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Kumho Petrochemical to Increase Synthetic Rubber Production

Kumho Petrochemical has made a total investment of 285.3 billion Korean won (£150.6 million) in extensions to its facilities as part of its goal of acquiring the largest share of the global synthetic rubber and specialty chemical market. A total of 164 billion Korean won (£86.6 million) has been invested in the company’s BR (butadiene rubber) factory and 97 billion Korean won (£51.2 million) in its SBR (styrene-butadiene rubber) plant. A further 24.3 billion Korean won (£12.8 million) has been invested in the company’s specialty chemical plant, where the substance 6-PPD is produced.

When the extensions are completed, Kumho Petrochemical’s annual BR production capacity will increase from 222,000 tons to 342,000 tons, while its annual SBR production capacity will rise from 421,000 tons to 531,000 tons. The company will also produce more than twice its current volume of 6-PPD a year, increasing its capacity from 31,000 tons to 70,000 tons. Extensions to the BR plant are expected to be completed in October 2009. When this goal is achieved, Kumho Petrochemical’s annual production of BR and SBR combined will reach 763,000 tons – meaning that output will surpass that of Goodyear, who currently produce 714,000 tons per annum, placing Kumho Petrochemical at the head of the world list in terms of synthetic rubber production.

14th November 2007/by Tyrepress Editors

Reifen China Launched in Ticker Tape Opening

Reifen China, Messe Essen’s first tyre exhibition in Asia, was launched today at an opening ceremony that included messages of support from supporters as diverse as the China Petrochemical association, the China Rubber Industry Association and the Lord Mayor of Essen. Three hundred exhibitors, including most of China’s leading tyre manufacturers, are presenting their products at the show. Furthermore, as well as strong domestic support from the largest domestic tyre manufacturers, 40 per cent of exhibitors are from overseas, according to the show’s organisers.

14th November 2007/by Tyrepress Editors

Hercules to Open Middle-East and SE Asia Offices

Hercules International boss Joe Recchia has told Tyres & Accessories that Hercules’ visit to the inaugural Reifen China exhibition is not about instantly accessing domestic sales in China, but rather establishing a foundation on which to build in the months and years ahead. Recchia’s plan is to grow Hercules’ export business from an international to a global player.

Up till now, Hercules has been a large manufacturer active in numerous markets all over the world – 93 at the last count, up roughly a third from the approximately 75 nations the company sold tyres to in 2006. But now the Canada-based operation is planning to turn global by establishing regional offices in a number of key markets in 2008. On the subject of China, Joe Recchia is clear that there is not much prospect of competing with Chinese manufacturers in terms of price, so the Hercules has plans to take the OE route to market. Recchia didn’t go into details of exactly which manufacturers he was referring to, but did say that the plans are expected to be underway in the middle of 2008. Hercules’ international intentions look set to focus on one of two of its private brands (perhaps even both), but Rechhia would only go as far as saying that they represent totally different distribution channels.

14th November 2007/by Tyrepress Editors

Don’t Try This at Home…Or Anywhere Else

A man in the US has injured himself using an item of tyre changing equipment that T&A did not encounter at last May’s Brityrex and is confident was also not displayed on any of the stands at either CITExpo or Tyrexpo Asia. In order to loosen a stiff wheel nut, the 66-year old man from Washington State called into service the considerable power offered by his 12-guage shotgun.

The man had removed all but one of the wheel nuts from the rear right wheel of his Lincoln Continental, which he had been attempting to repair for the previous two weeks – the removal of wheel nuts apparently in this instance proving to be a challenging and time consuming affair. The DIY fast-fit procedure was carried out at arm’s length from the wheel, and the man was peppered with buckshot and debris as a reward for his creative thinking.

13th November 2007/by Tyrepress Editors

Continental Warns Against Pirated Reproductions

Only a week after the US Tire Industry Association announced at the SEMA show in Las Vegas its “policy resolution” regarding look alike tyres, Continental has released its own statement on the issue of counterfeit products. The company wishes to extend an emphatic warning against the use of counterfeit Continental products, and has singled out Asia as the predominant site for the production of such items.

“Pirated reproductions do not have the same material and processing quality as genuine products, and can quickly become a safety risk,” emphasises Manfred Wennemer, Continental AG executive board chairman. In light of this, the company declares it is taking “decisive and comprehensive action” against product piracy, and has already had several major successes in its pursuit of Conti counterfeiters. For example, sales of truck tyres produced in China with illegally-copied Continental treads were stopped in Germany, and in Taiwan claims for damages have been asserted against a dealer.

7th November 2007/by Tyrepress Editors

New PCL Brand Image Reflects Global Growth

Pneumatics Components Ltd. (PCL) is undergoing a brand makeover to reflect the company’s recent development and strategy for the future. The past five years have seen numerous changes for the company as PCL has strengthened its strong global position in tyre inflation equipment and services and established itself as a leading provider of pneumatic products, a position achieved through the development of a range of new products, including the company’s electronic tyre inflation ranges and its air tool and air treatment ranges. The ever-more comprehensive PCL product portfolio has been backed up by the expansion of international businesses, with the company opening offices in Malaysia, the USA and India, plus the revamping of global distribution and support services.

The company’s new logo, packaging and website will be integrated into the business over the coming months. PCL are confident that the new look, with its new clean, corporate design, will mirror PCL’s reputation as a professional, innovative and dynamic company with a sound manufacturing base, and reflect the company’s continuing investment as the tyre inflation and pneumatics expert. The PCL corporate brand will utilised on all pneumatics and tyre inflation products in all markets.

7th November 2007/by Tyrepress Editors

Cooper Reports Q3 Profit & Record Sales

Cooper Tire & Rubber has reported a net income of US$30.2 million or 48 cents per share for the quarter ended September 30, 2007, a marked contrast with last year’s third quarter loss of just under $25 million. Income from continuing operations increased by more than $41 million from a loss of $23.5 million for the same period last year, resulting in earnings per share of 29 cents from continuing operations. Income from discontinued operations also contributed $12.4 million, or 20 cents per share, for the quarter. The continued growth in earnings was accompanied by a new record of $767.7 million in sales for the quarter, an 11 per cent increase over the same period last year.

The company attributes its more positive quarterly results to improved pricing in North America and increased tyre unit sales for its international segment. The improvement was also supported by Cooper’s ongoing cost and profit improvement initiative implemented throughout the year. As a result, operating profit improved to $32.7 million in the third quarter of 2007, compared with an operating loss of $5 million in the third quarter of 2006. For the nine month period ended September 30, 2007, the company’s net income improved to $68.6 million on $2.2 billion of sales. This is a $119 million improvement in net income over the same period a year ago.

7th November 2007/by Tyrepress Editors

UK Car Market Still Buoyant, Says Report

The much publicised “credit crunch” which has seen interest rates rise sharply this year has not scared off UK car buyers, says ACF Car Finance. The UK market came in at 419,000 units (+1.3 per cent) in September, which is thought to have been spurred on by the new registration plate which pushed private retail sales up by 1.5 per cent. The UK market performed better than was expected, despite fears of a slowing economy and the increased cost of borrowing money.

6th November 2007/by Tyrepress Editors

Rubber Prices Set To Rise Sharply

A statement from Jom Jacob, senior economist of the Association of Natural Rubber Producing Countries, warns that increased demand for natural rubber – demand which producers are struggling to fulfill, will inevitably lead to spiralling rubber prices. Factors such as erratic weather, lack of cultivatable land and labour supply constraints could all adversely affect output in the main producing countries of Thailand, Indonesia and Malaysia.

International prices have risen four-fold since 2001, when there was over-supply and the price was at a 30-year low. Some analysts say they expect rubber to rise around 18 per cent to $3 a kg next year. Thai RSS3 grade, often used as the benchmark for physical prices, stood at USD2.55 a kg on Friday.

5th November 2007/by Tyrepress Editors

Stamford Keeps Moving With Wheel Production

For the Stamford group Tyrexpo Asia has been a fixed event from the start, with both the company and exhibition being based in Singapore. Stamford, which is also listed on the Singapore stock exchange, is not only known within the tyre industry for its global wholesaling business; during the last three years it has also become very well known through its own wheel production activities. In 2004 Stamford Tyres began operating its Thai subsidiary Stamford Sport Wheels (SSW), which produces light alloy wheels in a low-pressure casting process. But because the new factory is already operating up to its capacity limits, the company is currently investing another 20 million US dollars in order to establish a second wheel factory on the same site near Thailand’s capital Bangkok, says Roger Chang, CEO of Stamford Sport Wheels Co. Ltd.

The initial plans to build its own factory arose when demand for Stamford’s private brand was growing ever stronger at a time when suitable offtake partners possessing additional capacities in the region were becoming more and more difficult to find. This led to the decision to trust in its own capabilities to install and operate a wheel factory rather than continuously exist in a state of uncertainty with regards to the supply situation, the CEO told Tyres & Accessories during an interview at Tyrexpo Asia in Singapore: “The supply situation with light alloy wheels had become an issue.” Consequently, the wholesaler and retailer decided to also become a manufacturer. Thus, since the beginning of 2004 Stamford has operated its SSW factory in Thailand and maintains about 300 employees there. These staff produce about 400,000 light alloy wheels in sizes up to 24 inches per year.

1st November 2007/by Tyrepress Editors

New Super Jumbo to Roll on Bridgestone Tyres

Bridgestone has reported that its aircraft radial tyres were those chosen for fitment to the first production model Airbus A380. The super sized airliner was delivered to Singapore Airlines and entered service on October 25, its maiden flight taking place on the Singapore to Sydney route. Subsequent A380 airliners shipped to global carriers will also come mounted with the tyres, which Bridgestone claims offer superb safety and fuel efficiency.

In order to accommodate takeoff and landing speeds of up to 370 km/h and takeoff gross weights of as much as 560 tons, Bridgestone manufactures aircraft tyres using what it calls its “Revolutionary Reinforced Radial” (RRR) design, a radial structure with high elastic modulus/strength cords. The construction of an RRR technology tyre includes an inner belt that minimises tyre expansion in the radial direction and an outer belt that resists external damage. By suppressing tread tension the RRR structure also reduces the possibility of damage from running over objects. Should the tyre be damaged, the structure minimises the possibility of tyre destruction through bursting or tread separation.

1st November 2007/by Tyrepress Editors

Starco Group Bound for Growth in Asia

Known in Europe as the market leader for small tyres, Denmark’s Starco group is currently taking steps to also secure a foothold in Asia. One such step, for example, is Starco’s first time presence at this year’s Tyrexpo Asia, explained Brian Lorentzen. Evidence that the Danish company is pursuing a strong growth strategy can be seen from even a brief look at the company’s annual reports and the development of Starco’s turnover. For example, last year Starco generated a turnover of US$100 million, this year the figure will very likely be 100 million euros. This means that the leading company in the European market for small tyres will experience about 30 per cent growth within just 12 months. Over the last ten years the Starco group has even achieved an increase in its annual turnover by a factor of ten.

31st October 2007/by Tyrepress Editors

YHI Focusing on Advanti Racing and Neuton Private Brands

A company that is becoming one of the largest alloy wheel manufacturers amongst the countries lining the Pacific Rim is YHI International, headquartered in Singapore. Currently the company operates production capacities of 2.4 million wheels annually (in 2006 this figure was just 1.2 million) and has generated an annual turnover of more than 180 million euros through its wheel business. And if the company’s mid-term development plan becomes reality, by 2010 YHI will operate up to 24 production lines in its four alloy wheel factories in China, Taiwan and Malaysia. These lines will be able to produce about 4.3 million alloy wheels per year. “We will continue to develop YHI into a global brand”, said managing director Richard Tay in a recent company publication.

30th October 2007/by Tyrepress Editors

Goodyear Sales Up Despite Lower Volumes

The Goodyear Tire & Rubber Company has reported record third quarter sales of US$5.1 billion, up 3 per cent from last year. The company’s Asia Pacific Tire, Latin American Tire, European Union Tire, and Eastern Europe, Middle East and Africa Tire divisions all achieved record sales during the quarter despite Latin America being the only region to actually sell a greater volume of tyres. Goodyear claims it has successfully offset lower volumes through price increases and a richer product mix. These price and product mix changes in all five business units led to a 7 per cent increase in revenue per tyre over the 2006 quarter, and Goodyear adds that the quarter’s lower sales volume – 51.7 million tyres worldwide as opposed to 55.8 million in third quarter 2006 – reflects the company’s strategic decision to quit “certain segments” of the North American private label tyre market, along with other weak markets.

Total segment operating income from continuing operations was $382 million in the third quarter of 2007, another all-time high and up 35 per cent from the 2006 period. All five business units had higher segment operating income compared to last year, with Asia Pacific Tire and Eastern Europe, Middle East and Africa Tire setting records for any quarter.

30th October 2007/by Tyrepress Editors

Michelin Q1-3 Sales up 4%

Michelin has announced that its consolidated net sales for the first nine months of 2007 have risen 4.0 per cent to almost 12.6 billion euros, an increase of 7.2 per cent (at constant exchange rates). Third quarter sales were slightly under 4.2 billion euros, a 2.5 per cent increase at constant exchange rates that Deutsche Bank analysts report is “in line” with its estimate of 4.3 billion euros. The German bank’s Equity Research division further commented that the key positive factors driving earnings in the third quarter, a period it has described as “uneventful”, were Michelin’s price/mix, up 3.7 per cent or 153 million euros, and volume, which showed a 1.4 per cent or 59 million euro rise.

Over this same quarterly period the company’s sales volumes posted a year-on-year growth of almost 3.0 per cent. During the first six months of the year this increase was at a rate of 3.6 per cent, but during the third quarter growth slowed to 1.4 per cent; Michelin’s replacement passenger and light truck tyre business was impacted by what the company has called “less supportive European and North American markets” during the quarter, while in the US Michelin’s sales of truck tyres dropped by 39.2 per cent as a result of a sharp decline in truck OEM activity.

30th October 2007/by Tyrepress Editors