Wheel maker YHI to sell stake in Chinese tire venture to Yokohama China
YHI International Ltd., a Singapore alloy wheel maker, says it is selling its share of a Chinese tire production joint venture to its partner, Yokohama Rubber (China) Co.
According to Reuters, YHI agreed to sell its 10 percent share in Hang Zhou Yokohama Tire Co. for $11.9 million (77 million yuan). The joint venture is based in Hangzhou, the capital of Zhejiang Province in eastern China.
YHI also is selling its 49 percent stake in Yokohama Tire Sales (Shanghai) Co. to Yokohama China for 42 million yuan ($7 million).
According to IHS Automotive's Supplier Business newsletter, Yokohama opened the Hangzhou plant in 2003, and expanded annual production this year to 5 million units, up from 3.1 million units.
Yokohama has a second plant in Suzhou that produces tires for trucks and buses.
