China Archives - Page 134 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.

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Cooper Expecting Continued RM Rise in 2011

Having raised the prices of its US passenger and light truck tyres by 6.5 per cent, Cooper Tire has told analysts in a conference call that the manufacturer expects raw materials costs to rise into 2011, as suggested by reports in the Financial Times and on tyrepress.com yesterday. Increased demand from automotive suppliers, especially in China and India, alongside unhelpful weather conditions in the rubber tapping season in south-east Asia have driven natural rubber prices continually upward in 2010.

2nd November 2010/by Tyrepress Editors

Yokohama Reports Sales and Earnings Gains in 1H 2010

The Yokohama Rubber Company announced today that its sales in the first half of the present fiscal year (1 April – 30 September, 2010) increased 17.9 per cent over the same period of the previous fiscal year, to 238.3 billion yen. Sales in Yokohama's tyre operations increased 18.5 per cent over the first half of the previous fiscal year, to 184.9 billion yen, reported the manufacturer.

1st November 2010/by Tyrepress Editors

Synthetic Rubber Demand to Reach 13.4m M/T by 2015: Analysts

A new report by Global Industry Analysts suggests that the synthetic rubber market will climb to 13.4 metric tons by 2015, “particularly” on increased usage in the tyre and automotive industry. The consumption and production of synthetic rubber was significantly affected by the global economic recession, says a statement by GIA announcing its new publication: ‘Synthetic Rubber: A Global Strategic Business Report’.

29th October 2010/by Tyrepress Editors

Hankook Continues to Grow Sales in Q3, Operating Profit Down

Record quarterly sales in the emerging markets of Korea, China and Hungary helped Hankook achieve growth in sales following the slight downturn in 2010’s second quarter, though year-on-year operating profit remained 40.6 per cent down on the Korean manufacturer’s 2009 results. Sales topped 1.5 trillion South Korean won (£840 million), recording 7.1 per cent year-on-year increase. The company’s third quarter operating profit was KRW163.4 billion (£91.5 million), 8 per cent down on the second quarter, where rising raw materials costs have continued to be a factor. Hankook stated it aims to achieve a sales target that exceeds KRW5 trillion (£2.8 billion) this year.

27th October 2010/by Tyrepress Editors

Zafco Achieves ISO Certification

United Arab Emirates-based Zafco, which supplies tyres domestically, as well as to the US, Europe, Africa, Asia Pacific and Australia, reports achieved ISO 9001:2008 certification after a positive review of its quality management systems. According to the company, this latest certification represents the enhanced commitment to quality and reliability that its customers expect.

27th October 2010/by Tyrepress Editors

Michelin 9-month Sales up 20%

Michelin has reported that its net sales for the first three quarters of 2010 shot up 19.4 per cent to 13 billion euros. According to the company, the growing figures reflect increased unit sales growth across all sectors and follow a particularly sustained recovery in unit sales of passenger car and light truck tyres. As a result of the good third quarter figures, Michelin reaffirmed is predictions that the company would achieve around 12 per cent growth in unit sales by the end of 2010, “close to 9 per cent operating margin before non-recurring items” and positive free cash flow for the year.

Referring to the company’s third quarter sales of 4.65 billion (which were up 24 per cent year-on-year), financial analysts praised the fact that the results were 6 per cent ahead of consensus estimates. However, writing in an investor’s note published 27 October, Morgan Stanley analysts wrote that this figure was largely down to better-than-expected foreign exchange rates. Sales growth is said to have equated to +15 per cent excluding foreign exchange effects during the quarter.

27th October 2010/by Tyrepress Editors

US and China Both Claim WTO Victory in Tariff Dispute

International News, Legislation, News

The United States claimed victory in a recent trade spat with China over anti-dumping charges placed on imports pipes, tubes, OTR tyres and sacks. US Trade Representative (USTR) Ron Kirk told the AFP news agency that the World Trade Organisation (WTO) had broadly upheld Washington's right to place duties on goods from China that were unfairly subsidised: "This is a significant win for American workers and businesses affected by unfairly traded imports.”

Nevertheless a report produced by China’s Xinhua news agency suggests the People’s Republic would like to present the 22 October WTO ruling as falling in its favour. China welcomed the fact that the WTO found that the US imposition of anti-dumping and countervailing duties on four types of Chinese imports was inconsistent with WTO regulations, the Chinese Ministry of Commerce (MOC) said a day after the ruling was published.

27th October 2010/by Tyrepress Editors

China Tyre Industry Targeting Complete Radialisation by 2015

On 12 October China’s Ministry of Industry announced a new policy for the local tyre industry aimed at promoting environmentally friendly and energy-efficient development but it looks likely to have a knock-on effect on global players as well. One of the key points of the policy is that it sets out radialisation targets for each of the main product sectors. By 2015 the passenger car segment is expected to reach 100 per cent radialisation, with a 90 per cent goal for heavy truck tyres and 85 per cent for light truck tyres.

26th October 2010/by Tyrepress Editors

Analysts Predict Michelin Will Invest in Chinese Tyre Production

Referring to Michelin’s recent surprise decision to raise 1.2 billion euros of fresh capital, financial analysts at Morgan Stanley have predicted that the company is planning to expand its Chinese tyre manufacturing base, making this operation “a crucial BRIC[k]in Michelin’s future.”

When Michelin announced its plans to raise fresh capital on 28 September the tyre maker did any indications of what it planned to do with the money. This led analysts to suggest that “China will be a major focus for Michelin.” They believe Michelin is looking for “a swift increase in Chinese capacity” from their current level of around 2-3 per cent of output.

26th October 2010/by Tyrepress Editors

Conti to Pump 500 million euros into Emerging Market Tyre Production

Continental AG chief executive Elmar Degenhart has shared details of how the automotive supplier is planning to invest 500 million euros into its tyre business in an interview Germany's Frankfurter Allgemeine Sonntagszeitung newspaper. According to the report, Degenhart admitted that Continental should have invested more in its tyre division during the past five years.

25th October 2010/by Tyrepress Editors

Centrum Claims OE Quality Products

Centrum International Ltd. is a new name for Tyres & Accessories, but as a newcomer in the sector we thought it was right to let the market know who’s out there now. According to the company, Centrum is “a young and dynamic auto garage equipment manufacturer.” The firm, which was founded in 2004, is based in Hong Kong with production facilities in China. Centrum’s production factory facilities are located in Yingkou city in China’s Liaoning province.

22nd October 2010/by Tyrepress Editors

Organisers Promote SIAPE 2010 Exhibition

Jointly organised by CEMS USA, CEMS INDIA, a leading multinational exhibition organizer of South & South-East Asia and CCPIT-Auto (China Council for Promotion of International Trade – Automotive Sub-Council), the Singapore International Auto Parts Expo 2010’ [SIAPE 2010] reports that it is set to be Asia’s latest platform, which is seeing a “revolution in the sales of Automobiles, for global players to assemble in the remarkable Asian business hub – Singapore.”

21st October 2010/by Tyrepress Editors

Toyo to Acquire Malaysian Tyre Manufacturer

Company News, International News

Toyo Tire & Rubber has announced its decision to acquire all shares in Malaysia-based tyre manufacturer Silverstone Berhad. The company’s board of directors says it has a stock purchase agreement with Silverstone’s sole shareholder, Silverstone Corporation Berhad. According to the company’s statement, Toyo’s acquisition of Silverstone puts it in position “to make a full-scale entry into the fast-growing Southeast Asia market.” The stock transfer to Toyo from Silverstone Corporation Berhad is scheduled to take place in late January 2010 and will cost Toyo approximately 12,538 million yen (£98 million).

21st October 2010/by Chris

Effiplus Makes its UK Debut at Brityrex

Giving the range its UK debut at Brityrex (following a European launch at Reifen Essen in June and the initial unveiling at Reifen China last December), Techking’s aim is to place the Effiplus brand at the top of the budget segment with a view to progressing into the economy sector within the next five years. To this end, the company used its position at Brityrex as platform for attracting new distribution partners. The company’s strategy right across Europe is to offer its partners exclusivity in the various markets it works in, but company representatives also recognised that in some mature markets like the UK this it not always possible. While Techking is said to prefer to the model of offering exclusivity to a single partner, one idea is to divide the market between two or three regionally exclusive distribution partners, if necessary.

20th October 2010/by Tyrepress Editors

Johnson Controls to Build $118 million Chongching, China Battery Plant

Johnson Controls, Inc. has announced it is investing $118 million in building a third automotive battery plant in China, this time located in Chongqing. The company's existing plants are located in Shanghai and Changxing.

"Our recent investments in China are an indication of the importance of this market for Johnson Controls," said Alex Molinaroli, president of Johnson Controls Power Solutions. "In three years we will be growing from a single plant to three plants that will produce more than 18 million automotive batteries annually. These plants support our plan to install capacity for 30 million batteries annually in China by 2015."

19th October 2010/by Tyrepress Editors