China Archives - Page 114 of 240 - Tyrepress

Now one of the largest tyre-producing countries in the world, China has an indisputable influence on the direction of global tyre trade. The home of both fast-growing up-and-coming brands as well as a burgeoning domestic market, this tag chronicles China’s involvement with the tyre business.

Posts

Annunziato to replace Ohashi as Bridgestone Europe chief

As of 1 January, 2012, Makio “Mac” Ohashi will end his tenure as CEO and president of Bridgestone Europe NV/SA. He will be succeeded in this role by Franco Annunziato, who is now chief quality officer and senior vice-president – technology at Bridgestone Europe as well as managing director of Bridgestone Technical Center Europe S.p.A. After taking on Ohashi’s current duties, Annunziato will remain chief quality officer of Bridgestone Europe and managing director at the Technical Center Europe. Annunziato also serves as a vice-president and officer of Bridgestone Corporation.

17th October 2011/by Tyrepress Editors

USW questions tyre tariff opponent’s ‘conflicting position’

Campaigning for the next US presidential election is underway, and even candidates’ positions on tyre-related issues are being held up to the light for further examination. One candidate to find this out is Republican hopeful Mitt Romney, who has been criticised by United Steelworkers (USW) International president Leo W. Gerard over inconguencies between current campaign claims and his previous position on Chinese tyre tariffs.

14th October 2011/by Tyrepress Editors

Pirelli investing $500m in Argentina greenfield project

Pirelli has announced plans to invest some $500 million in a new truck tyre factory in Argentina that will meet increasing demand for commercial vehicle radials there and in the surrounding region. Construction of the new facility is scheduled to begin early next year and the first phase of development, which will continue until 2014, will require an investment of $300 million in order to give the plant a 700,000 unit per annum production capacity. Second phase development is expected to double the plant’s capacity through an additional $200 million investment and increase its workforce from 700 to 1,200 people.

14th October 2011/by Tyrepress Editors

Profits fall at large Chinese tyremakers

International News, News

The total profits of seven Chinese tyre makers fell in the first half of 2011 compared to a year ago, despite higher revenues. The seven tyre makers included Double Coin Holdings, Aeolus, Qingdao Double Star and ST Yellow Sea. Yellow Sea was reportedly the only one of the seven to report a overall loss, according to news reports.

13th October 2011/by Tyrepress Editors

Report: 2010’s new car sales helped repair puncture in tyre market

Higher new vehicle registrations in 2010 helped to repair a price deflation puncture in the UK tyre and tube market in 2009. According to a new report published by Key Note, the tough economic conditions in 2009 resulted in the UK market value for tyres and tubes deflating by 8.4 per cent at manufacturers’ selling prices (msp). Their view is that a boost in new vehicle registrations in 2010 and inflationary price increases helped the apparent market undo this, growing by 12.6 per cent in 2010.

13th October 2011/by Tyrepress Editors

And then there were two – ShengdaTech reports Board resignation

China-based nano-precipitated calcium carbonate manufacturer ShengdaTech, which in August filed for bankruptcy under Chapter 11 of the US Bankruptcy Code, reports the resignation of a member of its Board of Directors, Mr. Dongquan Zhang. The resignation took effect on October 8; at the same time, Zhang effectively resigned as a member of all standing ShengdaTech committees. The remaining members of the company's Board of Directors are A. Carl Mudd and Sheldon B. Saidman.

13th October 2011/by Tyrepress Editors

Gajah Tunggal accused of covenant breach, Moody’s considering rating downgrade

Moody's Investors Service has placed PT Gajah Tunggal Tbk's B3 corporate family and senior secured ratings on review for possible downgrade. According to a report published in Indonesia Today, this review action follows “the payment of a dividend to shareholders seemingly in contravention of the covenants of its restructured bonds launched in June 2009, and the resulting alleged claim of covenant breach by an anonymous bondholder.”

12th October 2011/by Tyrepress Editors

Starco setting up solid tyre plant in Sri Lanka

Danish firm Starco’s strategy for the years 2010 to 2014 is to grow its aftermarket business from 40 to 50 per cent of the total and to double turnover by 100 million to 200 million euros by 2014. As part of its global strategy, the company has announced the establishment of a tyre manufacturing plant in Sri Lanka. The new plant, which represents an initial capital investment of around two million euros, will specialise in the manufacture of solid rubber tyres. These will be marketed worldwide under the Starco brand name.

12th October 2011/by Tyrepress Editors

Varta wins industry awards for start-stop batteries

Varta’s start-stop batteries have scooped two industry awards, reinforcing the brand’s prominence in both the OE and European aftermarket. Heading the accolades is a bronze Edison Best New Product Award in the Energy and Sustainability category. The annual Edison Awards are one of the most renowned business prizes, with the jury honouring the most progressive, creative and successful products and services from industry and commerce.

11th October 2011/by Tyrepress Editors

Continental to focus investment on Asian markets

Continental AG plans to focus its near-term investments on the Asian markets, according to board member Heinz-Gerhard Wente. In a Bloomberg report, Wente noted that sales in Asia will likely represent a third of the corporation’s total revenues.

“While Europe will remain the biggest market for Continental, next year might ‘bring some problems’ because of a possible economic slowdown triggered by the sovereign-debt crisis,” the Bloomberg story said. It would not be “a dramatic downturn,” though.

11th October 2011/by Tyrepress Editors

MRF considering international, including European, acquisition options

MRF Ltd is reportedly considering a number of overseas acquisitions options. According to various Indian news reports, top of the list are tyre plants and rubber plantations in moves that will form part of the company’s global expansion plans.

11th October 2011/by Tyrepress Editors

Analysts: Conti’s global expansion plans require 930 million euros investment over 3 years

Following the news that has announced plans to build a US$500 million passenger car tyre plant in the South Carolina between now and 2021, financial analysts have added their view on what the manufacturing plans means for the automotive supplier’s profitability.

10th October 2011/by Tyrepress Editors

Rubber prices remain stable, Thai floods make little impact

Recent flooding in Thailand has had less impact on natural rubber prices than may have been inspective. Deutsche Bank research shows that the impact on rubber supply has been “quite muted” and flooding around key plantations is not severe. As a result the spot price for natural rubber has reportedly continued its declining trend, hovering around US$4/kilo – a level last seen in March 2011.

7th October 2011/by Tyrepress Editors

MAXAM and Stamford in South African distribution deal

MAXAM Tire International S.a.r.l, the Luxembourg-based manufacturer of all-steel radial OTR tyres, has appointed Stamford Tyres (Africa) Pty Ltd as the company's dealer for the South African market.

The deal was welcomed by Wee Kok Wah, president of Stamford Tyres, and Ian Thomas, CEO of MAXAM Tire International. Said Ian Thomas: "We are delighted to have signed this agreement with Stamford Tyres as they are one of the largest specialist OTR tyre suppliers in South Africa, with warehouses in Cape Town, Durban and Johannesburg. I am confident that, by working closely together we can raise the profile and awareness of MAXAM in the country."

6th October 2011/by Tyrepress Editors

European output up, but Michelin exposed in NA, not enough in emerging markets

Following Michelin’s investor’s day briefing at its Cuneo, Italy factory on 5 October financial analysts suggested that while the good news is that Michelin’s European production is up and increasingly efficient, the company remains over-exposed amidst the ailing demand of the North American markets and conversely not exposed enough in the emerging markets.

6th October 2011/by Tyrepress Editors