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While unit volumes and net sales at Cooper Tire & Rubber remained little unchanged compared with the second quarter of last year, rising raw material costs ensured that income was significantly down in the three months to 30 June 2017. And although raw material costs are rescinding from the peaks seen earlier in the year, the tyre maker is keeping an eye out for further fluctuations.
GRT Grasser Racing Team has won the opening round of the Blancpain GT Series Endurance Cup at Monza in its #63 Lamborghini Huracan GT3, using the Pirelli P Zero DHD tyre. The drivers making up the team were Christian Engelhart, Andrea Caldarelli and Mirko Bortolotti. In race two of the Lamborghini Super Trofeo, also run on 23 April, Antonelli Motorsport drivers Loris Spinelli and Mikael Grenier emerged victorious.
Cooper Tire & Rubber Company has reported a third quarter 2016 net income of US$49 million, or diluted earnings per share of $0.90, compared with $53 million, or $0.93 per share, during the same period of last year. The quarter included a non-cash pension settlement charge of $11.5 million related to lump-sum distribution of benefits offered to certain former employees. Excluding the non-cash pension settlement charge, diluted earnings per share for the third quarter would have been $1.04.
At the start of the year, Cooper Tire & Rubber confirmed its intention to acquire a majority interest in Chinese truck and bus radial manufacturer Qingdao Ge Rui Da Rubber Co., Ltd (GRT); the plan is to initially purchase a 51.86 per cent equity interest in the joint venture company from Qingdao Yiyuan Investment Co., Ltd., with Cooper Tire Holding Company obtaining a further 4.32 per cent; the registered capital in GRT will then be increased from RMB 350,000,000 to RMB 438,236,991, the result being that Cooper Tire & Rubber’s share will rise to 60 per cent share and Cooper Tire Holding Company’s to five per cent.
Semperit has marked its 110th anniversary by updating its truck tyre portfolio in a two-day event in Vienna. The Austrian tyre brand – a Continental brand since 1985 – presented its Runner F2 (steer), award-winning D2 (drive) and T2 (trailer) tyres as a “breakthrough into a new chapter of [Semperit’s] illustrious history,” according to Constantin Batsch, head of the truck tyres replacement EMEA business unit at Continental Reifen Deutschland.
The third edition of GRTE 2016 (the Global Rubber, Latex & Tire Expo) will be held at the Bangkok International Trade and Exhibition Centre between 9 and 11 March 2016 in Thailand in association with China United Rubber Corporation (CURC). According to the event’s organisers TechnoBiz, GRTE aims to be “a special meeting point for […]
It’s now over a year since Cooper Tire & Rubber completed the sale of its share in the Cooper Chengshan (Shandong) Tire Company Ltd joint venture. At the time, company chairman, chief executive and president Roy Armes mentioned that Cooper would “identify and develop alternative sources” for the tyres produced at the Cooper Chengshan plant; he identified a further joint venture as one potential option. The tyre maker reports it has realised this alternative source and has entered into an agreement to purchase a majority of China-based Qingdao Ge Rui Da Rubber Co., Ltd (GRT).
The heads of rival US retreading associations, the Tire Retread & Repair Information Bureau (TRIB) and the Retread Tire Association (RTA), will both make an appearance at the China International Rubber Tire & Auto Accessory Exhibition (ChinaGRTAE 2013).
Brityrex 2010 attracted a group of visitors from Shandong Province’s Guangrao County, which met with Tyres & Accessories on the Tuesday evening in Manchester’s Renaissance Hotel off Deansgate. The delegation included the president of Deruibotire (also known as Shandong Deribao Tire Co Ltd) Yuan Tingshu; Guangrao Shandong vice county magistrate Li Jianjun; and Bureau of Commerce of Guangrao County director and party secretary Zhu Hanqing. The delegation gave a presentation on the strengths of Guangrao County – a location described by Li as “an economic powerhouse within Shandong Province” and one of China’s major tyre and automotive accessory producing regions, as well as the host of China (Guangrao) International Rubber Tire & Auto Accessory Exhibition (ChinaGRTAE), which is due to be staged for the second time in 2011. Along with Tyres & Accessories and other representatives of the UK tyre trade, the delegation met with the NTDA’s Richard Edy and Peter Gaster, also of UK wholesaler Kings Road Tyres.
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