Were communications issues behind premium tyremakers share price drop?
Michelin’s predictions that market demand has been tough and will continue to be sluggish till at least the end of the year (see “Michelin predicts significant slowdown in car and truck tyre demand“ for further details) sent shockwaves through the financial markets. Shares started off bad, falling 6 per cent in early Paris trading to a seven-year low, but continued downwards and were down more than 9 per cent by mid-afternoon to 89.54 euros. Ultimately, shares in tyre manufacturers dropped by as much as 10 per cent on the day (Friday 19th October 2018).
Continue Reading![Pirelli, Rostec investing 100 million euros to double Voronezh plant capacity](https://www.tyrepress.com/wp-content/uploads/2018/10/Pirelli-Rostec-sml.jpg)
Pirelli, Rostec investing 100 million euros to double Voronezh plant capacity
Pirelli Tyre Russia and Rostec have placed their signatures upon a memorandum covering plans to more than double production capacity at the Voronezh Tire Plant in southwest Russia. This agreement formalises the long-held aim of increasing capacity at the joint venture facility from 2 million to more than 4 million passenger car tyres per annum.
Continue Reading![ATD ‘making significant progress’](https://www.tyrepress.com/wp-content/uploads/2018/10/ATD-Pocono.jpg)
ATD ‘making significant progress’
American Tire Distributors, Inc. (ATD) has written to customers saying that the company is making “making significant progress with [its] recapitalization process” in a letter published on the firm’s recapitalisation website on 28 October 2018. According to the company, the steps taken “will strengthen our financial position as we continue our successful, game-changing transformation. We have a clear roadmap for the next steps in this process and the support of our key financial stakeholders has us on track to emerge by the end of the year as a stronger company with less debt that is even better positioned to serve our customers.”
Continue ReadingMighty Earth: GPSNR risks being a greenwashing scheme
The new GPSNR isn’t without its critics. Campaign organisation Mighty Earth notes that no NGOs have joined so far, and suggests that the platform is thus “already failing” from the outset to exemplify leadership within the rubber industry.
Continue Reading![Global platform for sustainable natural rubber launched](https://www.tyrepress.com/wp-content/uploads/2018/10/wbcsd-tip.jpg)
Global platform for sustainable natural rubber launched
Members of the Tire Industry Project (TIP) and other stakeholders came together on 25 October to celebrate the inauguration of a new platform for positively transforming the natural rubber supply chain. Following 12 months of stakeholder collaboration, the Global Platform for Sustainable Natural Rubber (GPSNR) has been launched with what is described as “an ambitious and wide-reaching set of priorities” for the natural rubber chain.
Continue Reading![Latin Tyre Expo combines with Auto Part Expo for 2019 show](https://www.tyrepress.com/wp-content/uploads/2018/10/latin-tyre.jpg)
Latin Tyre Expo combines with Auto Part Expo for 2019 show
Next year the Latin Tyre Expo will team up with Latin Auto Parts Expo, with both shows taking place with at the Amador Convention Center in Panama between 24 and 26 July 2019. Exhibition organiser Latin Expo Group says that reservations for exhibitor stands within the 35,000 square metre halls are now open.
Continue Reading![Pirelli completes high-end tyre JV](https://www.tyrepress.com/wp-content/uploads/2018/10/Pirelli-Hixih.jpg)
Pirelli completes high-end tyre JV
With the completion of Pirelli’s acquisition of a 49 per cent stake in Jining Shenzhou Tyre Co., the tyre maker’s management assume operational responsibility for the joint venture company’s consumer tyre plant in China. Pirelli states that the new plant will provide it with the “necessary production flexibility” it requires within its ‘High Value’ segment to accommodate the evolving Chinese market as well as expected developments in electric vehicles and the growing share of original equipment homologations obtained in China, Japan and Korea.
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Michelin investing in winter tyres, semi-finished products in Canada
Investments totalling CA$21 million (£12.3 million) will add 150 new jobs to the Michelin tyre factory in Nova Scotia, Canada and make permanent 200 temporary positions that were previously slated to end in 2020. The investments take the form of two new projects at Michelin’s Pictou County site – a new winter tyre line and the North American launch of a new process for semi-finished materials. These projects are valued at $9 million and $12 million respectively.
Continue Reading![Linglong holds business investment talks with EBRD](https://www.tyrepress.com/wp-content/uploads/2018/10/Linglong-Wang-Rigterik.jpg)
Linglong holds business investment talks with EBRD
Talks were held last week between Linglong Tire and the European Bank for Reconstruction and Development (EBRD). Linglong Tire chairman Wang Feng met with key EBRD representatives, including Jurgen Rigterink, first vice-president, Betsy Nelson, vice-president and chief risk officer, and Jean-Marc Peterschmitt, managing director of industry, commerce and agribusiness, in London on 16 October to discuss cooperation on the construction of Linglong’s tyre plant in Serbia.
Continue ReadingSMMT reveals Brexit contingency package
Bracing itself for a no-deal Brexit, the Society of Motor Manufacturers and Traders (SMMT) launched a new Brexit Readiness Programme to help the industry, especially small and medium-sized enterprises SMEs in the automotive supply chain, prepare for the UK leaving the EU on 10 October.
Continue Reading![Bridgestone’s Joliette plant to gain automated warehouse](https://www.tyrepress.com/wp-content/uploads/2018/10/Bridgestone-Joliette-Warehouse-aerial.png)
Bridgestone’s Joliette plant to gain automated warehouse
A new, fully automated warehouse is to be built at the Bridgestone manufacturing facility in Joliette, Canada. Bridgestone Canada Inc. is investing CA$56 million (£32.8 million) in the project, which will give it a maximum storage capacity of 500,000 car and light commercial vehicle tyres once the facility opens in early 2020.
Continue ReadingEU rejects claims Pirelli isn’t related to CNRC and Aeolus
Having published its definitive decision on Chinese-produced truck tyre dumping, the European Union has also rejected claims that Pirelli is not related to either China National Tire & Rubber Co., Ltd (CNRC, which is owned by ChemChina) or Aeolus. Therefore, any tyres made by any of the related companies in China have to be subject to comparable import tariffs.
Continue ReadingAutopromotec 2019 initiates international promotion plan
Autopromotec 2019, which is scheduled to be held next 22-26 May in Bologna, has shared details of its latest international promotion strategy. According to the show’s organisers, the international promotion action plan will benefit from the support of ICE (Institute for Foreign Trade) as part of the Extraordinary Plan for Made in Italy products Made - Strengthening the great national events 2016-2018 programme promoted by the Italian Ministry of Economic Development.
Continue Reading![EC: “Important number of subsidies” uncovered by anti-subsidy investigation](https://www.tyrepress.com/wp-content/uploads/2018/10/eu-flag.jpg)
EC: “Important number of subsidies” uncovered by anti-subsidy investigation
In addition to announcing its final decision on measures related to Case AD640, its anti-dumping proceeding on new and retreaded truck and bus tyres manufactured in China, the European Commission has commented briefly on Case AS641, the anti-subsidy investigation focusing on these products.
Continue Reading![EU makes final truck tyre anti-dumping duties decision, retains fixed rates for manufacturers](https://www.tyrepress.com/wp-content/uploads/2018/10/aeolus-neo.jpg)
EU makes final truck tyre anti-dumping duties decision, retains fixed rates for manufacturers
The European Union has made its conclusive statement on the introduction of anti-dumping tariffs on truck and bus tyres and retreads manufactured in China. As previously announced, the EU will impose fixed rate anti-dumping duties on the products, with the final regulation 2018/1579 implemented from 23 October. This ends speculation that percentage rates could be applied. In fact, the EU has revised tariff levels up, almost across the board.
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