Capacity to double at Magna Tyres’ Netherlands plant – again
It’s only a couple of months since we last reported a capacity increase at the Magna Tyres Group factory in Hardenberg, the Netherlands, however the company has now announced its intention to implement another OTR tyre expansion project. While the last expansion focused on increasing 26.5R25 and 29.5R25 capacity, this time round Magna Tyres will increase 17.5R25, 20.5R25 and 23.5R25 production – capacity for these is expected to reach 7,000 tyres in 2019. Magna Tyres Group comments that this growth is in keeping with its 2018 to 2023 business plan.
Continue ReadingEU publishes definitive anti-subsidy and updated anti-dumping rates
The European Union has published its definitive decision relating to anti-subsidy duties imposed on Chinese-produced truck tyres imported into the continent. This follows the EU’s final decision on anti-dumping duties, which was released on 18 October 2018. In short, the latest document (which runs to well over 120 pages) demonstrates how large subsidies have supported some Chinese tyre makers. However, it doesn’t mean the overall per tyre rate importers have to pay will change.
Continue ReadingContinental, Bandvulc fleet services merging
In the more than two years since Continental Tyre Group acquired Bandvulc, both the Conti360° Fleet Services network and the Bandvulc Plus+ fleet services continued to run in parallel, with customers receiving services from both brands. This will now change – Continental Tyre has announced the merger of Conti360° and Bandvulc Plus+. The two operations will unite as Conti360° Fleet Services, with Bandvulc’s key partners joining Continental’s current Conti360° Fleet Services.
Continue ReadingConstruction begins on Ronal innovation centre
Work on a new Ronal innovation centre is now under way. Alloy wheel manufacturer the Ronal Group broke ground at the site of its future facility in Forst, Germany in late September, and on 12 October founded Ronal Technologie GmbH, the company that will take responsibility for the centre’s functions.
Continue ReadingContinental Q3 2018 results
German tyre and automotive systems manufacturer Continental AG has reported Q3 2018 sales of 10.8 billion euros, a result just a whisker higher than the company achieved a year earlier. Adjusted EBIT amounted to 771.8 million euros, 30.1 per cent lower than last year’s result. Adjusted EBIT of 771.8 million equates to an adjusted operating margin of 7.2 per cent; the margin was 10.3 per cent in Q3 2017.
Continue ReadingStapleton’s switching to a Michelin policy after successful trial
What brand of tyres does a tyre distributor use on its own fleet? In the case of Stapleton’s Tyre Services, the answer is Michelin. The company began trialling Michelin Agilis CrossClimate tyres across 25 Renault Master vans in March, and determined it could be clocking up an extra 20,000 miles per set compared to its existing policy.
Continue ReadingOne year on: Trico MD’s ‘clear vision’
With a background of more than 25 years in the automotive industry and nine years at Trico, Adam Richards stepped up to become the UK figurehead when he was promoted from operations manager to managing director a year ago. He previously worked in the materials and supply chain management sector, which progressed into an operational management role in a number of industrial sectors, but predominantly automotive.
Continue ReadingYokohama Rubber – Q3 2018 profit affected by asset impairment charge
Yokohama Rubber Co., Ltd. reports a 1.2 per cent year-on-year increase in sales revenue in the nine months to 30 September 2018, however profit indicators were lower than in the first three quarters of last year. The tyre and rubber products manufacturer has also revised its full-year fiscal projection in light of operations at its US tyre plant.
Continue ReadingHankook continuing Air Ambulance support into 2019
Hankook Tyre UK has confirmed its continued support of the Air Ambulance charity, a partnership that began with a donation of tyres in 2017. Since then, Hankook Tyre UK supported the charity through tyre donations and by arranging multiple fundraisers, both internally and during popular company events. It has also made Air Ambulance its dedicated charity of choice.
Continue ReadingUS market receives first Magna OTR tyre production from Thailand
One way of avoiding anti-dumping duties applicable to tyres imported from China is not to import tyres from China. This is what Magna Tyre Group is now doing in the USA – the company is meeting increased demand for OTR tyres in this market by expanding its production capacity in Thailand. Tyres made in this facility, comments Magna, are don’t attract tariffs in the USA and thus offer the opportunity for the company to “massively increase our presence on American market.”
Continue ReadingIncreased capacity, exports: Prometeon investing $115 million in Turkey
Capacity at the Prometeon Tyre Group plant in İzmit, Turkey will increase by 75 per cent by 2020 in order to accommodate plans to almost double exports from the facility. This project will be funded by a US$115 million investment announced by the company on Tuesday.
Continue ReadingSSE debut for new Sailun Group ticker symbol
As of today, Sailun’s ticker symbol on the Shanghai Stock Exchange has changed from ‘Sailun Jinyu Group Co., Ltd.’ to ‘Sailun Group Co., Ltd.’. The tyre maker’s securities code remains 601058.
Continue ReadingDundee closure ‘supports Michelin’s intent to accelerate cost savings’ – analyst report
An analyst report published by Jefferies International Limited has stated that the closure of Michelin’s Dundee plant “supports [the company’s] intent to accelerate cost savings during 2019-20.” Presenting its nine-month 2018 results in October, Michelin warned that demand had deflated in the car and truck markets and it was revising down its guidance; subsequently Michelin shares fell to a seven-year low.
Continue ReadingSchaeffler Group to scale back UK manufacturing, logistics presence
The Schaeffler Group, best known to us as major shareholder (through holding company IHO Group) in tyre and automotive systems manufacturer Continental, has announced its intention to close two of its three plants in the UK. And Brexit, in part at least, is to blame.
Continue ReadingBKT outlaying up to $100 million to build US tyre plant
Balkrishna Industries (BKT) has provided further details regarding its plans to build a factory in the USA. With a capital outlay of up to US$100 million, funded by investments and local debt, the tyre maker intends to establish a greenfield facility with an annual capacity of 20,000 tonnes.
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