JK Tyre merging Cavendish subsidiary
JK Tyre & Industries Ltd. is working towards merging with its 2016-acquired subsidiary Cavendish Industries Ltd. (CIL). Following the merger, all the companys tyre operations in India will be housed within a single listed company, an arrangement expected to result in greater synergies, a simplified structure and less red tape. JK Tyre also views a merger with CIL as a means of “unlocking value” for its shareholders as well as improving investor perceptions.
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Industrial tyre demand increasing at 3.5% CAGR
The latest data suggests that the global market for port and industrial tyres was worth around US$8.8 billion in 2023. From here, it is projected to reach US$11.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.6 per cent 2023 and 2030, according to Research and Markets.
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Enviro CEO speaking at international Recovered Carbon Black conference
Scandinavian Enviro Systems (Enviro) CEO Fredrik Emilson is participating in a keynote CEO panel arranged during the first day of the Recovered Carbon Black conference as well as at a special networking lunch that Enviro is hosting and where chairman Alf Blomqvist will also be present. The Recovered Carbon Black conference takes place between November 5 and 6.
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Vietnamese truck tyre exports to be worth >US$3 billion by 2033 – report
In 2023, Vietnam’s commercial vehicle tyre exports reached a total value of US$1.305 billion. According to research conducted by Research and Markets, with the growth in global tyre market demand in 2024, the cumulative export value of Vietnams commercial vehicle tyres had already approached $600 million by May 2024. By 2033, Vietnamese truck tyre exports are expected to reach a value of $3.27 billion, which equates to a compound annual growth rate (CAGR) of 9.8 per cent.
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Cheng Shin’s company website encountered hackers
Cheng Shin Rubber reports that some information systems belonging to its Canadian company, Cheng Shin Rubber Canada Inc., recently suffered a cyber-attack.
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Pekka Natri heads Cimcorp North America
Cimcorp has named Pekka Natri as its new Head of Region, North America. With nearly 30 years of experience in global business development, Natri has been “a dedicated member” of the Cimpcorp team since 2018. In his new role, Natri will “align North American teams, functions, and partners. His focus will be on serving our customers locally while supporting global growth.”
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Goodyear reports net loss of $34 million in third-quarter of 2024, EMEA recovering
The Goodyear Tire & Rubber Company has reported third quarter 2024 sales of $4.824 billion, down 6.2 per cent year-on-year, resulting in a net loss of $34 million compared with a net loss of $89 million a year ago.
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Bridgestone partnering on tyres for ‘kitchen stove’ lunar rover
The Moon is set to become a crowded address over the coming decade, with numerous national and private projects set to land craft, vehicles or people on the lunar surface. Bridgestone Corporation is playing a role through its collaboration with Astrobotic Technology, which centres on the joint development of an advanced lunar rover tyre. This new partnership builds upon the first- and second-generation concept lunar tyres that Bridgestone has already designed and tested.
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Car stolen from Tiger Wheel & Tyre in fraudulent vehicle collection
In South Africa, Tiger Wheel & Tyre has acknowledged that a vehicle was “fraudulently collected by an unauthorised individual posing as collecting said vehicle on behalf of the owner”. The salutary tale highlights the importance of following protocol and ensuring the right checks and balances are in place when it comes to post-work vehicle collection.
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US final ruling on Thai-produced truck tyre tariffs, ups rates for Bridgestone and Prinx
The U.S. Department of Commerce has issued a final ruling to impose anti-dumping duties of 12.33%-48.39% on truck and bus tyres imported from Thailand. Among them, Bridgestone Corporation, a company located in Thailand, was subject to a tax rate of 48.39 per cent. Prinx Chengshan (Thailand) needs to pay an anti-dumping duty of 12.33 per cent. Other manufacturers and exporters located in Thailand also need to pay a tax rate of 12.33 per cent.
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Cordiant – under new ownership & in US crosshairs
On 30 October, approximately a month after gaining a new owner, Russian tyre maker JSC Cordiant found itself on a list of US sanctions affecting a total of 275 individuals and entities said to be “involved in supplying Russia with advanced technology and equipment that it desperately needs to support its war machine.”
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Hankook reports 18.6% increase in operating profit
Hankook has reported healthy increases in profitability and high-performance tyre market share in third-quarter 2024 financial results that also indicate that sales grew 4.1 per cent year-on-year.
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Sailun appoints two vice presidents
Sailun reports that two of its vice presidents, Gu Kai and Li Jiqing, have resigned due to work adjustments. After resigning as vice president, Gu Kai will continue to hold other positions in Sailun, and Li Jiqing will continue to serve as a director and secretary of the board of directors.
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Daye invests in Morocco bead wire and steel cord plant
Shandong Daye, a supplier of raw materials for tyres, has decided to invest 1.485 billion yuan (about £160 million; €190 million) to open a manufacturing centre in Morocco. The Moroccan factory is planned to be carried out in two phases. The investment amount of the first phase project is 850 million yuan (about £92 million; €110 million), and it is planned to build a production line capable of producing 40,000 bead wires and 40,000 tons of steel cord per year in two years. The project’s first phase is scheduled to start construction in January 2025 and be completed and put into operation in December 2026.
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Contec S.A. completes third and fourth pyrolysis lines
Contec S.A. reports that it has completed its third and fourth pyrolysis lines. The new lines, which are already operational, are set to “triple…production capacity over the coming year”.
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