Michelin extends with Ceva in Thailand
Michelin Thailand has renewed its logistics contract with Ceva for three years, to handle inbound tyres from Michelin’s production plants into warehouse facilities in three main locations across Thailand; Laemchabang, Nongkea and Nongree.
Continue ReadingGerman industry leads the West European trailer market recovery
The German trailer industry is undergoing a very rapid revival in its fortunes, according to consulting group Clear. Output of trailers has been boosted by three key demand growth factors, says the firm’s latest report on the subject. Firstly, the German market itself has recovered from the nadir of 2009 in splendid style: sales of trailers will exceed the combined demand of France, the UK and Italy in 2011 as it did in 2010. Secondly, exports of trailers from Germany increased by 90 per cent in 2010 as markets in both East and West Europe, with a very few exceptions, started to recover. Thirdly, stocks of finished trailers which had accumulated as the recession bit, had been large cleaned out, leaving the industry in a very lean condition. This meant that all new orders went straight into increased production.
Continue ReadingToyo announces plans for new Malaysian tyre plant
Toyo Tires has announced its plans to build a new tyre plant in Perak, Malaysia. The Japanese manufacturer’s board of directors decided to construct a new facility in order to strengthen Toyo’s production-supply capability for passenger car and light truck tyres mainly in the Asia region. Toyo aims to make sales worth 310 billion yen and operating income at 24 billion yen this year from tyres. The company says it has established a “three-point global production supply structure based on Asia, Japan and North America, in order to achieve a world-wide supply of 45 million tyres in 2015, representing an increase of 55 per cent from 2010 levels.
Continue ReadingFederal unveils new social media presence
Federal has become the latest tyre maker to embrace social networking and has announced the launch of its Facebook and Twitter accounts. The Taiwanese manufacturer states it launched the sites after listening to what its customers want and it will use both popular platforms to share its latest news, press releases and photos. Federal’s Facebook and Twitter sites are complemented by the Federal YouTube channel, which features a wealth of motorsport-related content.
Continue ReadingAnalysts highlight ‘difference in momentum’ between Continental and Michelin results
Despite the fact that both Continental and Michelin reports second quarter/first half pre-tax profits (EBIT) broadly in line with expectations, financial analysts have highlighted the “difference in momentum” between the two firms’ results. According to Morgan Stanley, the intraday spread between the two stocks was 600 basis points when the results were announced on Friday 29 July. “Although we think Michelin can surprise positively in the second half, in the shorter term Conti should outperform thanks to improving momentum in consensus earnings,” Morgan Stanley’s Edoardo Spina commented, explaining the differential.
Continue ReadingModi acquisition underlines Indian market commitment, says Conti
Commenting on Continental’s 18.5 million euro purchase of Modi Tyres Company Limited (MTCL), Nikolai Setzer, head of the German manufacturer’s Passenger and Light Truck Tire division, said Conti’s acquisition of a 100 per cent shareholding “underlines our commitment to the Indian market.” Both parties have agreed to keep commercial details of the transaction confidential, however the key points are that MTCL has now become a fully-owned Continental Corporation subsidiary and will be renamed Continental Tyres India Limited. The new entity will focus on the local production and distribution of cross-ply and radial truck and bus tyres as well as radial passenger car tyres for the Indian market.
Continue ReadingTriangle tyre to invest 275 million expanding TBR capacity
Tyre maker Triangle Tyre Co. Ltd is reportedly planning to invest 275 million euros in raising its production capacity to 2 million radial truck tyres a year. According to reports published by Tyres & Accessories’ German sister publication NeueReifenzeitung (reifenpresse.de), the investment is earmarked for the development of the company’s operations in Weihai, Shandong province. NeueReifenzeitung reported that the large Chinese tyre manufacturer has a total of three plants in Weihai where is also produces OTR production as well as tyres for cars, agricultural and industrial vehicles.
Continue ReadingConti acquisition of Modi Tyres completed
On July 15, India’s Modi Rubber Ltd notified the Bombay Stock Exchange that the sale of its Modi Tyres subsidiary to the Continental Group has been completed. It informed the BSE that the entire shareholding in Modi Tyres Company Limited, a total of 56,046,680 equity shares, changed hands for a share purchase consideration of Rs 1,176,189,838 (£16.1 million) and a non compete fee, net of withholding tax, of Rs 172,295,100 (£2.4 million). Modi Tyres Company Limited is thus now a wholly owned subsidiary of the Continental Group.
Continue ReadingRe-branding for Kumho in China?
Kumho Tire’s Namkyung tyre factory in Nanjing, China is one of some 172 plants said to have fallen foul of the local government’s fight against pollution. Chinese media sources report that the city of Nanjing has ordered the said factories to relocate or cease production on environmental grounds. The tyre maker is now said to be discussing plans for relocation outside of Nanjing with the Chinese government.
Continue ReadingBulgarian police target pothole tyre puncturers
Bulgarian traffic police are making renewed efforts to tackle the reckless puncturing of tyres caused by criminals placing spikes in potholes. Police sources said that the recent examples have been deliberated set up to cause rapid deflations or blow-outs. According to the Sofia news agency, which cited private TV channel bTV, the tip-off to this crime was given by a Polish family, who complained to traffic authorities after narrowly escaping a serious car crash.
Continue ReadingKama establishes ‘Tyre & Service’ presence in Czech Republic
Russia’s Kama Trading House began building up its ‘Tyre & Service’ branded service centre network in 2010. Starting in Russia, the distributor of the Kama tyre brand (which is manufactured by JSC Nizhnekamskshina) expanded its operations into Kazakhstan and the Ukraine earlier this year. The company now announces it has ‘gone international’ with the opening of its first service centre in Eastern Europe. Together with tyre importer and re-exporter Czech Style Ltd., in June Kama established a presence in Zlin, Czech Republic – its first outside of the former USSR. Kama’s ‘Tyre & Service’ centre is located in the Zlin outlet of the ‘Czech Style’ service network, which incidentally belongs to Goodyear Dunlop’s Premio network.
Continue ReadingBest Choice: New brand, New factory
Founded in 1995 and based in Beijing Best Choice International Trade Co. Ltd. quickly established strategic business relationships with domestic tyre manufacturers eager to market their products internationally. Over the years, this has led to the development of a loyal customer base. Consequently, Best Choice reports that it has the developed the ability to source quality tyres at very advantageous prices. All this culminated in the launch of a new private brand at the recent Autopromotec exhibition.
Continue ReadingToyo’s Shandong Silverstone acquisition finalised
Toyo Tire & Rubber’s acquisition of Chinese tyre maker Shandong Silverstone Luhe Rubber & Tyre, which was first announced on April 12, has now been finalised. The Japanese manufacturer reports the acquisition of 75 per cent equity in Shandong Silverstone has now been completed and the Shandong Province Industrial and Commercial Bureau has issued a business permit. Toyo’s paid in capital stands at RMB 330,138,000 (£31.8 milliion).
Continue ReadingDubai imported US$1.079 billion of tyres in 2010
Data released during Automechanika Middle East shows that the overall volume of aftermarket trade that passes through Dubai is heading back to historically record levels following the recession. According to the Dubai Ports and Customs import, export and re-export figures, Dubai experienced its market peak and then decline a year later than in Europe.
Continue Reading17,421 trade visitors from 120 countries attended Automechanika Middle East
Automechanika Middle East 2011 concluded on 9 June with confirmation that it was the largest international automotive aftermarket trade fair in the wider Middle East region. According to data provided by the exhibitions organisers, 17,421 visitors from over 120 countries attended the show, with a 52 per cent of them described as international visitors. In addition there were 1,102 exhibitors from 52 countries.
Continue Reading