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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

Ceat Ltd. Acquires ‘Ceat’ Name from Pirelli, Pushes Exports

India’s Ceat Ltd. now holds global ownership of the ‘Ceat’ brand name after purchasing the rights from Pirelli & C. SpA for nine million euros. The company is said to have made an upfront payment of 4.5 million euros to Pirelli with a bank guarantee for the balance. The purchase allows Ceat to export tyres under the eponymous brand anywhere in the world, and Ceat shares jumped 7.4 per cent to 138.85 rupees as details of the deal became known.

29th November 2010/by Tyrepress Editors

Ceat Launches Website to ‘Idiot-Proof’ Motorcyclists

Motorcycle and moped riders in India are receiving a reminder that “roads are filled with idiots” courtesy of a new safety-themed website launched by Ceat Ltd. The manufacturer has launched the memorably named www.beidiotsafe.com website to promote the grip benefits its range of two-wheel tyres can offer, yet the site’s refreshing directness means its appeal goes way beyond that of its intended audience. Visitors to the site are met by a 360-degree rotatable idiot diorama; after playing with this feature, sub-sections such as an idiot’s gallery, a ‘spot the idiot’ game and a link to where road users can share their tales of idiocy are just a click away.

17th November 2010/by Tyrepress Editors

Ceat Expands Nashik Plant Capacity

Ceat has reportedly increased tyre production capacity at its Nashik, India plant by over 1,000 tonnes a month. The plant produces truck, light commercial vehicle (LCV) and agricultural tyre products. Local news reports said that as a result of the expansion the Nashik facility’s truck tyre capacity has increased by 1,700,000 units, LCV tyres by 96,000 units and rear tractor lines by 50,000 units annually.

20th October 2010/by Tyrepress Editors

Indian Tyre Shortage Non-Existent, say Tyre Makers

An article printed by India’s DNA indicates that the country’s alleged tyre shortage is actually non-existent. In introducing the topic, DNA comments that while vehicle manufacturers such as Tata Motors and Ashok Leyland have blamed domestic market tyre shortages for their increased reliance upon tyres imported from China, the tyre makers themselves see the situation differently – DNA states that officials from Apollo Tyres, JK Tyres and Ceat all say there is no tyre shortage in India whatsoever. Instead, the issue centres on the vehicle manufacturers’ unwillingness to pay more for domestically produced tyres than they would for those imported from China.

12th July 2010/by Tyrepress Editors

Sonil Ventilfabrik Hosts 27th ITTAC Meeting

Sonil Ventilfabrik recently hosted the 27th Meeting of the Indian Tyre Technical Advisory Committees (ITTAC) Tube & Valve Sub-Committee. The event was held at the Sugati Beach Resort between 1 and 2 July.

8th July 2010/by Tyrepress Editors

Ceat Buys Out Kelani Tyres JV Shareholder ACHL

Ceat Ltd announced on Friday 4 June that its Sri Lankan investment arm – Associated Ceat Holdings Company Pvt Ltd (ACHL) – has become a wholly-owned subsidiary after it bought the remaining 4.5 million shares in the company. Ceat previously held a 54.84 per cent stake in ACHL. ACHL holds a 50 per cent stake in CEAT Kelani Associated Holdings Pvt Ltd, a joint venture with Sri Lanka's Kelani Tyres.

9th June 2010/by Tyrepress Editors

Indian Manufacturers Feel Margin Squeeze

Indian business journal Mint asks the question – will the nation’s tyre makers be able to retain their margins during the 2011 fiscal year? The publication comments that, after falling in the March quarter, profit margins are looking set for another battering at the hands of rising rubber prices (up 70 per cent in one year and 150 per cent within the last 18 months, notes Mint) in the following quarter.

18th May 2010/by Tyrepress Editors

Michelin to Open First Retread Factory in Oman

Michelin is planning to open “the first retread factory of importance opened in the Arabian Gulf, outside of the Kingdom of Saudi Arabia” in Oman. The truck tyre retread plant is expect to produce over 10,000 retreads a year combining “Michelin know-how and competent expert hands.” According to AMEInfo, the project is being enacted in partnership with Moshin Haider Darwish, Muscat, Sultanate of Oman; Central Trading Company, Dubai, United Arab Emirates; and Central Motors and Equipment, Abu Dhabi and United Arab Emirates.

10th May 2010/by Tyrepress Editors

Bridgestone India Raises Output, Implements 3.5% Price Hike

Bridgestone has said that it will produce 1,500 more tyres per day and raise the price of its tyres by 3.5 per cent in India, according to a newswire issued by Dow Jones. The rise comes on the back of increased raw materials prices, Bridgestone India general manager of sales and marketing, Vaibhav Saraf told the assembled throng at a news conference, Dow Jones NewsPlus reports.

26th April 2010/by Tyrepress Editors

Indian Manufacturers Announce Price Increases

Indian tyre makers are putting up prices in response to the continued rise in the cost of natural rubber. Apollo Tyres is said to be increasing prices by between two and four per cent, although one online source states the Apollo prices will rise by up to seven per cent as early as May. During an interview, company vice chairman and managing director Neeraj Kanwar said further increases cannot be ruled out should the cost of rubber continue its upward course.

21st April 2010/by Tyrepress Editors

Rubberking Anticipates Increased African Presence

Rubberking Tyres India reports a successful 2010 show: "Tyrexpo Africa has always been a good platform for us to establish and promote our tyre brand and product range to the African market,” stated Dipti Jambhekar, Rubberking’s senior executive of international sales. “Though the number of visitors appeared to be less than normal, we were able to generate some serious quality inquiries, revive our relations with old customers and network with our existing ones.

16th April 2010/by Tyrepress Editors

Indian Tyre Manufacturer Shares Rise alongside Price Hikes

India’s major tyre manufacturers have seen their shares jump up to 4.9 per cent in value today amidst reports of price hikes across the four biggest domestic names. Bloomberg UTV reports that Apollo Tyres (up 4.9 per cent), CEAT (2.54), JK Tyre (2.32) and MRF (1.61) all saw their stock rise in value, following reports that CEAT is raising its prices by between two and five per cent, while Apollo and JK Tyre are to make a decision later on the size of their price increases.

16th March 2010/by Tyrepress Editors

CEAT Opens Dubai Office

In order to best meet growing demand for its tyres in the Middle East region, Indian manufacturer CEAT has established a new Dubai office. The operation is to be headed up by Pawan Rana.

15th January 2010/by Tyrepress Editors

Guangong Greatoo Molds Increases its European Presence

In recent times Guangdong Greatoo Molds Inc, the only tyre mould maker listed on the Shenzhen Stock Exchance, has increased its reach far beyond its native China. After expanding in India, where Greatoo has gained supply agreements with virtually all the leading tyre makers (including Apollo, Birla, CEAT, JK Tyre, MRF and BKT), this fast growing company is now aiming to become a truly global player after gaining some key contracts in Europe.

Speaking to senior technical consultant RNK Krishnan at November’s Reifen China show in Shanghai, Tyres & Accessories learnt that increased outsourcing amongst the world’s top ten tyremakers has led the company to build “good ties” with the majority of European tyre makers including Michelin, Continental, Pirelli and Marangoni.

18th November 2009/by Tyrepress Editors