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Michelin launches Ladoux Technology Center upgrade

Michelin has launched a major upgrade of its global research and development centre in Ladoux, near Clermont-Ferrand. The French tyre giant said the top-to-bottom upgrade is designed to “strengthen its innovation capabilities and shorten new tyre time-to-market.” 3,300 people are employed at the centre, which will be built by 2017. It will consolidate all Michelin R&D teams and laboratories on the same site, a move Michelin says will enable the introduction of new, faster and more efficient work processes. The entire project represents an investment of more than €100 million, Michelin says.

28th January 2011/by Tyrepress Editors

Trelleborg moves North American office

Trelleborg Wheel Systems Americas Inc has moved its North American corporate offices in Ohio about 25 miles (40 km) to Fairlawn from Hartville. “We are very pleased with our new location for the business’s industrial and agricultural tyre divisions,” says Ydo Doornbos, managing director. “The city of Fairlawn has been very welcoming.” The Hartville location will remain as a satellite distribution centre. The main Ohio distribution centre is located in Akron, Ohio.

27th January 2011/by Tyrepress Editors

Nexen Setting Up European Technology Centre

Korean tyre manufacturer Nexen is in the process of establishing a European Technical Centre in Frankfurt/Höchst, Germany. The company says that the Centre underscores its efforts to establish itself further on the European market. Two experienced tyre specialists and developers have been involved with the interface between Europe and Korea since the beginning of the year – engineer Hee-Jong Lee and Dr. Hendrik Stevens.

26th January 2011/by Tyrepress Editors

JK Tyre Q3 Net Profit Down Three-Quarters

India’s JK Tyre has posted net profits for its third quarter ending 31 December, 2010 of 90.14 million rupees, a year-on-year reduction of 74.93 per cent on the 360.46 million rupees posted in the same quarter at the end of 2009. “It was a very challenging quarter as the prices of natural rubber have increased 100 per cent, attaining unprecedented levels. Other raw materials have also registered a sharp increase of nearly 40 per cent,” stated JK Tyre & Industries vice chairman & managing director Raghupati Singhania.

25th January 2011/by Tyrepress Editors

CGS Tires Changes Name to Mitas Tires North America

Alongside its decision to build a tyre plant in Charles City, Iowa, CGS Tires US Inc., the US subsidiary of Czech-based CGS Tyres, has changed its corporate name to Mitas Tires North America Inc, reports Tire Review. When the new plant is ready, the renamed company will relocate its US headquarters from Charlotte, North Carolina, to Charles City, Iowa.

25th January 2011/by Tyrepress Editors

Nankang Reports “Record Sales” in 2010

Nankang Rubber Tire representatives have reported an increase in sales of 28.7 per cent in 2010, making it “a record year” for the company. Despite the appreciation of the Taiwan new dollar’s exchange rate, Nankang says it achieved a 28.7 pr cent increase in operating income year-on-year, having reached figures of 13,618,253 thousand Taiwan dollars (£468.9 million) in comparison with 10,581,829 thousand Taiwan dollars (£364.7 million) in 2009.

25th January 2011/by Tyrepress Editors

Cooper to Announce FY2010 Results 25 February

Cooper Tire & Rubber Company says it will announce its fourth-quarter/year-end 2010 financial results before the market opens on Friday, 25 February. A conference call will be held with company management to discuss the results beginning at 11:00 Eastern Standard Time on 25 February. Individuals can access a webcast of the conference call at the investor relations webpage. Replays of the call will be available until Friday, 4 March.

24th January 2011/by Tyrepress Editors

Pirelli 2010’s ‘Most Recommended’ Tyre Brand

Data from tyre market research specialists Encircle Marketing shows that Pirelli was the most recommended brand in 2010. The analysis by Encircle Marketing, which continuously monitors brand recommendations found that Pirelli came top with eight per cent of all recommendations, up by almost half a point on its 2009 performance.

20th January 2011/by Tyrepress Editors

JK Tyre Announces 2-4% Price Hike

Indian manufacturer, JK Tyre has decided to raise its prices by between two and four per cent on the back of raw materials prices going “up to an all time high, touching Rs 210 or even Rs 220 per kg of natural rubber,” the company’s marketing director AS Mehta told newspaper The Economic Times.

19th January 2011/by Tyrepress Editors

Delticom Results Very Strong, But Not Unexpected – Analysts

In response to Delticom’s record full-year 2010 figures, financial analysts have commented on the “very strong preliminary full-year figures.” Prior to the release of the preliminary numbers, which Tyres & Accessories published online at tyrepress.com on 17 January, the company predicted it would achieve 30 per cent growth and a pre-tax profit margin (EBIT) of 11 per cent. However financial analysts at Deutsche Bank had predicted that the company would outperform these already strong figures.

19th January 2011/by Tyrepress Editors

Avon Tyres Reaches Motorcycle Centenary

Avon Tyres is celebrating the centenary of its commencement of motorcycle tyre production in 2011. The Avon association with tyre production goes back to 1885, when a former cloth mill in Melksham, Wiltshire was turned into a rubber goods factory. By the turn of the century the company was diversifying, producing more rubber products and by 1911 Avon produced their first motorcycle tyre. It is now the only UK-based manufacturer of road-going motorcycle tyres.

19th January 2011/by Tyrepress Editors

Report Points to “Remarkable Growth in Tyre Markets”

In an analysts report published at the end of last year (17 December) financial analysts surveying the market on behalf of Morgan Stanley found that replacement light vehicle tyre markets were very strong in Europe and North America and grew by 15 per cent and 6 per cent respectively in November last year. The figures were based on research conducted by Michelin, which was published the same day.

7th January 2011/by Tyrepress Editors

Analysts: UK Tyre Industry Will be Fragmented in 2011

New research by analysts at Plimsoll suggests the UK tyre market is polarised between “those getting it right and those struggling to recover.” David Pattison, senior analyst and author of the 2011 Plimsoll Analysis explained: “Now that the storm is lifting we have been able to assess the damage left behind. 38 companies are in parlous state and starting the New Year clinging on for dear life. We have rated them as Danger accordingly. Falling demand was the final nail in the coffin for many. The mistake they made though was to not make those painful cuts early enough to protect their business”.

7th January 2011/by Tyrepress Editors

Toyo Completes Malaysian Tyre Manufacturer Acquisition

Toyo Tire & Rubber has announced that it has completed its acquisition of the Malaysian manufacturer Silverstone Berhad. Tyrepress.com reported initial talk of the acquisition back in October (follow the link at the bottom of this story for full details). Toyo has acquired all of Silverstone Berhad’s 203,877,500 shares. Toyo said the acquisition will “have a negligible effect on the company’s consolidated and non-consolidated financial results for the fiscal year ending March 31, 2011 (FY2010).” Silverstone Berhad has 203,877,000 Ringgit (₤41.1 thousand paid in capital).

10th December 2010/by Tyrepress Editors

Pirelli Arranges 1.2 billion euros Credit Line

Today (30 November) Pirelli signed off on a new revolving line of credit, which provides the company with 1.2 billion euros over a duration of five years. According to the company, the new facility will replace existing lines of credit worth a total of 1.475 billion euros, launched in 2005 and 2007 with maturities in 2011 and 2012. These therefore will be cancelled in advance. An official statement on the matter explained that the new 2015 maturity is aligned to the timing of Pirelli’s recently presented industrial plan.

30th November 2010/by Tyrepress Editors