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Smuggling, under invoicing rife in Pakistan tyre market – General Tyre

The CEO of Karachi based tyre manufacturer General Tyre and Rubber of Pakistan, Shahid Hussain, has told Pakistan’s Daily Times that under invoiced imports and smuggling accounts for 57 per cent of local sales for passenger car tyres, 85 per cent for light truck tyres and 97 per cent for truck and bus tyres. These two activities not only impact upon manufacturing capacities at the tyre maker, which incidentally is which is 9.78 per cent owned by Continental and operates a technical service agreement with Continental Tire the Americas; Hussain states it is costing Pakistan’s government around 7 billion rupees (£50.4 million) in lost duties and taxes.

28th February 2011/by Tyrepress Editors

Pirelli to boost China capacity to meet “high end” demand

Within the next two years capacity at Pirelli’s Jining factory in China’s Shandong province will double to ten million tyres per annum. During a China-based interview with Bloomberg TV on February 24, company chairman Marco Tronchetti Provera mentioned the capacity expansion as part of a 300 million euro investment in China to be made over the coming three years – Pirelli previously postponed its investment there in 2009 due to the recession.

25th February 2011/by Tyrepress Editors

Sky-high raw material costs put pressure on tyre suppliers

With relative shortages in supply and increased demand from the rapidly expanding emerging markets of the East pushing natural rubber and other raw material costs higher and higher, most tyre manufacturers are again raising their prices in response. But what do the latest raw material hikes mean for the world’s tyre manufacturers? And how much longer will this price boom continue?

24th February 2011/by Tyrepress Editors

Rhodia to boost HDS capacity at French, US facilities

Newly announced capacity increases at two Rhodia facilities, together with the company’s recently inaugurated plant in Qingdao, China, will increase Rhodia’s global highly dispersible silica capacity by more than 40 per cent. The French specialty chemicals company is investing in its Chicago Heights plant in the US and its Collonges-au-Mont-d’Or facility in France to give the plants a combined 32,000 tons per annum additional HDS production capacity. Start ups are respectively planned in the fourth quarter 2011 and the first quarter 2012.

23rd February 2011/by Tyrepress Editors

Goodyear India to study market viability prior to TBR launch

A market study into the viability of selling Goodyear’s truck and bus radial range in India has begun, reports the Hindu Business Line. The managing director of Goodyear India, Rajeev Anand, stated on February 22 that “We are putting our TBRs into the market on a pilot basis for testing. The market study will take around 18 months after which we will launch a new range. At present we only make cross ply tyres for trucks and buses, in which we have a small market share.” As the financial daily notes, radials still account for just 12 per cent of the 950,000 truck and bus tyres sold in India each month, yet sales have more than doubled in the last two years due to growth in the commercial vehicle market.

23rd February 2011/by Tyrepress Editors

Proctor & Gamble's Geissler elected to Goodyear Board of Directors

Goodyear has announced the election of Werner Geissler, vice chairman of global operations for The Procter & Gamble Company, to the company’s Board of Directors as an independent director. “Werner brings to our Board of Directors more than three decades of valuable experience in brand and business leadership,” said Richard J. Kramer, chairman and chief executive officer. “His consumer marketing expertise, along with his international insights, will be an asset as we continue to carry out our global strategy in 2011 and beyond.”

22nd February 2011/by Tyrepress Editors

Trelleborg buys Hebei plant, expands into Chinese specialty tyre market

Trelleborg has acquired an operation in Xingtai, Hebei Province, eastern China, in a move designed to facilitate the group’s expansion in the Chinese market for specialty, primarily agricultural tyres.
Trelleborg has acquired an existing facility from a Chinese company, part of the US Group Maine Industrial Tire LLC, and will also transfer approximately 180 employees. The acquisition and investments total approximately 100 million Swedish krona (£9.641 million; 11.45 million euros; US$15.54 million) over a three-year period. Production under the Trelleborg name is expected to commence during the second quarter of 2011.

17th February 2011/by Tyrepress Editors

Dunlop Aircraft Tyres lands Korean helicopter deal

Dunlop Aircraft Tyres has announced the signing of a major deal with Korea Aerospace Industries. The Birmingham-based manufacturer will be the exclusive supplier of tyres for its new Korean utility helicopter, the Surion. The aircraft is being developed to replace South Korea’s aging fleet of 500MD and UH-1H aircraft. The Surion made its first flight early in 2010 and more than 245 are on order.

16th February 2011/by Tyrepress Editors

TGI continues expanding its global presence

The maxim “location, location, location” is often quoted in relation to real estate, however it can equally apply to the success of a business. One company aware of this is Tire Group International, Inc. The Miami, Florida based wholesaler is active throughout the world, yet its location gives it particular strength in the Latin America and Caribbean regions. In recent times TGI has increased its focus on developing this geographic advantage to its full potential.

14th February 2011/by Tyrepress Editors

JK Tyre launches Asian race series

In a move it refers to as the “biggest announcement in Indian motorsport in recent times,” JK Tyre has officially launched the JK Racing Asia Series, a championship sponsored by the tyre maker and managed by Motorsport Asia, the region’s largest promoter and organiser of motorsport events. The series gets underway in April and the 2011 season will consist of 18 races held over six weekend events in Malaysia, Korea, Indonesia, China, Singapore and India. On three occasions the JK Racing Asia Series will support the Formula One Grand Prix.

14th February 2011/by Tyrepress Editors

Kramer praises loss-making Goodyear for ‘improvement across all businesses’

Although Goodyear Tire & Rubber recorded a net loss for the third consecutive year, company chairman and CEO Richard J. Kramer states he’s “very pleased” with the tyre maker’s fourth quarter and full year 2010 performance. “Our operating results reflect significant recovery, with improvement across all of our businesses versus last year despite escalating raw material costs,” Kramer commented.

10th February 2011/by Tyrepress Editors

Profits up at Kelani Tyres

Sri Lanka’s Kelani Tyres reports that despite a steep rise in costs its net profits rose 11.7 per cent year-on-year to LKR 74.9 million (£419,000) in the quarter to December 31, 2010. Revenues during the quarter increased 37.1 per cent to LKR 1.028 billion (£5.8 million) while sales volumes grew 5.2 per cent to 3,753 tonnes and production rose 10.6 per cent to 3,826 tonnes.

10th February 2011/by Tyrepress Editors

Kumho Petrochemical to sell its share in Kumho Tires

Kumho Petrochemical aims to exit the debt workout programme it has undertaken for the past year by the end of 2011, and to help boost its economic viability the Kumho Asiana division intends to sell the million or so shares it holds in Kumho Tires. “As part of a consistent move, we will sell all stakes of Kumho Tire owned by us from July, to help strengthen financial soundness,” said Kumho Petrochemical chairman Park Chan-koo.

9th February 2011/by Tyrepress Editors

Hankook appoints new managing director for UK market

Hankook Tyre UK Ltd has appointed Gang Seung Lee (Tony) to head up its Daventry based operations. He takes over the role from Richard Page who will continue to work for Hankook for the next 12 months during the handover period ahead of his retirement.

Lee is no stranger to Hankook in the UK having worked closely with Richard Page for four years before working in Hankook’s European head office in Neu-Isenburg, Germany for two years where he worked in both sales and marketing together with distribution channel planning.

9th February 2011/by Tyrepress Editors

Kumho creditors considering Daewoo share sale

Creditors of South Korea's Kumho Asiana Group, parent company of Kumho Tires, are said to be considering selling a 1.46 trillion won (₤818.8 million) stake in Daewoo Engineering & Construction Co Ltd held by the group's affiliates via a block trade. Group company Kumho Industrial Ltd holds 14.6 per cent of Daewoo Engineering & Construction and other units own the remainder, and the sale of a 24.7 per cent share in the contractor, as reported by Reuters, would join a number of other restructuring efforts aimed at aiding the cash-strapped company.

8th February 2011/by Tyrepress Editors