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Analysts raise Hankook price target

Financial analysts have raised their share price target for Hankook stock following the publication of the Korean-based manufacturer’s first quarter results. Writing in an investor’s note published on 21 April, Morgan Stanley analysts wrote: “We are raising our price target for Hankook Tire to 38,000 won and maintaining our equal-weight rating.” The analysts wrote that their change in price target is “predominately driven by our revised earnings forecasts, as well as adjusted share count.”

4th May 2011/by Tyrepress Editors

Nexen exhibits at Shanghai Motors Show

Korean tyre manufacturer Nexen Tyre recently showed its range at the Shanghai Motor Show. According to the company, the aim was to increase awareness of the brand, establish the company’s standing as an international tyre manufacturer and broaden the basis for the Chinese OEM market.

3rd May 2011/by Tyrepress Editors

Sumitomo Rubber considering Brazil, India tyre factories

International News

Sumitomo Rubber Industries Ltd. is reportedly considering building tyre factories in the emerging BRIC markets of Brazil and India. Reporting on a business strategy meeting held in Tokyo on 28 April, online news sources wrote that Sumitomo’s president Ikuji Ikeda said demand for tyres is growing rapidly in both countries, so expansion into these markets has become topic of discussion at Sumitomo Rubber. Various sources have reported that Ikeda said the company intends to establish its own plants there, but “may consider forming joint ventures with local firms.”

3rd May 2011/by Tyrepress Editors

Amerityre launches latest Kryon forklift tyre

During the Material Handling Equipment Distributors Association Convention in Phoenix, Arizona on May 1 and 2, Amerityre Corporation introduced its new ‘high performance’ forklift tyre. The new tyre has been produced utilising a material called Kryon, first developed in 2009. According to Amerityre chairman Tim Ryan, “this new proprietary compound in our Kryon line has been designed to improve durability and load-carrying capacity as compared to conventional rubber tyres. Of special interest to electric lift users, the new Kryon tyres offer significantly reduced rolling resistance.” A particular quality of all tyres produced using the Kryon material is that they are non-marking.

3rd May 2011/by Tyrepress Editors

Titan’s earthmover tyre business “really taking off” – Taylor

According to Titan International chairman and CEO Maurice M. Taylor, momentum from the “outstanding” first quarter the company experienced should “carry over into future quarters of 2011.” Upon announcing sales of US$280.8 million during the three months to March 31, a 41 per cent year-on-year increase, Taylor reported continued strength in Titan’s agricultural tyre and wheel business plus growth in the earthmover and construction tyre business; this sector is, the chairman and CEO commented “really taking off and I believe it will strengthen throughout the year.” He further opined that Titan’s markets are “going to keep moving upwards over the next 18 months.”

29th April 2011/by Tyrepress Editors

Michelin inaugurates Russian retreading plant

In late April Michelin celebrated the official opening of its first retreading facility in Russia. The opening of the retreading plant, located at its Davydovo new tyre factory near Moscow, has been described by Michelin as one of the most important steps in its long-term business strategy for Russia and the CIS. The tyre maker intends to invest some 10 million euros in the facility in the years up to 2015. The establishment of the retreading plant has created 50 new jobs at the Davydovo site.

29th April 2011/by Tyrepress Editors

Analysts: Cheng Shin reports ‘robust March sales’

In response to Cheng Shin Rubber (CSR) reporting March consolidated revenue of NT$11.2 billion, up 23 per cent year-on-year and 57 per cent month-on-month, financial analysts have described the figures as “well ahead of the previous high of NT$9.5 billion (Aug 2010).” The company is also said to be gained share in the Chinese domestic market.

21st April 2011/by Tyrepress Editors

Hankook sales surged 16.3% from Q1 2010 to 1.4 trillion won on European growth

Hankook Tire announced the highest quarterly global sales on record for the first quarter of 2011 with turnover totalling 1.4 trillion Korean won, a 16.3 per cent year-on-year increase. Hankook Tire’s first quarter operating profit for 2011 amounted to 179 billion won. Operating profit to sales ratio was 12.4 per cent, up from 6.9 per cent in the fourth quarter of 2010.

21st April 2011/by Tyrepress Editors

Analysts: Michelin/Double Coin positive, but questions remain

Following on from the news that Michelin has signed an MoU partnering with Double Coin and Shanghai Huayi to create a joint venture manufacturing Warrior brand light vehicle tyres in China, analysts have responded with cautious optimism. According to analysis published by Morgan Stanley, Michelin is already producing Warrior light vehicle tyres in China, via an existing joint venture with Double Coin, with exclusive rights on the Warrior brands in China granted by government-held Double Coin.

19th April 2011/by Tyrepress Editors

Evonik sells carbon black business to Rhône Capital

Evonik Industries has announced that it has signed an agreement with affiliates of Rhône Capital LLC to sell its carbon black business for over 900 million euros, including the assumption of certain obligations. For its part Evonik reports that it “continues to focus systematically on its core chemical businesses.” Carbon Black is being acquired intact as a whole, with its 1,650 employees, about 500 of whom are based in Germany.
The deal is subject to approval by Evonik’s supervisory board, antitrust authorities etc, but is expected to close during the summer of 2011.

18th April 2011/by Tyrepress Editors

Multistrada to run rubber plantation

In an extraordinary general meeting on 21 March, tyre maker Multistrada Arah Sarana changed its articles of association allowing it to enter into the rubber plantation business. As a result the firm expects to cut raw material costs by 10 – 15 per cent.

Multistrada plans to enter the rubber plantation business by acquiring 20,000 – 30,000 hectares of rubber plantation. In addition, the company will reportedly build a rubber processing plant with a 5,000 tonnes per annum capacity. The aforementioned rubber plantation would be equivalent to around 70 per cent of Multistrada's annual natural rubber requirements. The acquisition of necessary land is scheduled for completion during the first half of this year.

14th April 2011/by Tyrepress Editors

New earthmover tyre shortage predicted

Just a few years since the last earthmover tyre shortage peaked industry sources are predicting another squeeze on the production of some of the biggest tyres there are. Last time the problem centred on simple supply and demand, but since then the likes of Michelin and Bridgestone have invested hundreds of millions investing in production. This time the root causes seem to be the delay between investment and construction of new capacity and continuing demand, complicated by the earthquake in Japan.

14th April 2011/by Tyrepress Editors

Evonik erects isobutene plant at Antwerp site

Following an investment of “tens of millions” of euros, Evonik Industries has added a high-purity isobutene plant to its facility in Antwerp, Belgium. The new plant can produce up to 110,000 tonnes of isobutene per annum and forms part of the site’s integrated C4 production platform. The investment has tripled Evonik’s production capacity for isobutene, which is used in butyl rubber of applications such as reducing air permeability in tyres.

12th April 2011/by Tyrepress Editors

VTS offers new Dunlop Aquajet size

VTS is now offering 185R15 Dunlop Aquajet tyres. Following some subtle changes to the tyre’s construction, the tyre technicians responsible for the [re]creation of this classic product have reportedly been able to increase the maximum speed capacity of this tyre from 130mph to well in excess of 150mph (240km/h) enabling the tyre to once again be v-rated. This is particularly good news for any six cylinder E type Jaguar owner. It now also comes with a reduced price of £149.00 + VAT.

11th April 2011/by Tyrepress Editors

Capacity tight, yet 2011 brings cautious optimism

The market can change so quickly: Passenger car alloy wheel manufacturers, both large and small, recently and sometimes reluctantly reduced their production capacity while others became casualties of the consolidation that takes place within the sector whenever overcapacity is present in the market. Now the picture is very different. Alloy wheel firms are desperate to find factories whose utilisation capacities are less than a hundred per cent.

8th April 2011/by Tyrepress Editors