China Enterprises selling Double Happiness

HONG KONG (April 23)—China Enterprises Ltd. has agreed to sell its Double Happiness and Yantai CSI tire making operations and Shandong Synthetic nylon tire cord plant to undisclosed buyers, and is seeking a buyer for a partially finished radial tire facility. Because of these and other restructuring moves, China Enterprises—formerly China Tire Holdings—fell $16.4 million in the red in fiscal 2001. Sales, on the other hand, rose 19.8 percent, to $326.1 million, based on shipments of 6.2 million vehicle tires, 34 million bicycle tires and 2.5 million wheelbarrow tires. China Enterprises sold Double Happiness' bias-ply truck and farm tire plant in Taiyuan to an unnamed buyer for $4.9 million, but then took a $3.4 million charge against earnings to cover the sale. Double Happiness' unfinished radial tire factory is for sale for $3.6 million. Yantai CSI is an industrial tire plant in Yantai.