JK Tyre raises £47 million through QIP
India’s JK Tyre & Industries Limited has successfully concluded its fund-raising plans of Rs 5 billion (£47.2 million) by way of Qualified Institutional Placement (QIP). The tyre maker will utilise funds gained through the QIP for capital expenditure projects and to strengthen its balance sheet.
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Bridgestone to demonstrate solutions for commercial fleets at CES 2024
Bridgestone will exhibit its Bridgestone Fleet Care portfolio of tyre products, services and solutions when it returns to Las Vegas’s Consumer Electronics Show (Booth 4465 in West Hall at the Las Vegas Convention Center; 9-12 January). The end-to-end customer experience targets sustainability, efficiency, safety and productivity in fleets of all sizes with a range of customisable options. The company will also host its strategic partners Truckers Against Trafficking, Kodiak, and Penske to discuss how the transportation industry can help address today’s societal challenges. The panels will be live-streamed for those unable to attend the show in person.
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Bridgestone renovates Tianjin factory equipment
Bridgestone has invested 54.73 million yuan upgrading equipment at its Tianjin factory. According to Bridgestone, this transformation will not increase the product categories and production capacity of its Tianjin factory. After the equipment is upgraded, it can support Bridgestone’s Tianjin factory in ensuring stable tyre performance and reducing corporate energy consumption. The renovation project is planned to start construction in December 2023 and be completed and put into production in August 2025.
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MBK Partners ups Hankook bid
MBK Partners, a private equity firm in Asia, has increased its offer to buy a controlling stake in Hankook & Company, the parent company of Hankook Tire & Technology Ltd. On 17 December, MBK Partners raised its offer to acquire a minimum of 20.35 per cent and a maximum of 27.32 per cent of Hankook & Company by 20 per cent. The revised price now stands at 24,000 won ($18.40) per share, up from the initial offer of 20,000 won. The price is 51.4 per cent higher than the firm’s closing price of 15,850 won on Friday.
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First tyre rolls off the production line at ZC Rubber’s 5G digital factory
ZC Rubber’s newly-built factory has held a ceremony for the first PCR to roll off the production line. The tyre manufacturer positions the new project as a “green 5G digital factory for high-performance radial tyres”. The factory will produce ZC Rubber’s high-end series products, including high-end flagship series, high-end new energy-specific tyres EV Pro, high-end OE products, high-end export products, as well as self-repairing tyres and silent cotton tyres.
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Backing the right sustainability horse
In recent years market observers have worn out the word unprecedented, but 2023 was another year of significant developments. From the ongoing impact of the Russia-Ukraine war and the continuing challenges of pandemic-related disruption to the transformation and rationalisation of European manufacturing that has followed in its wake, several stories have run and run because of their multi-faceted repercussions for the whole tyre business. In short, for some it was a good year. But for many, it has been a challenging 12 months – not least for those in the manufacturing side of the tyre business (see pages 28, 30 and 41 for more on that).
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JK Tyre supports Indian car- and motorcycle- of the year awards
The 19th edition of the Indian Car of the Year (ICOTY) and 17th edition of Indian Motorcycle of the Year (IMOTY) awards have been promoted by JK Tyre ever since their inception. According to the company, these awards stand as “the pinnacle of recognition in the Indian automobile industry, with a legacy of honouring excellence and innovation”.
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Mexico plant a “strategic expansion” for Sailun
Sailun Group has confirmed plans to build a joint venture factory in Mexico. In a statement, Sailun Tire Americas describes the decision to establish the plant as a “strategic move” aimed at enhancing Sailun’s production capabilities and streamlining the supply chain to provide customers with “even better service and more efficient delivery of our products.” It further calls this “strategic expansion” a “significant milestone in the companys commitment to innovation, efficiency, and global growth.”
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Bridgestone joins Continental & Cordiant within Russia’s S8 Capital
After receiving all regulatory approvals, the sale of Bridgestone’s Russian assets to S8 Capital has been completed. Bridgestone Europe NV/SA has transferred its tyre manufacturing facility in Ulyanovsk and sales and marketing office in Moscow to the investment company. Thus ends a relationship with Russia that began in 1998.
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China’s tyre exports appear to W-curve again in 2023
In November 2023, China exported 52.35 million tyres, a year-on-year increase of 28.7 per cent. During the same period, the value of tyre exports reached 12.9 billion yuan, an increase of 30.6 per cent.
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Falken recalls certain Wildpeak tyres in the USA
In North America, Sumitomo Rubber USA, LLC (Sumitomo) is recalling certain 265/70 R17 115T Falken Wildpeak AT3W and Wildpeak HT02 (in LT235/85R16 120/116S) due to a “manufacturing error”.
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COP 28: Rema Tip Top emphasizes importance of maintenance standards for sustainability
Rema Tip Top advocated for industrial maintenance to prioritise repair and reuse over replacement to reduce material waste at the recent COP 28 summit in Dubai. “Extending the life of industrial equipment is vital for both sustainability and efficiency,” said Michael Labbé, executive director at Rema Tip Top. Sustainability does not just involve being kind to the environment but also being smart about resources and costs. And that’s where Rema Tip Tops maintenance experts come in. According to the company, experts agree
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GRI wins three business awards in Sri Lanka
GRI has been acknowledged among Sri Lankas top companies, securing an Honourable Mention at the Most Admired Companies of Sri Lanka 2022 ceremony. Organized by AICPA & CIMA, ICCSL and Daily FT, this awards program recognizes organizations that not only thrive but also add significant value to shareholders, customers, employees, and the environment.
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Nizhnekamskneftekhim completes halobutyl expansion programme
With the official opening of its GBK-200 facility in Nizhnekamsk, within Russia’s Tatarstan region, Nizhnekamskneftekhim has completed an upgrade of its halobutyl rubber (HBR) production capabilities that increase annual capacity by a third, to 200,000 tonnes. The Sibur Holding subsidiary thus has the world’s largest capacity for halobutyl rubber, and Sibur now accounts for a quarter of global butyl and halobutyl rubber production.
Continue Reading Yokohama Rubber restructures Vietnam business for growth
The Yokohama Rubber Co., Ltd. has spun off the sales unit of its Vietnam tyre production and sales subsidiary, Yokohama Tyre Vietnam Inc. (YTVI), into a new dedicated sales company. Yokohama Tyre Sales Vietnam Co., Ltd. will begin operations as an independent entity on 1 January 2024 with its headquarters in Ho Chi Minh City. YTVI will become a dedicated tyre production company.
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