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JK Tyre an “attractive bet”, says analyst

An analyst in India opines that JK Tyre & Industries is currently a very good investment, and he states that shares in the company may be capable of achieving gains as high as 40 per cent over the coming half year or so. Aashish Tater, head of research at Kolkata-based Fort Share Broking, told Indian business news broadcaster CNBC-TV18 that there is a “bullish call” on the tyre sector, and he named Goodyear India and JK Tyre & Industries as the broker’s “prime picks.” Tater particularly feels that the second of these offers opportunities for investors.

7th August 2012/by Tyrepress Editors

Superior Industries’ Q2 net income 56% lower

Wheel manufacturer Superior Industries International has reported a net income of US$6.4 million for the second quarter of 2012. This result for the three months to 30 June represents a 56.4 per cent year-on-year drop in net income despite a three per cent increase in consolidated net sales to US215.1 million. Unit shipments increased 14 per cent to 3.3 million from 2.9 million in last year’s second quarter, while gross profit was $15.7 million, or seven per cent of net sales, compared with $19.5 million, or nine per cent of net sales, in the comparable period a year ago.

6th August 2012/by Tyrepress Editors

Cordiant investment plans include large, ultra-large tyre production

Russian tyre maker Cordiant, formerly Sibur-Russian Tyres, confirmed in late July plans to invest US$400 million in its Western Siberia tyre plants. This announcement was made following a plant visit undertaken by Omsk region governor Viktor Nazarov on 27 July.

3rd August 2012/by Tyrepress Editors

Record year in sights after good H1, says Conti

On the back of its second quarter results, which nearly matched those attained in the first quarter, Continental sees itself “on track for another record year.” Commenting on the German tyre and automotive supplier’s performance to 30 June, Executive Board chairman Dr. Elmar Degenhart stated “based on the successful first half of the year, we are confident that we will comfortably achieve the goals we have set for the year. Nonetheless, we must continue to keep a close eye on the uncertainties on the global sales markets, the difficult economic situation in some European Union member states and the slowdown in global economic growth.

2nd August 2012/by Tyrepress Editors

Three new products and lots of interest at Gaither Tool

Visitors to Hall One at Reifen 2012 will have noticed periodic loud bangs emanating from the Gaither Europe stand, where the Netherlands based company was demonstrating its innovative Bead Bazooka product, a hand-held rapid air release tool for seating tubeless tyre beads. The company said it was rolling out a nine litre “XL” version of the product at Reifen and forthcoming European shows, having displayed the six litre model at SEMA. TÜV approved, the tool was also nominated for an innovation award.

2nd August 2012/by Tyrepress Editors

BKT celebrates silver jubilee, introduces Bhuj site

Taking place in the beautiful surroundings of Düsseldorf’s Schloss Eller, BKT celebrated its Silver Anniversary in style on the evening of 5 June. The Indian OTR tyre manufacturer, distributed in the UK by Kirkby Tyres and RH Claydon, numbers Europe “one of its strongest markets”; the company’s representatives say that nearly 50 per cent of its sales go into the continent. The company was publicising its new production plant in Bhuj, Gujarat in Western India, having invested $365 million in the new plant, partially self-financed. The company exemplified its green credentials introducing the plant by showing that part of its investment is devoted to a large green area and clean energy and water treatment plants are anticipated as additions to the current production plant and research and development centre.

2nd August 2012/by Tyrepress Editors

Ceat sales up 10%

India’s Ceat Tyres has posted a consolidated net profit of Rs 290 million (£3.3 million) for the quarter ending 30 June. Net sales increased to Rs 12.2 billion (£139.9 million) during the three-month period. “Despite relatively weak market conditions due to lower OEM demand, rising fuel costs and depressed economic sentiments locally as well as globally, we managed to close the first quarter of this fiscal year on a positive note,” commented Ceat managing director Anant Goenka. “We will continue to focus on improving our product mix and operational efficiencies. In FY13, our priorities will be to ramp up our radial plant at Halol to full capacity, strengthen the brand and expand internationally.”

1st August 2012/by Tyrepress Editors

Gajah Tunggal to build proving ground, start TBR production

Along with reporting its latest financial results on 1 August, Indonesian tyre maker PT Gajah Tunggal Tbk shared that in the second quarter of 2012 it completed the acquisition of some 100 hectares of land for around US$108 million. This purchase was financed with internal resources and Gajah Tunggal says acquiring this land, located in a new industrial estate in Karawang, Indonesia, serves two main purposes. Part of the land area will be used to build a tyre proving ground; groundbreaking will start in the coming months and is expected to be completed in two to three years’ time.

1st August 2012/by Tyrepress Editors

JK Tyre ‘zeroing in’ on rubber plantation acquisitions

In addition to reporting its financial results for the quarter ending June 30, at JK Tyre & Industries’ annual general meeting the company shared its plans to acquire natural rubber plantations in Southeast Asia. Vice-chairman and managing director Raghupati Singhania told the broadsheet DNA at the 30 July meeting that the tyre maker has identified plantations of interest in Malaysia, Indonesia and Vietnam and is “now zeroing in on them.” The company intends to source 10 to 15 per cent of its natural rubber from these plantations.

31st July 2012/by Tyrepress Editors

Recruitment begins for Conti’s Sumter plant

Continental Tire the Americas has begun recruiting employees for its new plant in Sumter, South Carolina. The tyre maker says the staffing process and manufacturing training for the first 150 employees will begin in the first quarter of 2013, and during the first phase of production in late 2013 and early 2014 the Sumter facility will employ around 300 production workers. Around 1,600 people will work at the plant when work is complete and production is in full swing.

30th July 2012/by Tyrepress Editors

Q2 sales, operating profit a record for Titan International

Alongside news of its all-share offer for Titan Europe, Titan International reported record second quarter sales and operating profit. Sales during the three months to 30 June were, at US$459.2 million, 14 per cent higher than in the corresponding quarter of 2011. Gross profit increased 28 per cent to $82.1 million, or 17.9 per cent of net sales. Second quarter income from operations was $81.0 million, up 82 per cent compared with last year’s second quarter result of $44.4 million. Adjusted net income for the second quarter was $28.8 million, compared to $23.7 million in the second quarter of last year.

27th July 2012/by Tyrepress Editors

Conti opens Singapore R&D centre

To accommodate the company’s growth in Asia, Continental has opened a new research and development centre in Singapore. The facility, which covers a floorspace of some 10,170 square metres, houses around 650 employees from the company’s Tire and ContiTech divisions and the Automotive Group’s interior division. Continental invested S$36 million (£18.4 million) in setting up the new seven-storey centre.

27th July 2012/by Tyrepress Editors

Govind Rubber expands with India plant, Netherlands subsidiary

Tyre and tube manufacturer Govind Rubber Limited has announced an 8.5 billion rupee (£97 million) expansion plan for its. GRL is setting up a Greenfield project in Gujurat, near Dahej, taking up most of the capital investment (approximately 7.5 billion rupees/£86 million). Chairman and managing director Vinod Poddar said “The plant will have a production capacity of 225 tonnes per day,”

25th July 2012/by Tyrepress Editors

Marangoni: Earthmover retreads are best

Retreaded earthmover (EM) tyres represent the most appropriate response to the demands of construction sites, mines, quarries and ports in terms of efficiency and cost effectiveness. That’s the view of retreading systems supplier Marangoni Group, which also highlights the fact that using them has a positive environmental influence. Luca Mai, executive sales manager of Marangoni Group’s Commercial & Earthmover Tyres division explained.

25th July 2012/by Tyrepress Editors

Sumitomo’s second Chinese plant enters service

On 16 July Sumitomo Rubber Industries officially opened its second tyre factory in China. The Sumitomo Rubber (Hunan) Co. Ltd plant, located in the city of Changsha, is set up for the manufacture of passenger car tyres. Production got underway in July and plant capacity will reach 15,000 units a day by the end of next year. Full stage one capacity of 30,000 units a day is expected to be attained by the end of 2015. A total of some US$297 million is being invested in the 550,000 square metre, 100 per cent Sumitomo-owned facility.

25th July 2012/by Tyrepress Editors