The manufacturer, Westlake and one of its global distributors, the Al Dobowi Group have launched the new Westlake Wishes foundation. Ge Guorong, the CEO of Westlake, was joined by Al Dobowi’s Harjeev Kandhari and 30 European Westlake distributor partners as the foundation’s first initiative was announced.
After ‘somewhat lower’ 2013, Nokian expects ‘profitable growth’ next year
Upon announcing its third quarter 2013 results, Nokian Tyres points out that although its group sales decreased 3.0 per cent year-on-year to €357.0 million in the three months to 30 September, the company’s profitability remained strong and it improved market share. Operating profit rose 11.9 per cent to €95.7 million and profit for the period amounted to €70.9 million. Earnings per share were up €0.08 to €0.53.
Goodyear Tire & Rubber chairman and chief executive officer Richard J. Kramer says the company’s third quarter results “demonstrate continued sustainable earnings growth and the type of disciplined execution needed to deliver on our targets in 2013 and beyond.”
Titan International’s Titan Mining Services business has launched an operation to reclaim raw materials from mining tyres. Titan Tire Reclamation Corp. (TTRC) will work together with joint-venture company Green Carbon, using the latter’s pyrolysis process.
Giti Tire reinforces European, OE focus – Hannover ‘Technical Platform’ takes on regional product development
One size fits all is a poor solution when it comes to clothing, and it’s also an unacceptable compromise for tyres. What’s good for one market may gain a lukewarm reception in the next. For this reason Giti Tire, like other tyre majors, designs and manufactures market-specific products. This commitment to delivering tyres tailored to regional conditions and preferences was given a significant boost this year with the establishment of new research and development centres in the US and Germany. Towards the end of October, Tyres & Accessories visited Giti Tire’s new European Research and Development Centre just north of Hannover to find out more about the new facility and the people who’ll lead it.
During the third quarter of 2013, revenues at Hankook Tire edged up 0.8 per cent to KRW 1.80 trillion billion (£1.06 billion, €1.22 billion), while operating profit of KRW 244.2 billion (£143.3 million, €165.9 million) was 5.9 per cent higher than the same time last year yet 10.4 per cent lower than in the second quarter of 2013. Operating profit to sales ratio was 13.6 per cent, up 9.9 per cent year-on-year but down 10.0 per cent quarter-on-quarter.
Maxxis International has launched a new website, which the company says is designed to showcase the many facets of the growing brand. www.Maxxis.co.uk offers new functionality, as well as opening the door to anyone looking to find out more about the fast-growing tyre brand.
Mitas extends Continental trademark license until 2019
Mitas AS has will continue to be able to produce Continental-branded tyres under licence until the end of 2019, following an extension of the company’s trademark licence for an additional five years. Mitas acquired the agricultural tyre business unit from Continental AG in 2004 and is currently producing Mitas- and Cultor-branded tyres as well as Continental tyres under licence.
Bridgestone adopts Bandag as sole European premium retread brand
The Bandag brand is to be the only premium retread brand name used by Bridgestone in Europe. The company has decided to phase out the Bridgestone brand on its retreading products within our region as it considers Bandag to be the “world’s leading retread brand.” Therefore, current Bridgestone-branded pre-cured tread products will gradually be phased out in favour of Bandag-branded products.
The Michelin share price dipped by more than four per cent following the announcement of the company’s results for the quarter ending 30 September. By 3:30pm Paris time, Michelin shares were trading for €76.47, down 4.11 per cent on the opening price.
Titan aiming ‘to be like Apple’ in Europe – Taylor
Now that Maurice Taylor is making peace with France and workers in the country’s tyre sector, it appears Titan International’s French connection is not its only European interest. The Financial Times reported over the weekend that Titan is “weighing bids for three additional plants in Europe in deals that would take its sales in the region from US$750 million in 2012 to $1.3 billion.”
TRW Automotive Holdings was recently awarded the 2013 General Motors Supplier Quality Excellence Award for “achieving consistently high levels of quality performance” during the past year at then of its manufacturing facilities.
A new report published by Research and Markets suggests that the global “green” or eco-tyre market is expected to grow at a 9.82 per cent compound annual growth rate (CAGR) between 2012 and 2016.
At its board meeting on 24 October, the directors of JK Tyre & Industries Ltd approved a RS 14.3 billion (£144.5 million) expansion of its Chennai factory in eastern India.
Bridgestone is supporting the Audi FIS Alpine Ski World Cup as it launches this weekend with the women’s and men’s Giant Slalom in Sölden, Austria. The tyre manufacturer is now a major event sponsor at 39 World Cup Alpine Ski events, including this weekend’s opening races. This is Bridgestone’s third consecutive season of close association with the pinnacle of alpine sport, and the company will continue as a major sponsor of skiing until at least 2016, having signed a three year extension to its current deal.
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