MRF to increase tyre production capacity – reports
Tyre major MRF Ltd is reportedly increasing tyre production capacity at its eight manufacturing facilities across the country as part of its capital expenditure plan. “The company, in line with its long term strategy, proposes to increase capacities across all its existing factories,” MRF said in its reply to the Bombay Stock Exchange (BSE). According […]
Continue ReadingCooper Tire closes Cooper Chengshan sale
Cooper Tire & Rubber Company reports that it has completed the sale of its 65 per cent ownership in Cooper Chengshan (Shandong) Tire Company Ltd (CCT) to Chengshan Group Company Ltd on 1 December for approximately US$262 million net of taxes and including dividends in accordance with the previously announced option agreement. Earlier reports suggested […]
Continue ReadingToyo to produce AC Milan global fan film
Toyo Tire & Rubber Co., Ltd. is to produce a film called “Driven to perform. To SAN SIRO” linking clips produced by fans from around the world into a movie to be shown during AC Milan Serie A home games. As a Premium Sponsor, Toyo Tires will make the film to promote support for AC […]
Continue ReadingIGA hails repair information step forward
Findings from the European Commission’s review into the process of access to vehicle repair and maintenance information have been welcomed as ‘another major step forward’ by the Independent Garage Association (IGA). At the end of 2013, the Commission appointed Ricardo-AEA, a UK based agency, to carry out a study on access to vehicle repair and maintenance information for independent operators, and the results have confirmed the IGA’s stance that although the situation has improved in recent years, we are still some distance from a “level playing field”.
Continue ReadingNexen Tire wins Fiat Chrysler supplier award, extends OE tyre supply
Fiat Chrysler Automobiles (FCA) has chosen Nexen Tire as an ‘excellent supplier’ at an awards ceremony recently held in China. The ‘2014 APAC Supplier Town Hall and Awards Ceremony’ were held in Shanghai to honour the global suppliers FCA considers have delivered the best quality, brand values and technical skills.
Continue ReadingComment: Roll on 2015
As the evenings draw in and the temperatures drop, people not only make preparations for Christmas, but also consider the pros and cons of the last 12 months as well as look forward to next year. When it comes to the tyre business it is no different, I am sure we are all looking forward to our Christmas break – but this is also the season for stock-taking, both metaphorical and literal.
Continue ReadingRomanian authorities approve Michelin-Ihle takeover in Romania
The Romania’s Competition Council has approved the takeover of Reifen Ihle’s Romanian operation – Ihle Anvelope by Michelin. The transaction forms of the previously reported earlier deal in which Michelin took over the German operation (Reifen Ihle Baden Baden) and its international operations. According a Romania Insider report dated 25 November, which carried details of […]
Continue ReadingGiti ‘disappointed’ with US anti-dumping/countervailing duty decision
Giti Tire has stated that the company “is very disappointed” with the recent US Department of Commerce (DoC) preliminary decision to impose 17.69 per cent tariffs on tyres produced by Giti in China for sale in the US. The Singapore-based manufacturer suggests that to do so is contrary to free market business: “Giti is a […]
Continue ReadingMichelin becomes ‘sole supplier’ to footwear market
Michelin will markedly increase its activities in the footwear sector following the signing of an agreement with Chinese textile firm the Jihua Group on 26 November. The alliance created by the deal signed at the French tyre maker’s Clermont-Ferrand headquarters aims, in Michelin’s words, to “grab a major share of the world high-performance soles and technical footwear market.”
Continue ReadingNew owners for South Africa’s Tiger Automotive
Global alternative asset manager The Carlyle Group and South Africa’s Old Mutual Private Equity have announced their agreement to acquire 100 per cent of South African tyre retailer and wholesaler Tiger Automotive from Ethos Private Equity and the company’s founders for an undisclosed amount. Funding for this investment will come from the Carlyle Sub-Saharan Africa Fund and Old Mutual Private Equity Fund IV, and Tiger Automotive’s founders will also re-invest equity in the company. The transaction is expected to close in early 2015, subject to regulatory approvals.
Continue ReadingNot Japanese and not us – Toyo files action against Japan Toyomoto Tire
For many companies, exhibiting at this year’s SEMA show led to contact with new customers and additional business. For at least one, it prompted legal action. On 4 November, Toyo Tire & Rubber and its US subsidiaries filed a trademark infringement action against Chinese company Japan Toyomoto Tire Corp. and its affiliates. This is the second year in a row that Toyo has undertaken such legal action against another SEMA exhibitor.
Continue ReadingPirelli signs MoU for truck tyre factory expansion in Egypt
Plans to enlarge Pirelli’s truck tyre radial facility in Egypt are one step closer to realisation following the signing of a Memorandum of Understanding between Pirelli Tyre S.p.A and Egypt’s Ministry of Investment. The freshly-autographed MoU explores the possible expansion of the Alexandria Tire Co. (Atco) plant, an operation that Pirelli holds more than 90 per cent control in. On the basis of the MoU, it is foreseen that Atco would invest around US$107 million to expand and technologically upgrade the plant. The investment is expected to take place over a 36 month period once the conditions (which have not been made public) for the launch of the expansion activities have been met. When completed, the expansion project will create up to 250 new direct jobs at Atco and increase truck tyre radial production by around 300,000 units per annum.
Continue ReadingUS imposes Chinese tyre import tariffs
The US Commerce Department (USDOC) has moved to impose import tariffs on tyres manufactured in China and imported into the US. The USDOC has also agreed to initiate work on an additional nine subsidy programs identified by the USW. The preliminary finding suggested that Chinese-made tyres in this category are unfairly subsidized and should be subject to countervailing duties of 17.7 per cent and 81.3 per cent. The precise percentage depends on the manufacturer in question, but the standard rate is reportedly 15.69 per cent. This is the second round of passenger vehicle and light truck duties since the millennium. The first round ran from 2009 to 2011 and ranged from 35 to 25 per cent.
Continue ReadingPaolo Ferrari appointed Pirelli Latam CEO
Chairman and CEO of Pirelli’s NAFTA region, Paolo Ferrari will move on to the position of CEO, Pirelli Latin America region effective 1 January 2015. In the last three years, the NAFTA team led by Ferrari have scaled up Pirelli’s presence in North America across all areas of the business including the expansion of the […]
Continue ReadingBlackcircles on expansion, investment and going international
When Blackcircles.com appointed two new directors in early November, it was about more than simply expanding the range of experience available to the firm. It was also about driving the company’s international expansion plans forward. Tyres & Accessories recently caught up with founder and managing director Mike Welch in Edinburgh and found out more about […]
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