China Archives - Page 147 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 Extends Chengshan Share to 65% for $18 million

Cooper Tire & Rubber company has extended its majority shareholding of it Chengshan (Shandong) Tire Co Ltd joint venture to 65 per cent. The share acquisition cost Cooper roughly $18 million and came at the behest of minority shareholder Chengshan Group, which exercised a so-called “put” option negotiated as part of the company’s initial Cooper Chengshan investment.

Cooper’s director of investor relations, Curtis Schneekloth, told Tyres & Accessories the transaction should be executed in the first half of this year, adding:

4th March 2010/by Tyrepress Editors

Global Carbon Black Demand to Rise 4.3% a Year till 2013

World carbon black demand is forecast to rise 4.3 per cent per year every year until 2013, according to research published by Bharat Books. The report suggests annual demand will reach 11.6 million metric tonnes in 2013 bolstered by a healthy global rubber market in the same period. 60 per cent of demand is said to come from tyre applications. Carbon black demand from the tyre sector is projected to increase 3.7 per cent a year through 2013 to 6.9 million metric tonnes.

2nd March 2010/by Tyrepress Editors

Cooper Reports $52 million Net Income for 2009

Cooper Tire & Rubber Company returned to profit, reporting net income of $52 million (£34.895 million; 38.439 million euros) for the year compared with losses of $219 million (£147 million; 161.890 million euros) in 2008. Annual sales of $2.8 billion (£1.878 billion; 2.086 billion euros) for 2009, were down 4 per cent from 2008.

2nd March 2010/by Tyrepress Editors

Demand for Private Brands Growing, Deldo Reports

Belgian wholesaler Deldo Autobanden is one of the largest operators in Europe, and amongst the more than 25 brands stocked at the company’s 60,000 square metre warehouse in Antwerp are four exclusive and two private brands – Fortuna and Minerva. The labels are aimed at the budget segment, an area where Deldo reports seeing significant growth during the last 12 months. In an interview with Tyres & Accessories, Deldo marketing manager Rutger Veerman stated the company has “noticed a growing demand in the European replacement market. Acceptance of Chinese products is growing, and we are benefitting from this.”

2nd March 2010/by Tyrepress Editors

Bridgestone Pays 50-Year High for Thai Rubber

A Reuters report says Bridgestone paid $3.28/kg for some quantities on Thai RSS3 rubber in a deal that represents the highest price paid for the grade in 58 years. The report spoke to a dealer in Hat Yai, Thailand, who stated that the Japanese tyre-maker “has been in the market almost every day lately” but that only relatively small quantities were changing hands. The dealer also said that there was little “buying interest from China” currently.

2nd March 2010/by Tyrepress Editors

China’s Tyre-makers Facing Tougher Competition – From Majors

China's tyre-makers are facing tougher – and growing – competition from major industry names, says Tire Review, as companies like Groupe Michelin, Bridgestone Corp and others are boosting their investment in China. According to the People’s Daily, “Booming domestic market made foreign companies more confident in their expansion in China, and will lead to more fierce competition,” said a manager from an unnamed Chinese tyre-maker located in Shandong province.

26th February 2010/by Tyrepress Editors

Infinity Offering Bond a ‘Premium Manufacturer Offer’ Alternative in UK

Founded in Pocklington over 40 years ago, Bond International now occupies a 140,000 square foot site on the town’s industrial estate and employs nearly 100 local people. In addition, the company operates distribution depots in Chepstow, Stevenage and Redditch, which together employ a further 90 people. And adding an international flavour to the operation are representative offices in both China and Singapore. Bond International reports that these two offices assist in the sourcing of brands that provide an alternative to the ‘premium manufacturer offer’. By researching new and competitively priced manufacturing facilities around the globe, Bond has been able to offer exclusive mid-range tyre brands. An example of this is Infinity.

26th February 2010/by Tyrepress Editors

Bekaert Tyre Cord Capacity to Reach 700,000 Tons by Year’s End

Belgium steel cord manufacturer Bekaert states that capacity increases in China, India and Russia, and the planned integration of the tyre Bridgestone tyre cord plants (in Sardinia, Italy and in Huizhou, China) acquired earlier this year will lift the company’s total tyre cord capacity from its present level of 625,000 tons to an estimated 700,000 tons by the end of 2010. The bulk of this increase will occur in China, where capacity will rise from its current level of 350,000 tons to 400,000 tons.

26th February 2010/by Tyrepress Editors

Indian Anti-Dumping Body Recommends Hefty TBR Duty

The Press Trust of India writes that the country’s government is “likely” to implement an anti-dumping duty on bus and truck radials imported from China and Thailand. The Commerce Ministry’s Directorate General of Anti-dumping and Allied Duties (DGAD), it reports, has recommended a US$90 duty per tyre.

22nd February 2010/by Tyrepress Editors

Bridgestone Reports 19% Fewer Tyre Sales during a “Challenging” 2009

Bridgestone Corporation reports that 2009 presented the company with a “challenging” operating environment due to weakened consumer spending and declines in private sector capital investment which counteracted signs of recovery among some exports. However, the Japanese manufacturer states that although the economic recession in Europe and the US continued, some sectors showed signs of stabilisation. A recovery in business climate was observed in China and despite challenging conditions, the business climate in other regions began to show slight signs of recovery. Against such a backdrop, the tyre major achieved net sales of 2,597.0 billion yen (₤18.3 billion), a 20 per cent decrease on the 2008 fiscal year. Operating income, at 75.7 billion yen (₤532.2 million) was 42 per cent down on the previous year and net income, at 1.0 billion yen (₤7.0 million), dropped 90 per cent from 2008. Additionally, during the year Bridgestone recognised as an extraordinary loss 10.6 billion yen (₤74.5 million) in costs linked to its plant closures in Oceania.

19th February 2010/by Tyrepress Editors

Domestic Radial Capacity, Import Duties a Problem for Indian Vehicle Makers

It appears tyre manufacturers in India do not see eye to eye with the country’s vehicle manufacturers on the subject of anti-dumping duties. These tariffs, introduced in January and applied to imports of radial tyres from China, have been criticised by major automakers such as Tata Motors and Ashok Leyland, who say plans to expand have been affected by a shortfall in commercial vehicle radial capacity within India.

19th February 2010/by Tyrepress Editors

MHI Gearing Up to Produce Tyre Manufacturing Machinery in China

Vehicle production in China is said to have exceeded an estimated 13.5 million units last year, with 2010 production expected to grow to around 14 million units. Alongside this growth, demand for tyres in this market has also risen sharply, and during the course of the coming year China is anticipated to surpass the US as the world’s largest tyre market. In a “strategic response” to moves by global tyre makers to enter the Chinese market, Mitsubishi Heavy Industries, Ltd. (MHI) has taken the decision to manufacture tyre production machinery there through its wholly owned Changshu Ryoju Machinery Co., Ltd subsidiary. The Jiangsu Province based operation is now in the final stages of readying its plant, and this preparation should be complete by the end of February in time for a March commencement of production.

18th February 2010/by Tyrepress Editors

Controlling Costs Through Pre-Owned Solutions

Israel based supplier of pre-owned tyre and rubber industry machinery Pelmar Engineering Ltd. recently announced its Group Board has nominated Hagai Peled to take over the role of managing director, a position he commences following “five years of successful management positions in various departments.” In February the son of company founder Jacob Peled visited Germany to attend both the Tire Technology Expo and a meeting of Pelmar Engineering managers from around the world. During the exhibition he gave an overview of Pelmar’s global business and the options it provides for tyre businesses wishing to set up or expand.

18th February 2010/by Tyrepress Editors

India’s ATMA Seeking a 7.5% Rubber Tariff

A memorandum sent by India’s Automotive Tyre Manufacturers Association (ATMA) to the nation’s finance ministry outlines the tyre industry’s hopes for a reduction in natural rubber duties. Reuters reports that the memorandum, sent in advance of the national budget, states “the customs duty on natural rubber should be reduced from 20 per cent to 7.5 per cent, lower than the duty on tyres.” At present natural rubber attracts a customs duty twice that of tyres, making imports more competitive than locally produced tyres.

18th February 2010/by Tyrepress Editors

Analysts Increase Michelin Share Price Target Following Second Half Results

In the wake of financial results that Michelin characterised as being “more agile than ever,” financial analysts have raised their price targets for the tyre manufacturer by 7 euros from 29 to 36 euros. The Morgan Stanley analysts wrote in their investors note that they had upped estimates from the 2010 to 2011 earnings per share from 3.15 to 4.30 and 3.90 to 4.76 respectively. At the same time they issues a new 2012 earnings per share prediction of 5.98 euros.

17th February 2010/by Tyrepress Editors