Apollo Tyres says it is “a matter of great pride” for the company that it has been named the top automotive ancillary company and 24th overall in the ranking of corporate and social responsibility carried out by India’s leading business newspaper. Hailed as a ‘definitive listing’, The Economic Times’ ET Corporate Dossier, in cooperation with Futurescape and IIM Udaipu, has published its India’s Best Companies For CSR 2014.
Asia is an enticing part of the world for many tyre makers, including Apollo Tyres, which has stated its desire to make inroads there. A small but significant step it has taken into the region is the relocation of incumbent president and chief financial officer Sunam Sarkar to Singapore. Sarkar’s arrival will likely be followed by the establishment of an office in the city state, and – although Apollo hasn’t yet made any official announcement to this effect – he seems the logical choice to oversee the operation set up there. A secondary function of Apollo’s new presence in Singapore will be to aid its sourcing of raw materials in Asia; the subject of rubber is a high profile one for tyre makers in India, and despite the higher duty affixed to natural rubber compared to finished tyres, manufacturers rely heavily on imports of this raw material.
In the run up to this year’s World Cup, Continental released limited edition car and bus tyres featuring the FIFA World Cup logo. We didn’t see these tyres here in the UK or in Europe, but anyone looking for football-themed rubber needn’t go without; the latest line from Apollo Tyres may be just the answer. In its capacity as official tyre partner to a certain Old Trafford-based football club, the tyre maker has launched a new Manchester United branded tyre. And to ensure the new range has a strong Manchester flavour, local mobile tyre fitting specialist Event Tyres has been granted exclusive UK supply for the Apollo Manchester United tyre.
As reported on 17 September, Apollo Tyres’ South African subsidiary, Apollo Tyres Africa Proprietary Limited – the residual operation remaining after the sale of the main business to Sumitomo Rubber Industries in 2013 – voluntarily initiated Business Rescue Proceedings on 15 September 2014 as per the provisions of the South Africa Companies Act. In its second quarter notes, The company has now submitted a Business Rescue Plan to the South African Companies and Intellectual Property Commission (CIPC).
Net profit went up 17.5 per cent in the second quarter of Apollo Tyres Ltd’s 2014-15 financial year, the company reported on 10 November. This positive result was achieved despite a slight decrease in net income from operations, and reflects a growth in exports from India and healthy performance in Europe.
The third and final skill test in the ‘Apollo Challenge’ has begun. Together with Manchester United F.C., tyre maker Apollo Tyres is encouraging football aficionados to demonstrate just how on target their shooting is with the Apollo Accuracy Challenge. This particular challenge sees Manchester United midfielder Ashley Young demonstrate the importance of accuracy, a quality Apollo Tyres argues is the most important skill for any footballer.
Reifen China’s 2014 edition will take place on 3-5 December at the Shanghai New International Expo Centre on December 3 – 5, 2014. On the occasion of the eighth edition of the international meeting place for the sector, Messe Essen and the China United Rubber Corporation (CURC) are expecting around 120 exhibitors from numerous nations. Many of the biggest names in the Chinese tyre industry will be present, and the organisers have particularly emphasised the manufacturing backbone of the show; with around 45 percent of the exhibitors originating from the producing industries, “Reifen China will be a manufacturers’ fair”. The organisers are expecting a total of around 15,000 visitors to both trade fairs.
Apollo Tyres has responded positively to a court decision against Cooper Tire & Rubber’s bid for compensation following the breakup of the Apollo/Cooper acquisition late last year. Cooper sought a US$112 million breakup fee as it viewed Apollo as having breached the merger agreement, however Delaware Chancery Court Judge Sam Glasscock III ruled on 31 October that Cooper itself hadn’t done all it could to satisfy the deal’s closing conditions.
Apollo Tyres Ltd. has appointed a new president for Europe and the Americas and CEO of Apollo Vredestein B.V. The role has been taken on by Mathias Heimann, who is based in the company’s European headquarters in Enschede, the Netherlands. Heimann began in his new position in early October and succeeds Luis Ceneviz, who has left the company and, according to informed sources, returned to his home country, Brazil.
The second test in the Manchester United ‘Apollo Challenges’ skill challenge has been released. This unit is called the ‘Apollo Control Challenge’ and sees Manchester United and Belgium international midfielder Marouane Fellaini demonstrate how to master perfect ball control, an invaluable skill when playing in one of the most competitive and fast-paced areas of the pitch. The challenge can be viewed at the apollochallenges.com website.
Apollo has confirmed Hungary as the location for its first greenfield facility outside India. The manufacturer says that Hungary was chosen having considered some of its neighbouring Central Eastern European and Asian countries. Apollo’s latest investment, which is planned to total 475m euros over the next five years, was approved by its Board of Directors today.
Apollo Tyres Ltd has initiated voluntary business rescue proceedings for its Apollo Tyres Africa Proprietary Limited subsidiary. The company has informed the BSE that a specialist has been appointed to restructure its South African operation; the specialist’s evaluation will “decide the future course of action for the company in South Africa.”
The word to Louis van Gaal is that Manchester United must finish ‘no lower than third’ in the Premier League this year, and should the recently-appointed manager meet this expectation it will be a marked turnaround of last season’s fortunes. Sponsors, such as tyre makers Federal, Multistrada and Apollo Tyres – the latter official partner for the club in 69 countries – also stand to benefit from a better year on-field.
Apollo Tyres hasn’t officially announced where its planned European factory will be built, but it looks as if the honour has gone to Hungary. Today the European Commission confirmed that a proposal to give Apollo Tyres (Hungary) Kft. €95.7 million (approximately HUF 29 billion) in regional investment aid for the construction of a tyre plant in Gyöngyöshalász is in line with European Union state aid rules. The Commission found that the aid granted by Hungary favours regional development, while any distortions of competition will remain limited.
Apollo Tyres recently signed up as a sponsor to German football club VfL Wolfsburg, and Continental is also back with the team for a second year – the German tyre and automotive component manufacturer’s ATE aftermarket equipment brand will continue as a premium sponsor of the Bundesliga club for the 2014-2015 season. The ATE sponsorship is in keeping with Continental’s sponsorship strategy and involves displaying the brand logo on stadium LED perimeter boards during all VfL Wolfsburg Bundesliga games.
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