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Goodyear Reports Record First Quarter Sales

(Akron/Tire Review) Goodyear Tire & Rubber Co continued posting positive results as its first quarter 2005, earning $68 million in profit against record first quarter sales of $4.8 billion.

The Akron Beacon Journal described the results as a “financial home run,” adding they greatly exceeded estimates from Wall Street analysts. The market watchers had thought Goodyear would earn 1 to 3 cents a share for the quarter ending 31 March. Analysts’ high estimate was 10 cents a share, with the lowest a loss of 2 cents. In fact the profits equated to 35 cents a share.

5th May 2005/by Tyrepress Editors

India: The Fastest Growing Car Producer in the World

(India/Rubber Asia) In 2004 India recorded the fastest growth among the top 15 passenger car producing countries in the world, according to the Paris-based International Organisation of Motor Vehicle Manufacturers (OICA). As per the OICA’s latest rankings, India’s car production grew 30 per cent in 2004. Brazil came second with 17 per cent growth. What’s more, India is just a step away from being one of the 10 largest automobile producers in the world. The country jumped up two places to 11th.

29th April 2005/by Tyrepress Editors

Enhancing a Global Position

The last year has been eventful for Cooper Tire & Rubber. First the company sold its Cooper Standard business, then it bought an 11 per cent stake in Korean manufacturer Kumho Tire, now the company’s management is optimistic that it is “in the middle of a transformation.” Tire Review’s Jim Smith met Cooper president and CEO, Tom Dattilo, and found out his thoughts on the diverse diverse subjects of emerging markets, run-flat technology and how Cooper can enhance its position as a global player.

26th April 2005/by Tyrepress Editors

Amtel Completes Vredestein Acquisition

Amtel Holdings Holland NV has completed its acquisition of Vredestein Banden BV from Vredestein Investment Consortium (VICO) for 195.6 million euros in cash. Amtel says it plans to use the opportunity to expand its global operations in Europe, Asia, the former Soviet Union and North America. Combined production capacity will now amount to around 22 million tyres a year.

26th April 2005/by Tyrepress Editors

Cheap Imports and High Costs Forces Indian Tyre Firms to Downsize

(India/Rubber Asia) Cheap imports from China and to a lesser extent from Thailand and South Korea, coupled with rising raw material costs are posing a serious challenge to the Indian tyre industry, Apollo Tyres chief operating officer Mr Neeraj Kanwar has said.

25th April 2005/by Tyrepress Editors

Automechanika Asia ‘A Success’

Feedback from the fourth Automechanika Asia trade fair, held in Kuala Lumpur in early April, has been voted a success by visitors and exhibitors.

There were 126 exhibitors from 17 countries (Australia, France, Germany, Hong Kong, India, Iran, Italy, Korea, Malaysia, Netherlands, Philippines, PR China, Singapore, Taiwan, Thailand, UK and USA).

25th April 2005/by Tyrepress Editors

Brityrex is Back

Next month sees the much anticipated return of Brityrex. After an eight year absence the show is returning to Harrogate as Brityrex International and the organisers, ECI International, are determined to deliver exactly what they promised from the beginning – an exhibition dedicated to the tyre and related industries. Tyres & Accessories caught up with event organisers, Paul Farrant and Rowena Suthers, of ECI international, to discuss the up and coming event, in this, the final countdown to the show.

There hasn’t been a UK tyre trade show for years, so why re-launch the show?

“The UK is an important market and it should have its own tyre show,” enthused Rowena Suthers, when asked about the company’s decision to revive the show. Brityrex dates back to 1979 and was seen as the only opportunity for the UK tyre industry to get together and exhibit its wares. Tyre Exhibitions held the last show in 1997, an exhibition that Paul Farrant and Rowena Suthers, now ECI International, were originally involved with. As well as having first hand experience of the show itself, the organisers also bring with them the knowledge gained from running the successful exhibition, Tyrexpo Asia. Together the pair have 38 years of experience in organising exhibitions and as frequent exhibitors themselves they know what exhibitors want as well as what the tyre trade wants.

“UK legislation is changing and shows like Reifen and SEMA can’t satisfy the needs of companies present in the UK market. Brityrex was never intended to be a Reifen or a Sema but it was meant to be as important to the UK market as they are to their respective markets,” explained Rowena. And what about demand for a UK show? “As the second largest market in Europe there is demand there, it’s an important market, it has always had its own event and it deserves to have its own show.”

25th April 2005/by Tyrepress Editors

Stamford Tyres Gets Stung by Fraud

Singapore company, Stamford Tyres, has discovered fraudulent acts committed by an employee responsible for its Brunei, Sarawak and Labuan markets, according to a report from Channel News Asia.

No names were given, said the news source, but the company has lodged a police report.

The loss arising from the fraud is estimated at S $500,000 (£159, 950). The company has insurance coverage for fraud and dishonesty by its employees to a limit of S$250,000 says the report.

15th April 2005/by Tyrepress Editors

Tyre Companies Invest in China

According to a report from Bloomberg, foreign direct investment in China rose by 9.5 per cent in the first quarter. It attributes this to companies such as Avon Products and Goodyear Tire & Rubber that are expanding in the market and furthering their attempts to tap rising demand in Asia’s second-largest economy.

13th April 2005/by Tyrepress Editors

Yokohama to Exhibit at Auto Shanghai

Yokohama Rubber will participate in the 11th “Auto Shanghai 2005”, which runs from 22-28 April in Shanghai, China.

In an effort to enhance its image as a supplier of high performance tyres, the company will show AVS dB and ASPEC A380 high-performance passenger-car tyres manufactured by Hangzhou Yokohama Tire; Yokohama’s manufacturing and marketing subsidiary in Hangzhou City, Zhejiang Province, China. It will also exhibit GEOLANDAR H/T-S on-road-use SUV tyres to be manufactured and marketed by the subsidiary this year.

11th April 2005/by Tyrepress Editors

Indian Rubber Industry Consumes 1 Million Tonnes

(Rubber Asia/India) The Indian rubber industry used up a total of over a million tonnes of various types of rubber during 2003/04, according to data compiled by the Automotive tyre Manufacturers Association (ATMA).

Of this, the tyre industry alone (including cycle tyres & tubes and camelback) consumed 478,734 tonnes of natural rubber — 66.5 per cent of all natural rubber (NR) consumed by the Indian industry as a whole. The tyre segment was also by far the largest consumer of synthetic rubber (140,960 tonnes out of a total of 210,190 tonnes) and reclaimed rubber (38,532 tonnes out of 70,460).

More importantly, the Indian auto tyre segment still has 73.34 per cent of its rubber consumption in the form of natural rubber with synthetic rubber (SR) accounting for 23.73 per cent and reclaimed rubber 2.93 per cent. This NR:SR ratio is almost the reverse of the pattern elsewhere in the tyre-making world.

7th April 2005/by Tyrepress Editors

Goodyear’s Asia Pacific HQ in Shanghai

(Akron/Tire Review) Goodyear Tire & Rubber Co.’s push into the Chinese market will include a significant increase in its purchasing there, according to reports in China Daily. Chairman and CEO Robert Keegan was in China last week to announce Goodyear’s planned move of its Asia-Pacific operational headquarters from Akron to Shanghai.

6th April 2005/by Tyrepress Editors

Pirelli’s Chinese Joint Venture

Pirelli has announced that it has embarked on exclusive negotiations with RoadOne Tyre Co Ltd, a market leader in conveyor belt manufacturing. The new joint venture is to be based in Shandong Province and will manufacture large all-steel radial truck tyres for the domestic market and other export markets in South East Asia. Pirelli sees its latest move confirming its strategy in China, the world’s fastest growing market for road transportation. Negotiations with RoadOne Tyre began after some of the conditions stated in the company’s Letter of Intents with Aeolus Tyre (2004) could not be met.

23rd March 2005/by Tyrepress Editors

MRF Plans to Protect Profits

(India/Rubber Asia) The profits of MRF, one of India’s largest tyre makers, are continuing to come under pressure. With raw material costs showing no signs of easing, the company is resisting attempts to pass cost pressures onto consumers. Chairman and MD, K M Mammen summed up the situation when he admitted that the company was searching for areas where is could rein costs in to “protect our profits.”

21st March 2005/by Tyrepress Editors

“Ceat-Kelani JV Has Had Exceptional Success”

(India/Rubber Asia) When the Indo-Lanka Free Trade Agreement (FTA) was signed in December 1998, informed opinion may have considered it experimental. In Sri Lanka, the questions raised were: “Will Indian goods flood the Sri Lanka market?” and “Does Sri Lanka have the resources to penetrate the vast Indian market?”

The FTA became operational in March 2000, and trade across the Palk Strait has expanded significantly since then. When the Sri Lankan and Indian Prime Ministers met in June 2002, they decided to widen the scope of cooperation under the FTA which dealt with trade and tariffs, to include services, technology and investment, thus moving the two economies towards greater integration and propelling them forward to a Comprehensive Econonomic Partnership Agreement (CEPA).

21st March 2005/by Tyrepress Editors