Government Confirms Safety of Michelin Grant
A £3.9 million grant awarded to Michelin through the Advantage West Midlands regional development agency for the improvement of its Stoke-on-Trent facility has been confirmed by the Department for Innovation and Skills. The grant will allow the French manufacturer to make plans for the modernisation of the site.
Continue ReadingNokian Confirms Lay-Offs
Nokian Tyres reports that statutory negotiations at its Nokia, Finland plan came to an end on June 21. The results of these negotiations have been 13 permanent and 37 temporary lay-offs. Nokian comments that these cuts concern “all personnel groups” and adjust the plant’s production and support function resources to meet the shift system currently in use.
Continue ReadingAftersoft Group Rebrands as MAM Software Group
MAM Software Ltd has held pride of place as the Aftersoft Group’s largest subsidiary of, and the significance of the automotive industry computer systems and data solutions supplier can be seen in the decision to rename the parent company; the Aftersoft Group has been rebranded as MAM Software Group, Inc.
Continue ReadingLanxess Increases NBR Price
The Technical Rubber Products (TRP) business unit of specialty chemicals group Lanxess AG has increased its prices effective for NBR (nitrile-butadiene rubber) in Europe. Effective June 15, price per tonne has rises to 210 euros. Lanxess claims the increase is “unavoidable” as costs for raw materials have risen significantly.
Continue ReadingToyo Dumped From US Truck Tyre Partnership, Sues Conti, Yokohama
Information obtained by Tire Review in the US indicates that Toyo Tire USA is “scrambling to fill truck tyre orders” following its dismissal earlier in the year from the GTY Tire Co. joint venture by partners Continental Tire the Americas and Yokohama Tire Corporation. The tyre maker has taken legal action as a result of this action and, in a lawsuit filed in January, Toyo claims that both Conti and Yokohama are attempting to prevent Toyo from selling any radial truck tyres in the US for five years, and that the partners have declared GTY Tire to be no more. All this, notes Tire Review, may be the indirect result of the “business and capital alliance” partnership struck between Toyo Tire & Rubber and Bridgestone Corporation in May 2008.
Continue ReadingPirelli Estimates Continued Global Market Growth
Information supplied by Pirelli indicates continued year-on-year growth in European OE and replacement sectors for both passenger car and commercial vehicle tyres. During May 2010 the OE and replacement passenger markets in Europe grew nine and 14 per cent respectively, the tyre maker estimates, bringing year-to-date growth to 28 and 11 per cent. For the commercial vehicle market, Pirelli estimates a respective year-on-year growth for the OE and replacement segments of 72 per cent and 16 per cent. Year-to-date, the European OE truck tyre market has grown 13 per cent and the replacement market 33 per cent.
Continue ReadingPirelli Unveils Chinese Logo
In June 2010, Pirelli launched its new Chinese logo at a ceremony in Beijing attended by automotive industry executives, celebrity guests plus Chinese and international media. Pirelli describes the event as a “truly historic moment” that serves “as a testament to Pirelli’s product superiority and continued commitment to the Chinese market.”
Continue ReadingApollo Tyres Commences Lockout at Perambra Factory
In June 11 filing to the Bombay Stock Exchange, Apollo Tyres has reported the initiation of a lockout at its Perambra factory in Kerala. “With reference to the earlier announcement dated April 29, 2010, Apollo Tyres Ltd has now informed BSE that the management has declared Lock-out at company's manufacturing facility at Perambra,” stated the filing, quoting “labour unrest relating to long term settlement negotiations” as the reason for its action.
Continue ReadingHalfords Sales Reach £831.6 million Supported by Nationwide Acquisition
Halfords Group Plc has reported preliminary full year 2010 results (April to April) showing sales of £831.6 million, up 4.6 per cent on 2009 and up 0.7 per cent like-for-like. The company’s gross margin grew to 54.4 per cent, while operating profit shot up 17.5 per cent to £119.7 million, representing 14.4 per cent of sales (2009: 12.8%). The acquisition and “successful integration of Nationwide Autocentres” – four of the network’s branches are already said to have converted their livery – were clearly important parts of the company’s strong results. David Wild, Chief Executive, commented: “Halfords has had an excellent year…Sales growth in core areas, margin expansion and disciplined cost control has led to the delivery of 25 per cent earnings growth…In addition we made our first acquisition, Nationwide Autocentres, which represents a natural extension of Halfords service proposition in the car aftermarket and is already making a good contribution to the Group.”
Continue Reading‘Everyone Comfortable’ With Salem Plant Agreement, says Yokohama
Yokohama Tire Corporation has published details of the new four-year contract signed with the United Steelworkers for its factory in Salem, Virginia. The tyre maker says that contract highlights include a ‘no closure agreement’ for the plant during the contract’s duration, an improved cost of living structure, continuation of the union’s current pension plan and safety and health measures.
Continue ReadingApollo Registers 63% Sales Growth
During the 2009-10 financial year sales at Apollo Tyres’ operation in India, the Netherlands and South Africa increased 63 per cent to Rs 81.2 billion (₤1.2 billion), with operating profit growing from Rs 4.4 billion to Rs 11.9 billion (₤175.0 million) and net profit leaping 364 per cent to Rs 6.5 billion (₤95.6 million) – a result company chairman Onkar S Kanwar described as “an impressive performance by the company.
Continue ReadingJK Tyre FY2009 Sales & Profits "Highest Ever"
For the year ended March 31, 2010, JK Tyre & Industries reports consolidated net sales of Rs 45,706 million (₤672.2 million). A comparison with the previous financial period is not possible, notes the tyre maker, as the fiscal period ending March 31, 2009 was an 18-month period. Net profit for the year to March 31, 2010 stands at Rs 2,197 million (₤32.3 million). JK Tyre & Industries comments that its sales and profits for the year “are the highest ever, despite disruption of operations at Kankroli Tyre Plant, Rajasthan for three months owing to [an] illegal strike by workmen during the year.” Revenue from the company’s operations in India amounted to Rs 36,777 million (₤540.8 million) while those in Mexico came to Rs 8,934 million (₤131.5 million).
Continue ReadingJK Tyre Greenfield Plant to be Completed by 2012
India’s JK Tyre & Industries has outlined plans for a new greenfield facility capable of producing 2.5 million passenger radials and 400,000 truck and bus radials per annum. “We will set up a greenfield plant near Chennai and invest Rs 930 crore (₤136.7 million) in that. The plant will be completed by 2012,” JK Tyre & Industries Vice chairman and managing director Raghupati Singhania. JK Tyre & Industries has reportedly already acquired more than 100 acres of land for the factory. According to the company’s president and director, Arun K Bajoria, just under a third of the total planned investment will be funded through internal accruals and the rest will be raised from various financial institutions.
Continue ReadingBridgestone Returns as NHL Official Tyre
The National Hockey League, the National Hockey League Players’ Association and the Hockey Hall of Fame have renewed a partnership with Bridgestone Americas Tire Operations and Bridgestone Canada, in which the Bridgestone brand will serve as the “Official Tire of the NHL, NHLPA and the Hockey Hall of Fame,” for the next five years, reports Tire Review. As part of the agreement, Bridgestone will return as the title sponsor of the award-winning outdoor game, the Bridgestone NHL Winter Classic. The event, which is typically the NHL's most-watched regular-season game, takes place on New Year’s Day.
Continue ReadingNokian Aiming for Premium Segment Leadership in Russia
An overview of Nokian Tyres’ current position and strategy in Russia has been given by Anne Leskelä, the company’s Industrial Relations vice-president and CFO. She reported that the Russia and CIS region, which accounted for 26 per cent of the company’s 183.8 million euro sales in the first quarter of 2010, experienced a 42.7 per cent growth in sales to 46.8 million euros during the three-month period, with passenger car tyre market share increasing. Leskelä also stated Nokian Tyres’ objective of attaining market leadership in the premium tyre segment by 2014 in Russia and the CIS.
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