low, in the next few years low-end tires will face greater pressure to reduce production capacity.
circumstances, it is clear that China's tire industry can no longer take the old road of expanding production and expansion. The central and local governments are also fully aware of this, introducing tire access regulations and implementing them. Local governments tend to be rational about attracting investment, not only the preferential policies and conditions are gradually reduced or eliminated, but also the environmental protection and energy conservation requirements of enterprises are more stringent. For example, in early 2014, the Shandong provincial government adopted the Implementation Opinion on Resolving the Contradiction of Serious Overcapacity, and the tire industry was included in the overcapacity industry in Shandong Province.
china's tire enterprises, industry concentration is far below the world average. In the current situation of structural overcapacity of tires and increasingly strict local policies, mergers and acquisitions are the most effective way to increase concentration rapidly.
, an expert in the tire industry, believes that the current situation of China's tire industry is equivalent to the white goods industry in the 1990s, that is, thousands of enterprises concentrated on the production of lower-grade products. After more than ten years of mergers and acquisitions, the current real weight of home appliance enterprises are few. Predictably, the tire industry will also experience a big wave of sand, the remaining several enterprises quickly strong, among the world's first-class.
the achievements of international giants through mergers and acquisitions
Deng Haiyan introduced, through mergers and acquisitions bigger and stronger, is the world-class tire company practice has proved the successful experience. The world's top two companies, Bridgestone of Japan and Michelin of France, both have dozens of tire factories, much of which were acquired through mergers and acquisitions. The most successful acquisition was Bridgestone's acquisition of Fairstone in the United States, which quickly overcame Michelin to become the world's new tire industry.
world tire company to enter China's tire market is also the main way of mergers and acquisitions. The top three of the world's top 75 tire companies: Bridgestone of Japan, Michelin of France and Goodyeon of the United States, respectively, through the acquisition of Shenyang Third Rubber Factory, Shenyang Tire Factory and Dalian Rubber Factory directly into the Chinese market, to achieve the localization of production, and on this basis gradually expand the scale of production, improve market share; Singapore Jiatong Tire has carried out 5 mergers and acquisitions, respectively, the acquisition of Anhui, Chongqing, Yinchuan and Jilin tire enterprises, and a new plant in Fujian, completed a full range of strategic layout in the Chinese market; In 2006, Guplat Tires, Carlisle Corporation and GPX International Tires acquired the assets of Chengshan Tire Co., Ltd., Guangdong Meiyu Tire Co., Ltd. and Hebei Tire Co., Ltd., respectively, and successfully entered the Chinese tire market. Toyo Tires of Japan also acquired Shandong Silverstone Luhe Rubber Tire Co., Ltd. in 2011.
domestic mergers and acquisitions have just started
compared with foreign tire enterprises, domestic tire enterprises to implement mergers and acquisitions started late, small scale. Before 2010, the more influential mergers and acquisitions in the tire industry included the merger of Qingdao Shuangxing Co., Ltd. in 1998 with Qingdao Huaqing Industrial Group Co., Ltd. and the acquisition in 2006 of a partial stake in Qingdao Huanghai Rubber Group and Fengsun Tire Co., Ltd. The main purpose of the mergers and acquisitions of these two companies is to diversify into the tire industry.
2011, domestic tire enterprises from horizontal mergers and acquisitions to vertical mergers and acquisitions, from expanding the scale to improve the industrial chain. Among them, there are 5 mergers and acquisitions to expand the scale of operations: Double Money Group acquired Xinjiang Kunlun Tire Co., Ltd. in 2014; In 2012, the company acquired a stake in Shandong Jinyu Industrial Co., Ltd. and Shenyang Peace Meridian Tire Manufacturing Co., Ltd., and in 2014 acquired a stake in Shandong Jinyu Tire Co., Ltd.'s engineering tire assets and Forreit Rubber and Guoma Group. There are three mergers and acquisitions that extend the industrial chain: Double Money Group's acquisition of Huatai Rubber Co., Ltd. in 2011, and the acquisition of taihua's Luoyong rubber processing plant and British distributor Kings Road Tyres Group Limited in 2012 and 2014, respectively.
, however, Deng Haiyan said that compared with the world's tire industry more than 100 years of mergers and acquisitions history, China's tire industry mergers and acquisitions are just beginning, experience is not enough. Of the many mergers and acquisitions that have occurred, the success rate of mergers and acquisitions is not high. Therefore, enterprises in the process of mergers and acquisitions should pay more attention to know each other, in order to improve the success rate of mergers and acquisitions. First, it is necessary to fully evaluate the enterprise's own merger and acquisition capabilities, including core resource output capabilities, merger and acquisition process management capabilities and merger and acquisition risk management capabilities;The second is to formulate a detailed merger and acquisition strategy, in-depth investigation of the acquired enterprises, to minimize the risk of mergers and acquisitions; Third, in the implementation of mergers and acquisitions, we should combine the economic boom cycle and capital market cycle, effectively reduce costs;Fourth, do a good job after the merger and acquisition of smooth integration, especially cultural docking and integration.