Michelin partnering in French bio-butadiene project
Three French companies – Michelin, Axens and IFP Energies nouvelles (IFPEN) – have announced the launch of a plant chemistry research partnership that aims to develop and bring to market a process for producing bio-sourced butadiene, or bio-butadiene. The partnership goes under the name ‘BioButterfly’ and in addition to developing an innovative bio-butadiene production process, the three partners are also committed to laying the groundwork for a future bio-sourced synthetic rubber industry in France.
As reported yesterday, Apollo Tyres’ global turnover only rose 1.7 per cent to Rs 34.3 billion in the prior quarter (£338.2 million). Yet the company’s turnover in Europe between 1 June and 30 September – the second quarter of the Apollo’s current financial year – grew substantially. Quarter turnover for Europe increased 46.1 per cent year-on-year to Rs 10.6 billion (£104.4 million); Apollo Vredestein’s quarter-on-quarter growth was 33 per cent.
Trelleborg eyes expansion through Italian acquisition
Trelleborg Wheel Systems has signed an agreement to acquire the industrial tyre business belonging to Italian firm Pircher Alfred s.a.s. The business specialises in the distribution and service of industrial tyres, such as those fitted on forklift trucks. Trelleborg says the acquisition further strengthens and enlarges its European industrial tyre distribution network, and offers the opportunity to further grow the Interfit industrial tyre service business that the company took on through its acquisition of Watts Tyre Group in early 2011.
Bridgestone to expand multi-brand agricultural strategy in Europe
Bridgestone Europe will introduce the Bridgestone brand into the European agricultural tyre market, targeting the growing high-end segment. The brand, which will focus on meeting the special needs of the largest, most powerful agricultural vehicles and equipment according to Bridgestone, will be previewed at Agritechnica in Hanover this week (12-16 November 2013), while the company will launch its first product during May 2014’s Reifen show in Essen, Germany, making it available for sale in Europe during the second half of the year.
Apollo net profit up 44% in June-September quarter
During the second quarter of its financial year, the period from 1 June to 30 September, Apollo Tyres reported net sales of Rs 34.3 billion (£338.2 million), a slight increase on the same quarter a year earlier. Operating profit rose 16 per cent in the quarter to Rs 4.4 billion (£43.3 million), while net profit soared 44 per cent to Rs 2.2 billion (£21.7 million).
January-September sales and earnings at record levels – Yokohama
Yokohama Rubber reports record sales and earnings in the first three quarters of 2013. Net sales increased 4.9 per cent over the same period of the previous year to 412.4 billion yen (£2.6 billion), operating income increased 13.8 per cent to 29.9 billion yen (£188.3 million) and net income increased 12.3 per cent to 19.6 billion yen (£123.5 million). The three totals were the highest ever in the nine-month period between January and September, although the company does point out that prior to shifting to calendar-year accounting in 2011 the same nine-month period corresponded to the fourth, first, and second quarters of the financial year.
MWSD signs 3-year extension to European xlite wheel distribution deal
Motor Wheel Service Distribution (MWSD) and Wheels India have signed a three-year extension to the European supply agreement of xlite forged aluminium wheels, having rolled out the product on the European market since 2011. The xlite brand became global after an exclusive 10-year trademark agreement between MWSD and Wheels India.
The Agritechnica show has begun in Germany, and yesterday Trelleborg attended the Tractor of The Year awards 2014 as official partner. Commenting on the tyre maker’s involvement in the awards, Paolo Pompei, president of Trelleborg Wheel Systems’ Agricultural and Forestry Tires business unit, said “we are extremely proud to associate our brand with this important award scheme for the agricultural machinery industry.
South Korean’s Hankook Tire is one of 24 companies recently added to the Dow Jones Sustainability Asia/Pacific Index (DSJI Asia/Pacific). It is the first Korean tyre maker to be included in the index and the company reports it obtained high scores in core components of corporate sustainability such as corporate social responsible activities, ethics management, environment management, climate change strategy and innovation management.
On 6 November, Titan International completed the previously announced redemption of the outstanding US$137,681,000 aggregate principal in its ‘7.875% Senior Secured Notes due 2017’. The company redeemed the notes at a price of $1,059.06 for each $1,000 principal amount, or approximately $145.8 million in total, plus approximately $1.1 million of unpaid interest accrued to the redemption date. Titan says it did not incur any early termination penalties in connection with the redemption of the notes beyond the premium reflected in the redemption price, as described above.
No ‘buyer’s remorse’ – court rules Apollo not in breach of agreement
A US court has ruled that Apollo Tyres hasn’t intentionally delayed its acquisition of Cooper Tire & Rubber or breached the terms of its acquisition agreement. The preliminary ruling delivered by Judge Sam Glasscock III on 8 November opines that while Apollo has demonstrated effort in its negotiations, plaintiff Cooper cannot demonstrate it has satisfied all the conditions of the $2.5 billion deal or met all obligations in regards to closing the deal on its original terms.
In its consolidated financial statements for the first three quarters of the 2013 fiscal year, Bridgestone Corporation reports net sales of ¥2,606.0 billion (£16.4 billion) between January and September, a 17 per cent increase from the first three quarters of 2012. Net sales in the third quarter alone were ¥900.8 billion (£5.7 billion). Operating income amounted to ¥318.9 billion (£2.0 billion) for the first nine months of the year, a year-on-year increase of 56 per cent, and ¥126.5 billion (£797.9 million) in the third quarter.
Delticom’s full report for the first nine months of 2013 shows net income significantly down compared with the same period of 2012 despite growing revenues.
Cooper Tire will be the official tyre of the Canadian Hockey League (CHL) for the 2013-2014 season. The newly-announced partnership will see the tyre maker gain a “strong presence” at several CHL national series; Cooper says the partnership supports the companys brand expansion into the Canadian market and is a “logical extension” of its Canadian market focus.
‘Project Charlie’ – a failed attempt to resolve Cooper Chengshan standoff
One snippet of information to emerge from this week’s Cooper Tire & Rubber Co. v. Apollo Holdings Pvt Ltd court case is that Apollo attempted to eliminate opposition to its Cooper Tire buyout by acquiring the 35 per cent share in Cooper Chengshan held by Cooper’s joint venture partner. This potential problem-solver failed when the sum Apollo offered fell way short of the Chengshan Group’s expectations.
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