Apollo Tyres Outlines Global Top 10 Ambitions
Apollo chairman, Onkar S Kanwar is not one to avoid big statements when it comes to talking up Apollo Tyre’s ambitions. The Gurgaon-based company is currently estimated to be worth Rs 4,985-crore (£627 million) and is in an expansion mode. While the firm already has a presence in Europe and Africa, it seems it is continuing to look for acquisitions outside India as a route to increasing its presence in the global market.
Continue ReadingGambhir Opens Ambassadorship with MRF Tyres
Left-handed opening batsman, Gautam Gambhir has become the new face of MRF Tyres in India joining the deep pool of cricketing talent previously associated with the brand, which includes Steve Waugh, Brian Lara and Sachin Tendulkar. Gambhir – or “Gauti” to his friends and mildly sycophantic media commentators – was introduced as MRF’s ambassador at a glitzy Chennai ceremony on Friday, 4 September.
Continue ReadingInfinity Brand Pushing Forwards with Bond International
Infinity, a brand belonging to the Al Dobowi Group, is continuing to carve out a growing spot within the UK passenger car tyre market. Its relationship with Bond International, with whom Al Dobowi has developed a significant relationship in the four years since it was appointed the exclusive UK distributor four years ago, was the focus of an event hosted by key members of the Infinity Europe and Al Dobowi companies in the plush surroundings of York Racecourse earlier in the year.
Continue ReadingKumho May Sell Vietnam Plant
Kumho is in negotiations with Bridgestone to sell its recently finished tyre manufacturing plant in Vietnam, according to a report issued by Jaccar, a global investment firm. Kumho invested $155 million in the plant, which was completed in 2008 and has an annual production capacity of 3.15 million tyres. The tyre-maker has said it planned to export tyres manufactured in the Vietnam plant to southeast Asia, Europe and the US. Jaccar reported Kumho is negotiating the plant’s sale due to liquidity crunches resulting from the current “global financial turmoil.” (Tire Review)
Continue ReadingAmtel Drops the Vredestein Name
Amtel-Vredestein N.V. formally changed its name to Amtel N.V. at an Extraordinary General Meeting held in Enschede yesterday (2 September), freeing the newly re-merged Apollo-Vredestein from its previous associations with the Russian company. The execution of the deed of amendment through which the actual name change will take place as well as corresponding changes to the company’s website, corporate materials etc. will reportedly take place “as soon as possible.” The meeting also agreed proposals to dismiss Petr Zolotarev and Vadim Pesochinsky from the executive board and to appoint Alexander Fayn as sole member of the board. According to a statement detailing the meeting, Fayn gave a broad outline of the company’s restructuring plan.
Continue ReadingGerman Scrappage Scheme Ends
Market analysts are predicting that the German market scrappage scheme is likely to have come to end today as demand for cars purchased under the scheme now exceeds supply. According to a Deutsche bank report published today the scheme has been responsible for 9000 unit sales a day since its introduction and – as of today – only 5000 applications remain.
Continue ReadingGoodyear Celebrates 111 Years with Innovations, Inspirations
Goodyear turns 111 this year, and is celebrating by recounting its Top 111 Innovations, Inspirations and Historic Firsts.
Continue ReadingConti to Close Alabama Plant
Continental AG plans to close its powertrain and interior components plant in Huntsville, Alabama, by the end of 2010.
Continue ReadingConti Completes 100% Acquisition of Matador Rubber
Continental has completed its acquisition of Slovakian company, Continental Matador Rubber S.r.o. following the purchase of the 34 per cent stake held by the Cyprus-based minority shareholder, M.I.L. Investments Ltd for $67 million (£41.1 million).
Continue ReadingToyo Tires is Back on Track
When at the start of the year Japanese manufacturer Toyo Tire & Rubber Co., Ltd. put the brakes on expenditure in response to the global economic and financial crisis, the package of measures implemented were received with a shock: layoffs, massive budget cutbacks, withdrawal from the Tokyo Motor Show, restrictions upon travel for management and so on. Later it became public knowledge that top managers voluntarily forewent their bonuses. Since that time a collective sigh of relief has been breathed that some of the restrictions didn’t turn out to be as severe as first anticipated, and for Toyo’s factories in particular the tide has turned. "Our plant utilisation in Japan is already approaching a hundred per cent," comments Tatsuo Mitsuhata (44), executive vice president Toyo Tire Europe. The company’s Japanese competitors are somewhat lagging in this respect and their recovery not occurring as quickly as Toyo’s.
Continue ReadingGreen Shoots or a False Dawn?
Recent positive economic indicators coming out of Europe, Asia and the US have given analysts reason to forecast a recovery in the global logistics industry. However for global freight and parcel volumes and revenues to rebound significantly – and therefore the tyre sales which rely on logistics firms’ prosperity – analysts at Datamonitor suggest there will need to be “major improvements in consumer confidence, industrial output and subsequent international trade volumes.”
Continue ReadingReport: 20% UK Tyre Companies Are Loss Making
1 in 5 companies in the UK Tyre Manufacturers & Distributors industry are now making a loss making according to analysts at Plimsoll Publishing. The report’s author, David Pattison, commented: “Increasingly we are seeing companies making a loss for the first time in their history and I think they can rightly claim they are victims of difficult trading conditions.” However, 30 companies are reportedly making a loss for the second and even third year running. According to Plimsoll, “these companies are either blatantly undercutting the rest of the market to enhance or maintain market share or, more likely, have delayed making…painful decision[s]…No one wants to trim costs, lay off staff, cancel dividend payments and the like but continuing on regardless is fast becoming unviable.”
Continue ReadingBFGoodrich Contract Overwhelmingly Approved, says USW
The three-year contract BFGoodrich signed with the United Steelworkers for its Tuscaloosa, US plant is said to have had one of the lowest number of ‘no’ votes ever experienced by the local union chapter. "'We are pleased with the contract. We are pleased with the vote," USW Local 351 president Jimmy Price told local media. Price, who was on the union's bargaining committee, added that he felt BFGoodrich was "very responsible to give a fair contract."
Continue ReadingToyo Ends China JVs, Announces Construction of New Factory
When building its all-new factory in China, Toyo Tire & Rubber will be going it alone. During a Board of Directors meeting on August 27, the company decided to end its joint venture agreements for tyre production in China. Toyo has operated Cheng Shin-Toyo Tire & Rubber (China) Co., Ltd. together with Taiwan’s Cheng Shin Rubber Ind. Co., Ltd. since the end of 1995, with a focus upon manufacturing car tyres and tubes for the Chinese market. The company also began a partnership, Cheng Shin-Toyo Tire (Xiamen) Co., Ltd., with Maxxis International Co., Ltd. in 2002, producing commercial vehicle radials. Both joint ventures have been terminated as of August 27.
Continue ReadingGajah Tunngal Reports 1st Half Sales Drop
Faced with weak global demand for tyres during the first half of 2009, Indonesian manufacturer PT Gajah Tunggal has reported a year on year decline for this period. According to the company, sales fell in the first six months of 2009 by 2.9 per cent to nearly 3.8 trillion rupiah (about £232 million). Operating margin […]
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