China Archives - Page 161 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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Schaeffler Seeks Chinese Investors

Chinese state and private firms may take on a partial shareholding in debt laden Schaeffler AG. According to an article printed by German business magazine WirtschaftsWoche on June 27, the company has engaged in talks with several parties, including the Beijing city administration, regarding a share sale in order to bolster its short-term finances. Such a deal would give the Chinese access to the company’s know-how, technology and distribution channels, the magazine reported.

“We have always said that we would speak to potential investors,” a Schaeffler spokesman was quoted as saying.

29th June 2009/by Tyrepress Editors

Goodway Anticipates a Profitable 2009

Following a net loss of Rm 12.8 million (£2.2 million) in 2008, Malaysia’s Goodway Integrated Industries anticipates returning into the black this year thanks to increasing demand and weaker raw material prices. Following the company’s annual general meeting on June 23, company CEO Tai Boon Wee told the Kuala Lumpur based Business Times that “yes, we will definitely see profit this year. Orders have been picking up since the second quarter of this year and our third quarter [performance] is showing better business and profit.”

In preparation for better times the retreader and compound supplier is placing an emphasis upon export market expansion – Brazil and Turkey are two locations named as upcoming recipients of extra attention.

26th June 2009/by Tyrepress Editors

Norbar Goes One Better

Back in March, Banbury-based Norbar Torque Tools Limited was named the regional winner in the £5-25m turnover category of the Coutts Prize for Family Business 2008/9. On 24th June, the company went one better when it was awarded the national title of Best UK Family Business in the same category. Norbar won the national title against strong competition from knitwear manufacturer John Smedley and specialist pharmaceutical and medical supplies distributor Durbin Plc. The national finals were held at the Coutts headquarters on the Strand in London.

Norbar employs 200 people in Banbury, with a further 90 staff within its sales companies in North America, Australia, New Zealand, Singapore and China. The company's philosophy is about providing customers with high quality value for money products and services whilst being committed to the principals of environmental sustainability.

25th June 2009/by Tyrepress Editors

Enjoy The Best of China

International News

Enjoy Tyre is a young, Chinese company trading in the wheel and tyre sector, which has built up an export business supplying companies in more than 60 countries in less than five years. Turnover in 2008 was US$ 46 million.

The product range includes good quality Chinese tyres, including a number of brands that are becoming increasingly familiar names in Western Europe. Among these are; Linglong, Chengshan, Westlake, Goodride, Taishan, Double Star and Jintong. Miss Xu Xia, managing director of Enjoy, told T&A that the company has global exclusivity for the distribution of the Rotalla brand of passenger car and high/ultra high performance radial tyres, which are being actively marketed across Europe.

25th June 2009/by Tyrepress Editors

India’s ATMA Seeking 7.5% Natural Rubber Duty

India’s national budget is due to be delivered on July 6, and the nation’s tyre manufacturers are hoping that a sought after reduction in natural rubber duty will be forthcoming. “As in the past we are looking forward to the correction of the inverted duty structure,” said Rajiv Budhraja, director-general of India’s Automotive Tyre Manufacturers Association (ATMA). “That is the first and foremost demand.”

According to a Reuter’s news brief, the ATMA has requested the government reduce the customs duty on natural rubber to 7.5 per cent; previous news reports indicated the ATMA was seeking a 10 per cent duty. Regardless of the desired rate, the association’s goal is to provide manufacturers some relief from what is seen as an unfair tax structure. While natural rubber currently attracts a customs duty of 20 per cent, the tax on imported finished tyres is only half that.

23rd June 2009/by Tyrepress Editors

Continental Opens Thai Automotive Factory

A new facility belonging to Continental AG subsidiary Continental Automotive (Thailand) has opened in Amata City. The 11,500 square metre factory, built with an investment of approximately five billion baht (£90.2 million), will produce powertrain diesel injectors, high pressure pumps and common rail assemblies. The production of interior electronics is also planned.

While around 70 per cent of total output will ultimately go to domestic vehicle manufacturers – the factory will start supplying the Thai market next year – the first exports to Europe, China and India are expected to get underway before the end of June.

22nd June 2009/by Tyrepress Editors

ITC Rules in Favour of USW Petition

The quantity of Chinese made consumer tyres is indeed harming the local industry, the US International Trade Decision has ruled. On June 18 the ITC voted 4-2 in favour of a United Steelworkers initiated petition, which seeks to restrict permissible imports to 2005 levels. A ruling in favour of the petition means the ITC will meet again later in June to decide upon recommendations for the Obama administration.

19th June 2009/by Tyrepress Editors

Further US Reaction to ITC Ruling: Wait and See

While no one appeared to be surprised by the US International Trade Commission ruling yesterday on the USW’s petition to limit the importation of “Made in China” tyres, most took a wait and see attitude about the ruling.

The ITC voted 4-2 in favor of the union petition, saying that the growth in passenger tyre exports from China to the U.S. caused “disruption” in the US market. The ITC will send its specific ruling and suggested remedy on to the president by the end of this month, and the Obama Administration is slated to act by the end of September. “We anticipate that the final decisions on remedies will improve domestic job security, increase production and sales, and allow for investment in capital equipment to better compete in the global market for the long term,” said Tom Conway, USW International vice president. (Tire Review/Akron)

19th June 2009/by Tyrepress Editors

Chinese Ministry Expresses “Deep Regret” after US Tyre Ruling

Continuing today’s theme of the fallout from the US International Trade Commission’s ruling that Chinese imports have disrupted the country’s markets, China’s Ministry of Commerce has expressed its “deep regret” at the decision. Yao Jian, a Commerce Ministry spokesperson posted the department’s reaction to the events on the ministry’s website:

“China has repeatedly expressed its opposition to foreign governments’ using safeguard clauses to launch investigations of Chinese products. The decision does not conform to objective facts, and also violates relevant World Trade Organisation rules in addition to U.S. law. We hope the U.S. will fully consider the actual situation of this case and proceed from the overall interests of the two countries’ industries,” Yao said.

Reuters reports that lawyers acting on behalf of Chinese manufacturers are arguing that US companies’ neglect of the low range market had occurred before they moved into the marketplace. The news organisation also notes that the complaint, which originated from the United Steelworkers, had not been voiced by US tyre producers.

19th June 2009/by Tyrepress Editors

European Truck OE Tyre Demand Down 72.9% in May

European truck OE tyre demand fell at the fastest rate in the world in May (-72.9 per cent), according to recently released Michelin market data. Putting the company’s (and the industry as a whole’s) difficulties into perspective, Deutsche Bank analysts summed up the worst of the current volumes like this: “eight times worse than the worst year over the last 30 years (1991).” North America, Brazil and Japan suffered 53.5, 24.1 and 65.2 per cent falls in Truck tyre OE demand respectively in May, with China the only market to avoid the pain – growing 2.6 per cent. Truck tyre replacement sales faired better in most markets, albeit still falling between 12.8 and 23.3 per cent in four of the five covered zones. China remained flat.

Despite the depressing figures, Deutsche Bank analysts were optimistic that the worst is over: “Since sell-out demand is not as bad, dealers destocking can’t last forever. And therefore sell-in and sell-out market trends will converge soon. Lastly, May is a relatively small month for the industry when June is much more important. For example, June represents a high 25 per cent of Michelin’s first half volumes.”

18th June 2009/by Tyrepress Editors

ITC to Rule on Imported Chinese Tyres This Week

The US International Trade Commission will determine by June 18 whether or not consumer tyres imported from China are harming or have the potential to harm potential tyre manufacturers, and will report its findings to President Obama and the US trade representative the following day.

15th June 2009/by Tyrepress Editors

May China Tyre Production Reaches 62.35m Units

Tyre production in China during May 2009 rose 21.21 per cent year on year and 7.2 per cent over the previous month to 62.35 million units, the country’s National Bureau of Statistics has announced. The Bureau’s figures total production in the period from January to May 2009 show a 6.6 per cent increase to 237.7 million units

Synthetic rubber production fell 8 per cent year on year to 199,000 tons in May, but for the January to May period increased 0.2 per cent year on year to 1.02 million tons.

12th June 2009/by Tyrepress Editors

India’s ATMA Seeks NR Duty Reduction

India’s Automotive Tyre Manufacturers’ Association (ATMA) is seeking to have the customs duty on natural rubber waived in order to help domestic manufacturers compete against imported tyres. The issue was undoubtedly raised when Apollo Tyres chairman and managing director Onkar S Kanwar met with officials from India’s finance ministry on behalf of the ATMA in early June; as part of its pre-budget memorandum, the industry association has requested a reduction in the customs duty on natural rubber to 10 per cent from the current 20 per cent level. Alternatively, it has been suggested that the duty on the import of tyres could be raised to 20 per cent. Tyre imports from China and Korea, which account for nearly 80 per cent of all imports, currently attract 8.6 per cent duty under the Asia Pacific Trade Agreement.

12th June 2009/by Tyrepress Editors

Lanxess China Sales Improving

Despite improving sales in recent months, the 2009 outlook for Lanxess in the Greater China region is said to remain “murky”. At the sidelines of a company event on June 11, Martin Kraemer, chief executive of the company’s Greater China operations told Reuters “we have seen a pick-up in demand and also in sales in China over the last couple of months…What we currently see is nice, but will that be sustainable till the end of the year? We don’t know.”

11th June 2009/by Tyrepress Editors

Yantai Produces World’s Largest Solid Tyre

A 1.78 metre diameter two-ton solid tyre produced by China’s Yantai C.S.I. Rubber Co. Ltd is being promoted as the world’s largest. The Chinese language website shm.com.cn reports that the Yantai tyre, produced after three years of research and development, beats the previous world record for diameter by 16 centimetres.

The production process for the tyre is said to have taken 22 hours to complete. These large tyres will reportedly be purchased by Caterpillar for fitment on its equipment.

10th June 2009/by Tyrepress Editors