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Tyrexpo Asia 2013 the event’s “fastest-selling” – ECI

The organisers of Singapore tyre and equipment show Tyrexpo Asia have reported a fast start to exhibitor bookings for its 2013 exhibition. By mid-April, 11 months before the show gets underway, more than 62 per cent of space in Hall 2 of the Singapore Expo Centre has been reserved as regular exhibitors and new suppliers attending the bi-annual event for the first time confirmed their presence. Tyrexpo Asia veterans Stamford Tyres, YHI Corporation, Elgi Rubber, Omni United and BKT have secured prominent gateway stands in the main entrance area. Joining them will be Indian tyre manufacturer CEAT, who return to the show for the first time since 2007. The show will take place at the Singapore Expo Centre on 19-21 March 2013.

24th April 2012/by Tyrepress Editors

Al Saeedi opens tyre service facility at DIP

Al Saeedi Group, a leading UAE-based tyre company, opened new offices and tyre service facilities at Dubai Investments Park (DIP) on 25 March 25. Jamal Majid Bin Thaniah, vice chairman of DP World and group CEO of Port & Free Zone World, inaugurated the multi-million facility that features most advanced equipment and technology to offer one-stop solutions to all tyre related services. H.E. Sanjay Verma, consul general of India, Dubai also attended.

27th March 2012/by Tyrepress Editors

Anant Goenka takes over as Ceat MD

On 12 March Indian tyre maker Ceat Limited announced the appointment of incumbent deputy managing director Anant Goenka as its new managing director following the retirement of Paras K. Chowdhary from this position; Goenka will start in this new role on 1 April. Chowdhary will continue with Ceat as a full-time director.

14th March 2012/by Tyrepress Editors

Indian CV tyre radialisation may reach 40% in two years

A number of Indian tyre makers have shared their views on commercial vehicle radialisation with the Financial Chronicle. Estimates of current radialisation levels within this sector vary between 18 and 24 per cent, and all who spoke to the newspaper believe the radial to cross-ply ratio will change dramatically in the coming years.

5th March 2012/by Tyrepress Editors

Ceat to open Bangladesh plant within two years

On 8 February Indian tyre maker Ceat Ltd informed the Bombay Stock Exchange that its Board of Directors has agreed on plans to establish a new facility in Bangladesh. The plant will be capable of producing 65 tonnes of tyres per day, the BSE filing stated.

9th February 2012/by Tyrepress Editors

Strike blamed for weaker Ceat profit

India’s Ceat Limited has released its results for the quarter between 1 October and 31 December 2011, a period in which net sales rose 18.2 per cent to Rs 10.48 billion (£132.45 million). Yet the tyre maker reports that “results for the quarter were adversely impacted by an illegal stroke of workers at [the] Nasik factory” which lasted from 30 September to 22 October. And when Ceat says results were adversely impacted, it means that quarter net profit sank 52.3 per cent year-on-year to Rs 23.90 million (£302,000).

25th January 2012/by Tyrepress Editors

Margins still tight in India despite lower rubber prices

The recent easing of rubber prices was understandably welcomed by tyre manufacturers, yet it represents no panacea for the industry; other costs, notably for energy, continue their upward trend. In India, these issues are accompanied by a weakening rupee. Financial daily the Business Standard reports that despite a 15 per cent fall in natural rubber prices, India’s tyre makers are facing ever tighter operating margins.

21st December 2011/by Tyrepress Editors

India tyre cartel allegation under investigation

India-based news website Livemint.com reports that antitrust regulator the Competition Commission of India (CCI) is looking into a possible cartel within India’s tyre industry. The CCI began its investigation following receiving a report from its director general earlier this year. This report concluded that the five leading Indian five makers, who together control 95 per cent of the domestic market, and the Automotive Tyre Manufacturers’ Association (ATMA) colluded to fix prices. Now the CCI is, says Livemint.com, looking into the allegation more closely with a view to holding a hearing in December.

16th November 2011/by Tyrepress Editors

Reports: Sri Lankan tyre firm’s profits down June 71%

Sri Lanka listed Kelani Tyres, which runs a joint venture tyre business in cooperation with CEAT of India, has released financial results for the quarter to June 2011 showing that profits fell 71 per cent to 18.9 million rupees compared with a year earlier. The firm reported earnings of 24 cents per share for the quarter, in provisional accounts filed with Colombo Stock Exchange.

16th August 2011/by Tyrepress Editors

Increased costs driving Ceat profits down

Diminished profits are the order of the day in Ceat Ltd’s audited financial results for the financial year ended March 31, 2011. Performance in the final quarter impacted on the Indian manufacturer’s performance, and despite annual income growing 24.2 per cent to Rs 35163.3 million (£477.3 million), annual net profit plummeted from Rs 1610.3 million at the end of 2010 to Rs 222.8 million (£3.0 million).

11th May 2011/by Tyrepress Editors

Reports: Thai tyre and rubber industry slowing after Japan earthquake

Thai news reports are warning that “over 30,000 workers in the rubber-based industry have been affected” following the earthquake/tsunami disaster that hit Japan recently. Quoting figures issued by the Federation of Thai Industries (FTI), the reports cited FTI Rubber Based Industry Club President Dr Chayo Trangadisaikul as saying: “15 domestic car tyre manufacturers have reduced production capacity by 30 – 40 per cent and cut overtime operations; thereby, over 30,000 workers in the industry are affected.”

10th May 2011/by Tyrepress Editors

Natural rubber cost prompts Ceat price rise

Towards the end of May new prices will come into effect for Ceat products across India. Anarb Banarjee, the tyre maker’s executive director (Operation), told the Press Trust of India that “we have decided to jack-up the selling price of all types of tyres” due to “unbearable” current increase in natural rubber prices. Price increases of between three and five per cent are inevitable, Banarjee said, and will take effect in the last week of May.

5th May 2011/by Tyrepress Editors

Commercial production underway at Ceat’s Halol factory

On March 25 Ceat Ltd informed the Bombay Stock Exchange that the commercial production of passenger car and truck radial tyres had begun that day at its new Halol factory in India’s Gujarat state. The plant, whose foundation stone was laid in January 2009, has been erected with an Rs 5 billion (£68 million) investment and is designed to have an annual output of 4 million tyres in its first phase of operation. Capacity should be increased to 12 million units over the coming decade through a second phase expansion project, which will be made with a further Rs 2 billion investment. Between 25 and 40 per cent of the plant’s output is slated for export, the company said in 2009.

28th March 2011/by Tyrepress Editors

IRSG Chief to Open “Largest” Tyrexpo Asia

Tyrexpo Asia 2011 organiser ECI International has announced that the event’s eighth staging in Singapore will be opened officially by Dr Stephen Evans, secretary general of the International Rubber Study Group (IRSG). The Singapore-based IRSG provides statistical data and analysis for all aspects of the rubber industry. In opening the show, Evans will follow in the footsteps of his predecessor at the IRSG, Dr Hidde Schmidt, who performed a similar role at the opening of Tyrexpo Asia in 2009. ECI says the show will be the largest in terms of exhibitor numbers in the 15-year history of the event when it opens its doors from 29-31 March, 2011.

26th January 2011/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