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Bankruptcy, legal action – all in a week’s work at ShengdaTech

De-listed Chinese firm ShengdaTech has filed for bankruptcy under Chapter 11 of the US Bankruptcy Code. In announcing this action, the nano-precipitated calcium carbonate manufacturer says the Chapter 11 process will “facilitate the company's financial and operational restructuring, with the objective of restoring the company to financial health.” Under Chapter 11, ShengdaTech is permitted to continue trading and managing its assets as usual. Also announced on 22 August was the appointment of Michael Kang, a managing director at global professional services firm Alvarez & Marsal, as Shengdatech’s chief restructuring officer. In this capacity Kang will “lead the company’s restructuring effort.”

25th August 2011/by Tyrepress Editors

Kenda’s second Yun-Lin plant enters service

Kenda’s new passenger car tyre factory, built alongside its existing Yun-Lin plant in Taiwan, has now entered operation. The new plant is said to have a daily capacity of 5,000 tyres per day and according to the Taiwan Economic News it will contribute towards a gradual rise in Kenda’s daily output in Taiwan in China; it says output will begin increasing in the third quarter of 2011 and should reach 30,000 tyres per day by the end of the year – an increase of 50 per cent over current capacity. Most output from the new factory will be shipped to Europe and the US and is expected to contribute an additional NT$1.8 billion (£37 million) to annual revenues.

22nd August 2011/by Tyrepress Editors

Cheng Shin continues growth, stock rating upgraded

Financial analysts have upgraded their view of shares in the Maxxis tyre brand’s manufacturing parent company Cheng Shin Rubber. Describing it as “one of the most successful Taiwan stories in China”; Morgan Stanley gave Cheng Shin the “overweight” rating, raising its earnings per share projections by 1 per cent and 9 per cent for 2011 and 2012 respectively. At the same time the stock’s price target was raise from NT$68.33 to NT$78.3.

19th August 2011/by Tyrepress Editors

Autodata MD Tony Swiatek dies

Autodata Limited has reported the death of managing director Tony Swiatek on the 24 July 2011 from cancer. Sharing the news with “deep regret and sadness”, company representatives said: “Tony was an inspirational leader and dedicated his enthusiasm to taking Autodata firmly into the digital age, doubling the size of the company and building it into the successful international business it is today.”

19th August 2011/by Tyrepress Editors

‘Surprise’ at Goodyear performance – Morgan Stanley

Analysts at Morgan Stanley have reported their “surprise” at Goodyear’s performance in the second quarter of the financial year. The reason they gave for being caught unaware by the US tyre maker’s 24 per cent increase in sales (to US$5.6 billion) and 66.7 per cent rise in net profit (to $40 million) is that “it came in a quarter of weak shipments and rising raw material headwinds.” Despite unit demand being slightly down, Goodyear’s price/mix of $552 million “comfortably beat” Morgan Stanley’s estimate of $450 million and segment operating income for its North American Tire business was $137 million with a margin of 5.7 per cent, which Morgan Stanley notes is the highest level in a decade and in line with the company’s medium-term target.

17th August 2011/by Tyrepress Editors

Bridgestone Americas receives local funding for Des Moines plant expansion

To quote Tesco’s inescapable catchphrase, every little helps, and Bridgestone Americas Tire Operations’ US$56.6 million expansion project at its Des Moines, Iowa agricultural tyre facility has gained a small boost from the Polk County Board of Supervisors. At a meeting on August 16, this administrative board for the Des Moines factory’s local area approved a $50,000 grant and a $50,000 interest free loan for the project.

17th August 2011/by Tyrepress Editors

Goodyear supplies 100th xlite wheel set to Meiller

Goodyear has a supply deal with the xlite forged aluminium wheel brand across Europe; the tyre supplier has just reached the milestone of 100 orders completed with its tyres fitted on xlite products. German commercial vehicle body specialist Meiller is the recipient of the landmark order. It offers xlite and Goodyear wheel combinations on its tipping semitrailers, supplied in two and three axle, classic and halfpipe formats to carry loads of up to 39,000kg. Meiller uses forged aluminium wheels where specified by its customers in order to improve overload performance, especially when lifting the first trailer axle for better starting traction.

15th August 2011/by Tyrepress Editors

Bill Duffy to Lead Halfords Autocentres

Halfords has appointed Bill Duffy as CEO of Halfords Autocentres effective 12 September 2011. Duffy has been chief operating officer at Halfords Autocentres (previously Nationwide Autocentres) since February 2006. According to the company, he has huge experience of the automotive market and garage-servicing sector from his 30 years in the industry and is well qualified to lead the operation through the next phase of its growth.

11th August 2011/by Tyrepress Editors

Hankook, Yokohama and TPG linked to Multistrada purchase rumours

Hankook, Yokohama and buyout firm TPG Capital have all been linked to a possible share purchase of Indonesian tyre manufacturer PT Multistrada Arah Sarana. The firms are said to be bidding for a controlling stake worth “at least $200 million” in the Indonesian tyre maker, the Reuters news agency reports, citing three sources.

Multistrada is Indonesia's second largest tyre maker and is controlled by one of the country's biggest conglomerates, the Salim Group, along with investment banker Peter Tanuri. Together they are said to own over 44 per cent of the firm through direct and indirect stakes.

9th August 2011/by Tyrepress Editors

Mitas introduces Agraterra flotation tyre

Designed specifically for use on trailers, the new Agriterra flotation tyre from Mitas delivers significantly better on- and off-road performance than any other premium trailer tyre, combined with greater reliability, reduced downtime, a 15 per cent longer working life and a significant improvement in overall operating economy, according to CGS Tyres, which has just launched it in the UK.

8th August 2011/by Tyrepress Editors

Bridgestone to grow PCR capacity in China

In order to meet growing medium to long-term demand for passenger car radials, Bridgestone intends to increase production capacity at two of its factories in China. The Japanese company will invest a total of around RMB 1,617 million (£153 million) to lift capacity at its Tianjin, Bridgestone (Tianjin) Tire Co., Ltd and Bridgestone (Wuxi) Tire Co., Ltd facilities. The part of this additional capacity is expected to be available in May 2012 when a further 4,100 tyres per day capacity will be added to capacity at the Wuxi plant; this increase will be funded through a RMB 563 million investment and give the facility a total daily capacity of 16,300 tyres. Extra capacity at the Tianjin plant is expected to be available as of July 2012; the RMB 1,054 investment there will lift the factory’s production capacity by 8,800 tyres a day to a total of 25,300 per day. Bridgestone says it intends to particularly focus upon increasing production capacity for ‘eco-friendly’ tyres, such as its Ecopia range, at both facilities. It will also begin winter tyre production at the Tianjin plant.

8th August 2011/by Tyrepress Editors

Nokian 1H profits double, sales up 41%

Nokian Tyres reports that the group’s net sales increased by 41.4 per cent to 628.0 million euros during the first six month of 2011 (444.2 million euros in the first half of 2010). Operating profit grew faster still, almost doubling to 165.6 million euros (2010: 82.0 million euros) and earnings per share increased to 1.06 euros (2010: 0.58 euros).

5th August 2011/by Tyrepress Editors

Continental pumps up trailer tyre range with UK HTR2 and HTL2 launch

Continental Tyres is seeking to pump up its truck tyre range with two key 17.5-inch tyres in its trailer portfolio: the HTR2 for regional transport and the HTL2 for long-distance transport operations. The tyres are designed and engineered specifically for volume-based trailers and their smaller circumference allows for greater carrying capacity on regional and long-distance work.

Continental’s HTR2 boasts a high load-bearing capacity and “maximum traction” and performance on any road surface. Its special tread design with blocks and narrow grooves is designed to offer “exceptional directional control” while at the same time preventing stones becoming trapped. Furthermore, Continental’s engineers have designed the specific shape of the tread grooves on the HTR2 to for quiet running on more rigorous regional operations.

2nd August 2011/by Tyrepress Editors

Yokohama acquires YHI share in Chinese JVs

In order to fund other expansion programmes, YHI International Limited has sold its share in two joint-ventures it operated in China. In a disclosure made to the Singapore Exchange, YHI reports that on July 29 it entered into two agreements with Yokohama Rubber (China) Co. Ltd to sell Yokohama China its ten per cent stake in Hang Zhou Yokohama Tire Co Ltd and its 49 per cent share in Yokohama Tire Sales (Shanghai) Co. Ltd; the transaction will give Yokohama China 100 per cent equity in both joint venture operations. The stakes in Hang Zhou Yokohama and Yokohama Shanghai have been purchased for S$14,336,052 (£7.28 million) and S$7,999,944 (£4.06 million) respectively.

2nd August 2011/by Tyrepress Editors

OE deals driving strong Nexen growth in China

Over the past couple of years Korea’s Nexen Tire has enjoyed a growth rate of more than 200 per cent in China, and the tyre maker expects this year’s growth to be no different. A reason for this positive appraisal is the numerous original equipment agreements the company has recently finalised in the People's Republic.

2nd August 2011/by Tyrepress Editors