Apollo Tyres Archives - Page 41 of 49 - Tyrepress

Tag Archive for: Apollo Tyres

Apollo Drops Hungarian Factory Plans

A question mark now hangs over Apollo Tyres’ future direction in Hungary following the company’s decision to withdraw its application to establish a facility in the city of Gyöngyös. Apollo planned to build a greenfield operation to house its European Manufacturing and High Technology Centre, however delays and local opposition has dampened the company’s enthusiasm for the project. This news comes barely a fortnight after Apollo admitted production at the facility would not feasibly begin before 2010 because of hold-ups in the land acquisition and regulatory clearance process.

15th August 2008/by Tyrepress Editors

Redevelopment for Apollo Factory Site

The 30-acre site of Apollo Tyres’ PTL Enterprise tyre manufacturing facility in Kalassery will reportedly be used for residential and commercial development following the factory’s relocation to Irapuram in the southwest India state of Kerala. The company intends to invest around Rs 400 million (£4.97 million) in the first phase of the relocation project, and in the second phase it will begin the production of cross-ply tyres at the new site. Previous reports indicate the factory will focus upon the production of specialty tyres.

13th August 2008/by Tyrepress Editors

Schaeffler Warns Continental Off Capital Raising Defence

Schaeffler Group has warned Continental not to employ a large capital increase as a way of warding off its 11.3 billion euro unsolicited takeover bid. Schaeffler’s move meant dropping a condition that would end the bid if Continental prepared to raise its share capital during the offer period, which is due to end on 27 August. “Schaeffler group thus counters market speculation that its offer to Continental shareholders could be prevented by such…measures,” an official statement explained.

6th August 2008/by Tyrepress Editors

Hungary Production Will Not Begin Before 2010 – Apollo

Apollo Tyres is said to be experiencing delays acquiring land and gaining regulatory clearance for the tyre manufacturing facility it is building in Hungary. Because of this, production is now expected to commence later than the originally anticipated June 2009 start date.

“The government regulatory process is still ongoing. What we had expected to get done now has been delayed by about a quarter or so,” Kankana Das told the Reuters news service. Apollo now hopes to acquire the site land by December and begin construction work next March or April. Therefore, it appears that production will begin in June 2010 at the earliest.

31st July 2008/by Tyrepress Editors

Dunlop Zimbabwe Voices its Commitment to the Home Market

Zimbabwe’s sole domestic tyre manufacturer, Dunlop Zimbabwe, states it remains committed to continuing local operations. The company, now 100 per cent owned by Apollo Tyres, has maintained a presence in the country for 45 years, and its CEO, Mr. Kennedy Mandevani, states it will be guided by “business rationale” and won’t close up shop in Zimbabwe for political reasons.

The Zimbabwe government owned Herald newspaper quotes Dunlop Zimbabwe as saying it will “not join the multinational companies’ crusade against doing business in Zimbabwe.” An article published on July 28 specifically points to UK and US influenced multinational companies, including Tesco and Barclays, as pressuring local subsidiaries to cease operating.

28th July 2008/by Tyrepress Editors

Apollo First Quarter Revenues up 15%

Apollo Tyres Ltd has reported that it achieved consolidated first quarter revenues of 13.2 billion rupees (£155 million), up 15 per cent from 11.5 billion rupees during the same period last year. During the same period, consolidated net post tax profit grew 7.3 per cent to 586.6 million rupees (£6.87 million).

Commenting on the results, Onkar S Kanwar, chairman & managing director, Apollo Tyres Ltd, said: “These are probably one of the most challenging times we have faced as a company.”

18th July 2008/by Tyrepress Editors

Indian Tyre Industry Faces Price Fixing Probe

The Competition Commission of India (CCI) has suggested that there may be an issue of price fixing within the Indian tyre industry.

According to a study carried out at the Jawaharlal Nehru University and commissioned by the CCI, certain companies have enjoyed similar sales realisation with “widely differing profit rates.”

14th July 2008/by Tyrepress Editors

Indian Tyre Shares Boosted in Wake of Hikes

As promised, the price hikes across some of India’s premier tyre manufacturers have been implemented. JK Tyre raised its truck tyre prices by 6 per cent, while Ceat raised non-commercial vehicle tyres by the same quantity. Meanwhile, Apollo has raised prices across segments by 7 per cent.

Following the hikes, shares in each of the companies went up in value, JK Tyres the leaders with a rise of 1.86 percent, closing in Mumbai at 96.05 rupees.

10th July 2008/by Tyrepress Editors

Tyre Prices Continue to Rise in Developing Economies

Next month will see the rapid upward trend of tyre prices in eastern nations continue, as manufacturers and dealers in the United Arab Emirates have agreed to a uniform rise of six per cent across the board.

Head of the Bridgestone Tyre Centre in Dubai, Abdul Hayee, told journalists that the price increase – to be implemented on 1 July – has been necessitated by raw material costs spiralling upwards, a statement confirmed by Babu Karunanandan of Abu Dhabi Tyres. He added that “the UAE is a place where automobiles are an integral part of life and motorists have no other option but to accept the revised prices.

Meanwhile, in India tyre companies are plumping for another hike only two months after the last increase in May. JK Tyre has told domestic journalists that it plans a growth in prices of around six per cent in August, further to the two increases of 2.5 per cent each in January and June. In addition Apollo Tyres have already raised prices by five per cent in the current month.

24th June 2008/by Tyrepress Editors

Apollo Opens First India CV Tyre Outlet

Apollo Tyres has opened its first full-service branded commercial vehicle tyre outlet in India. Located in Salem, in the southern state of Tamil Nadu, the new outlet is called Apollo Trust, and is the first of a number of outlets that will be established in large trucking halt points outside city limits and along India’s national highways. Apollo reports the Salem centre is equipped with the latest commercial vehicle wheel aligning, tyre balancing and nitrogen gas inflation equipment and staffed with highly trained employees. Therefore, the company adds, Apollo Trust is best positioned to cater to the unique and demanding needs of India’s commercial vehicle operators and drivers, who currently utilise both cross ply and radial tyres.

Plans are underway to gradually increase the Apollo Trust network to five locations in the next few months, offering tyres and tyre-related services, alongside the sale of retreaded tyres and retreading materials. Apollo Tyres states in a press release it felt the need to introduce such service-oriented outlets to “assist customers move up the value proposition, enabling them to chose the appropriate application for their vehicles and operational needs through informed decision making.”

29th May 2008/by Tyrepress Editors

Apollo Discusses Wider Capacity Expansion Plans

Apollo Tyres has already discussed plans to increase capacity at its Gujarat and Kerala factories, and these projects are part of a wider plan to invest Rs 20 billion (£236.6 million) enhancing domestic and international production capacities. In addition to these expansions, the company will set up a new facility in Chennai.

According to Apollo Tyres chief of India Operations Satish Sharma, the company shall invest this sum over next three years, more than half of which, 200 million euros, would go towards its facility in Hungary. As part of the domestic capacity expansion, Apollo Tyre’s Vadodara plant will see its capacity of passenger car tyre go up from the existing 10,000 tyres a day to 15,000 tyres a day, by around mid-2009. The company will also enhance its truck and bus radial tyres capacity at Vadodara from the existing 300 tyres a day to around 1,100 tyres a day over the same timeframe.

27th May 2008/by Tyrepress Editors

Chinese CV Tyre Imports Continue Unabated in India

The Indian government’s July 2007 anti-dumping legislation is having little effect on the numbers of Chinese truck and bus tyres being brought into the subcontinent. Instead increased numbers of Chinese-produced radials are being imported into India. According to a Hindu Business Line report, there has been no reduction in the share of Chinese tyres in this part of the domestic replacement market; and the price differential between Indian products remains in the range of 10-30 per cent. Imports of commercial vehicles tyres have reportedly skyrocketed in the last five years, with the Chinese tyres making up 91 per cent of the overall tyres tyre imports, according to ATMA figures tracking the market between September 2007 and March 2008.

27th May 2008/by Tyrepress Editors

Apollo Tyres To Increase Capacity

Apollo Tyres has said that it will invest Rs 1,000 crore (around US$237 million) this year to increase capacity at its factories in Gujarat and Kerala. The projected production increase is 10 per cent on the current figure of 850 tonnes/day.

15th May 2008/by Tyrepress Editors

Half of Tyrexpo Asia’09 Stand Space Already Sold

Exhibitors have snapped up more 50 per cent of the floor space at next year’s Tyrexpo Asia show despite there being 11 months to go before the event opens its doors at the Singapore Expo Centre, between 24-26 March 2009. As well as the early commitment to taking space, ECI also report that companies are generally taking larger stands to promote their products and services than at previous shows.

According to organisers ECI International, the strong demand for space has justified the decision to bring the show forward from its traditional scheduling in September. Sales director Rowena Suthers said: “We have been delighted by the response which has already seen dozens of companies commit themselves to the event. We brought the show forward by six months to create more space in the calendar for our exhibitors and the reaction so far has backed this decision decisively.”

14th May 2008/by Tyrepress Editors

Apollo In Discussions About New Hungary Factory

The local council of Gyöngyös in North-Eastern Hungary has been holding discussions with Apollo Tyres to establish a factory in the region. The go-ahead would depend on Apollo Tyres acquiring all of the necessary permits for the plant’s construction, said mayor Attila Végh said on May 13.

According to Hungary’s BBJ business weekly, the factory’s planned construction has met with opposition from locals who believe it will endanger the region’s winegrowers and fruit farmers.

14th May 2008/by Tyrepress Editors