Tyre cord firm Kiswire continues US plant expansion
Kiswire, Inc. is continuing the expansion of its South Carolina, USA tyre cored factory with the investment of $30 million, a figure which is to expected to create 45 new jobs. Once the expansion is completed, Kiswire, Inc. will employ approximately 200 at its two Newberry, South Carolina facilities. The latest move represents the second […]
Giti ‘disappointed’ with US anti-dumping/countervailing duty decision
Giti Tire has stated that the company “is very disappointed” with the recent US Department of Commerce (DoC) preliminary decision to impose 17.69 per cent tariffs on tyres produced by Giti in China for sale in the US. The Singapore-based manufacturer suggests that to do so is contrary to free market business: “Giti is a […]
Global alternative asset manager The Carlyle Group and South Africa’s Old Mutual Private Equity have announced their agreement to acquire 100 per cent of South African tyre retailer and wholesaler Tiger Automotive from Ethos Private Equity and the company’s founders for an undisclosed amount. Funding for this investment will come from the Carlyle Sub-Saharan Africa Fund and Old Mutual Private Equity Fund IV, and Tiger Automotive’s founders will also re-invest equity in the company. The transaction is expected to close in early 2015, subject to regulatory approvals.
Vipal reports that its rubber is supplying a number of public sector fleets in two European capitals – Istanbul, Turkey and Prague, Czech Republic. Vipal suggests that this success points to both confidence in the Brazilian manufactured products and the compatibility of retreading with sustainability policies.
Not Japanese and not us – Toyo files action against Japan Toyomoto Tire
For many companies, exhibiting at this year’s SEMA show led to contact with new customers and additional business. For at least one, it prompted legal action. On 4 November, Toyo Tire & Rubber and its US subsidiaries filed a trademark infringement action against Chinese company Japan Toyomoto Tire Corp. and its affiliates. This is the second year in a row that Toyo has undertaken such legal action against another SEMA exhibitor.
It is believed that up to 175,000 Toyo and Nitto brand tyres are subject to a recall notice issued in the USA. The recalls, respectively announced by Nitto Tire USA and Toyo Tire USA on 25 and 26 November, cover particular tyre models produced at Toyo’s Sendai and Kuwana factories in Japan. The tyre are being recalled as “production variances in the belt package” have been detected in a small number of tyres, and this has the potential to lead to a separation of the tread and belt and/or a loss of inflation pressure.
Pirelli signs MoU for truck tyre factory expansion in Egypt
Plans to enlarge Pirelli’s truck tyre radial facility in Egypt are one step closer to realisation following the signing of a Memorandum of Understanding between Pirelli Tyre S.p.A and Egypt’s Ministry of Investment. The freshly-autographed MoU explores the possible expansion of the Alexandria Tire Co. (Atco) plant, an operation that Pirelli holds more than 90 per cent control in. On the basis of the MoU, it is foreseen that Atco would invest around US$107 million to expand and technologically upgrade the plant. The investment is expected to take place over a 36 month period once the conditions (which have not been made public) for the launch of the expansion activities have been met. When completed, the expansion project will create up to 250 new direct jobs at Atco and increase truck tyre radial production by around 300,000 units per annum.
Pirelli has appointed Pierluigi Dinelli as chairman and CEO of Pirelli’s NAFTA region as of January 2015. Dinelli joins the NAFTA team from Pirelli’s headquarters in Italy, where he has held the role of CEO for Pirelli Italia. He brings international experience to the position having held senior positions at Brembo as chief marketing officer and former marketing director at Pirelli’s NAFTA headquarters in Rome, Georgia.
When you add the standard preliminary countervailing charge of 15.69 per cent to the predicted anti-dumping tariff of between 25 and 35 per cent, it means we are looking a total potential tariff load in the region o 40 to 50 per cent. Writing in an investor’s note published immediately after the Department of Commerce announcement, SunTrust Robinson Humphrey analyst Robert Higginbotham certainly suggested as much: “We believe in the middle to upper end of expectations. Countervailing typically the smaller of the two pieces (the other being antidumping); todays decision [24 November] implies a total tariff in the range of 45-50 per cent.
Analysts predict Chinese tyre anti-dumping duties of 25 – 35%
Following the news that the US Department of Commerce (DoC) had set the preliminary countervailing duty for Chinese consumer tyres, market analysts have begun estimating what they think the outcome of final determinations will be when they are announced on 6 April 2015. Preliminary details of anti-dumping duties are expected in January 2015. Writing in […]
The US Commerce Department (USDOC) has moved to impose import tariffs on tyres manufactured in China and imported into the US. The USDOC has also agreed to initiate work on an additional nine subsidy programs identified by the USW. The preliminary finding suggested that Chinese-made tyres in this category are unfairly subsidized and should be subject to countervailing duties of 17.7 per cent and 81.3 per cent. The precise percentage depends on the manufacturer in question, but the standard rate is reportedly 15.69 per cent. This is the second round of passenger vehicle and light truck duties since the millennium. The first round ran from 2009 to 2011 and ranged from 35 to 25 per cent.
Financial groups take share in South African tyre network
According to Reuters, global asset manager the Carlyle Group has invested in South African tyre retail network Tiger Wheel & Tyre. Carlyle, together with insurer and banking group Old Mutual Plc, will acquire the stake from South Africas Ethos Private Equity. The deal is said to be valued at 1.75 billion rand (£101.7 million), including debt.
Trolley case wheels are often nasty little castors that punish travellers with high rolling resistance and scrape noisily along the footpath. In one much-loved tourist destination, they’ve got on the authorities’ nerves so much that their use may soon attract a hefty fine. But never fear – the trusty tyre is here to save the day.
Chairman and CEO of Pirelli’s NAFTA region, Paolo Ferrari will move on to the position of CEO, Pirelli Latin America region effective 1 January 2015. In the last three years, the NAFTA team led by Ferrari have scaled up Pirelli’s presence in North America across all areas of the business including the expansion of the […]
Zafco launches winter tyres, shows four brands at SEMA
Zafco exhibited a number of different ttre brands during November’s SEMA show in Las Vegas. These included the firm’s Zeetex private brand – including car, truck and bus, winter 4×4 and SUV fitments. In the UHP category, Accelera tyres were position to attract the attention of dealers and distributors. However, on the other hand, the […]
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