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Henan Tyre Group sells tire production facility to a daughter company
Henan Tyre Group announced yesterday to sell its meridian tires assets to its daughter company Fengshen Tire Co., Ltd at Jiaozuo Property Ownership Exchange Center in Henan province.
Fengshen Tire Co., a listed arm of Henan Tyre Group, will purchase a 500,000 meridian tires production facility from its parent company. The total value of the facility is rated at 382 million yuan ($53 million), according to an evaluation report prepared by a professional accounting firm.
Prior to this deal, Fengshen Tire already bought a production facility with a capacity of 300,000 pieces meridian tires from its parent company.
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