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Toyo to Acquire Malaysian Tyre Manufacturer

Company News, International News

Toyo Tire & Rubber has announced its decision to acquire all shares in Malaysia-based tyre manufacturer Silverstone Berhad. The company’s board of directors says it has a stock purchase agreement with Silverstone’s sole shareholder, Silverstone Corporation Berhad. According to the company’s statement, Toyo’s acquisition of Silverstone puts it in position “to make a full-scale entry into the fast-growing Southeast Asia market.” The stock transfer to Toyo from Silverstone Corporation Berhad is scheduled to take place in late January 2010 and will cost Toyo approximately 12,538 million yen (£98 million).

21st October 2010/by Chris

Johnson Controls to Build $118 million Chongching, China Battery Plant

Johnson Controls, Inc. has announced it is investing $118 million in building a third automotive battery plant in China, this time located in Chongqing. The company's existing plants are located in Shanghai and Changxing.

"Our recent investments in China are an indication of the importance of this market for Johnson Controls," said Alex Molinaroli, president of Johnson Controls Power Solutions. "In three years we will be growing from a single plant to three plants that will produce more than 18 million automotive batteries annually. These plants support our plan to install capacity for 30 million batteries annually in China by 2015."

19th October 2010/by Tyrepress Editors

Kumho Segment Leader in Korean Customer Satisfaction Index

For the sixth consecutive year, the Korea Management Association has ranked Kumho Tires top in the passenger car tyre category of its Korea Customer Satisfaction Index (KCSI) survey. The index is calculated based on customer evaluations of a number of variables, including overall satisfaction, factor satisfaction and repurchase intent. Kumho Tires’ score of 67.7 secured it first place, and the tyre maker highlights that its score in the repurchase intention category was 11.1 per cent higher than any competing company – evidence, Kumho says, of a “green light” for expanding domestic market share.

7th October 2010/by Tyrepress Editors

Heidfeld Omitted from Sauber 2011 Plans

It is only some three weeks since Nick Heidfeld ended his role as test driver for Pirelli in order to race with Sauber Motorsport, yet the German driver’s planned return to Formula One racing may already not be working out the way he anticipated. Heidfeld signed up with Sauber to drive in the final five rounds of the current season along with Japanese driver Kamui Kobayashi. Yet when Sauber Motorsport announced the signing of a new driver to line up alongside Kobayashi for the 2011 season, Heidfeld’s name was nowhere to be found. Instead of granting Nick Heidfeld a place on the grid next year, Sauber has signed a contract with 20-year old Mexican driver Sergio Perez.

5th October 2010/by Tyrepress Editors

SRI Receives Technology Innovation Award

Sekhar Research Innovations (SRI) has been awarded the 2010 Asia Pacific Technology Innovation Award for Tire Recycling Technology by Frost & Sullivan. SRI received the Asia Pacific award in recognition of its performance in terms of uniqueness of technology, impact on new products/applications, functionality, customer value and the relevance of SRI’s innovation to the tyre recycling industry.

1st October 2010/by Tyrepress Editors

Kumho Tires’ CEO speaks with Tyres & Accessories

This 50th anniversary year provides an ideal opportunity to look back on half a century of Kumho Tires and its business up to the present day. In an interview with Tyres & Accessories the South Korean manufacturer’s chief executive officer, Jong-Ho Kim, shares how the company has developed, what plans it has for the near future and the importance of football sponsorship.

30th September 2010/by Tyrepress Editors

Hankook Awaiting Further Information Following Daejeon Employee Death

The Korea Times has reported the death of a 27-year old man employed as a subcontract worker in Hankook Tire’s Daejeon factory in South Korea. According to the September 27 published article, the death is the 16th amongst workers at Hankook’s Korean facilities since May 2006 and the deaths “are suspected to be related to the working environment.” The man, who is identified by the name ‘Lee’, is said to have had no previous health concerns and was employed to examine the surface of newly manufactured tyres.

27th September 2010/by Tyrepress Editors

Brityrex 2010 Showguide Now Available Online

With just about a week to go before the UK’s only dedicated tyre exhibition, Brityrex 2010, kicks off media sponsors Tyres & Accessories are proud to publish an online preview version of the of the official show guide. Freely available at tyrepress.com/brityrex.php the comprehensive catalogue contains stand numbers for all those exhibiting, numerous company profiles and floor plan of the exhibition hall.

27th September 2010/by Tyrepress Editors

Michelin Aims to Double Malaysian Market Share

International News, News

Amongst Michelin’s plans in Asia is a doubling of market share in Malaysia. Yves Pouliquen, managing director of Michelin Malaysia Sdn Bhd, reports the more than 1,000 outlets selling Michelin tyres throughout the country hold a ten per cent share of the market, and the tyre maker’s goal is to “grow that to 20 per cent.” One means the company has of increasing its presence in Malaysia is via the expansion of its Tyreplus network of independent tyre retailers. A year after its initial Malaysian market debut, the national Tyreplus network contains eight outlets, and Michelin plans to increase this to 50 centres by 2013 through a project Pouliquen says will cost some RM10 million (£2 million).

27th September 2010/by Tyrepress Editors

JK Tyre’s Singhania Voted “CEO of the Year”

Dr. Raghupati Singhania, vice chairman & managing director of JK Tyre & Industries, was awarded ‘CEO of the Year’ by the Asia Pacific HRM Congress 2010 at a function held in Bangalore, India on September 3, 2010. The citation of this award to Dr. Singhania describes him as a prolific visionary and an entrepreneur who has a fondness for technology and innovation.

24th September 2010/by Tyrepress Editors

Camoplast and Solideal Join Forces

Canada-based Camoplast Inc. has acquired Solideal Group, which serves the tyre, wheel and rubber track needs of the world’s material handling and construction industries. The closing of the transaction is subject to regulatory approvals and is slated to take place in October, Camoplast said.

The integrated company will operate under the name of Camoplast Solideal Inc. with a significant participation of the current shareholders of Solideal in the ownership of the company. Solideal and Camoplast brands will continue to be managed independently.

23rd September 2010/by Tyrepress Editors

Port Says ‘No,’ Washington Tire Plant Plan on Hold

Commissioners at the Port of Ephrata in the US state of Washington have voted terminate negotiations with Washington Tire Corporations, which wanted to build a US$1 billion tyre manufacturing plant site there. The unanimous vote on September 20 to end talks came after WTC failed to respond to the Port’s request for proof of its status as a legitimate corporation in the state, and that its listed president Abraham Hengyucius had the legal authority to sign contracts.

23rd September 2010/by Tyrepress Editors

Sumitomo After 1.8% Stake in Stamford Tyres

Sumitomo Rubber Industries, Ltd. SRI is to purchase a 1.8 per cent stake in international tyre and wheel distributor, Stamford Tyres Corporation Limited. Subject to the approval from the Singapore Stock Exchange, Stamford Tyres announced 21 September that it will issue SRI 4.3 million new shares at a price of S$0.35 per share.

Net proceeds from the placement, after deducting expenses of S$100,000, are said to be approximately S$1.4 million (£674,522; 793,471 euros; US$1.054 million) According to the company, the net proceeds will be used to fund the group’s working capital needs in South Africa.

22nd September 2010/by Tyrepress Editors

Singapore GP to Provide Public Road Challenge for Bridgestone

Bridgestone Motorsport will take its medium and super soft Potenza tyres to the fifteenth round of the Formula One season, the spectacular night race that is the Singapore Grand Prix on 24-26 September. The race takes place around the streets of the Marina Bay area of the city of Singapore and has provided exciting races in each of its previous two attempts. With the Drivers Championship delicately balanced between five potential champions and the less predictable track conditions offered by public roads, tyre strategy could once again provide a crucial tipping point in the direction of the podium places.

21st September 2010/by Tyrepress Editors

Bridgestone Celebrates F1 Partnership in Monza

With 14 years of tyre supply soon to end, Bridgestone Europe celebrated its Formula One partnership at its final race within the region. On September 10, during the Italian Grand Prix weekend, more than 170 guests from Formula 1 racing teams, the press and Bridgestone companies attended the Paddock Club event, the centre piece of which was a question and answer session with leading F1 personalities including Bridgestone past and present champions Michael Schumacher, Lewis Hamilton and Jenson Button. Racing team principals Martin Whitmarsh of Vodafone McLaren Mercedes, Ross Brawn of Mercedes GP Petronas and Stefano Domenicali of Scuderia Ferrari Marlboro joined the drivers on stage while a host of fellow team principals and senior team management also added their weight to the occasion.

20th September 2010/by Tyrepress Editors