China Archives - Page 221 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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Yokohama Establishes Company to Control its Business in China

The Yokohama Rubber Co, Ltd, has announced that it will establish Yokohama Rubber (China) Co, Ltd, in Shanghai, China, to exercise overall control of business operations at each of its companies in China. Yokohama Rubber (China) will be capitalised at $30 million.

Yokohama Rubber has engaged in businesses in China through three production and sales companies: Hangzhou Yokohama Tire Co, Ltd (established in December 2001), producing and selling tyres for passenger cars; Yokohama Hamatite (Hangzhou) Co, Ltd (established in February 2004), producing and selling sealant for passenger cars; and Yokohama Hoses & Coupling (Hangzhou) Co, Ltd (established in December 2004), assembling and selling high-pressure hoses. As part of its further business expansion in China, Yokohama Rubber says it intends to establish a joint venture company to produce and sell conveyor belts in January 2006, and another joint venture company to sell tyres in April 2006.

10th November 2005/by Tyrepress Editors

Cooper Sees 3Q Results Fall

Driven by operating losses in all of its tyre units, Cooper Tire & Rubber Co finished the third quarter with a net loss of $1 million and sales that nudged just 1 per cent over last year’s results. Analysts described the company’s third quarter as “challenging” and warned that there are “more headwinds to come.”

For the quarter, Cooper posted sales of $558 million, up 1 per cent against the same period in 2004. The net loss, said Cooper, came as a result of lower unit sales, higher raw material costs, and “higher reported interest expense.”

10th November 2005/by Tyrepress Editors

Bridgestone To Build Tech Centre Alongside Wuxi Plant

Bridgestone Corp has announced that it plans to build a technical centre beside its existing tyre plant in Wuxi in Jiangsu Province. The US$14 million facility, Bridgestone (China) Research & Development Co, will be responsible for testing raw materials supplied to the company’s Chinese tyre factories, according to a statement issued by the Japanese manufacturer.

The centre is expected to go into operation next July with some 20 employees and will be Bridgestone’s fourth technical centre worldwide in addition to facilities in Tokyo, Rome and Akron in the US state of Ohio.

8th November 2005/by Tyrepress Editors

CITExpo is Poised to Reshape the Tyre World

(Akron/Tire Review) China has been reshaping the tyre world in the recent years, with most of the world’s leading brands either launching or expanding their manufacturing bases and sales networks in China. But even there, the key players need a trade show to effectively meet the needs of distributors, suppliers and manufacturers.

The third annual China International Tire Expo (CITExpo), to be held in Shanghai from 14-16 December aims to link the professionals from the worldwide tyre industry. According to the organisers of CITExpo, thousands of buyers from over 66 countries attended last year’s event, and hundreds more are expected this year. Exhibitors were satisfied with the results and found that it was much easier for them to close the trade leads and obtain buyer information at CITExpo, according to organisers.

8th November 2005/by Tyrepress Editors

B-Quik – Tyre retail service Thai style

International News

Here’s a question for you – which tyre retailer has 42 outlets in the capital and in November opened the 43rd on a Tesco hypermarket, making this the 10th centre on a Tesco forecourt?

The answer is B-Quik, of Thailand and the capital city is, of course, Bangkok. For many people in Europe, the first they heard of the name was during the period when the Ford Motor Company was going through its “showroom to scrapyard” phase and it bought Kwik-Fit in Europe and B-Quik in Thailand.

4th November 2005/by Tyrepress Editors

A1GP: All the Things F1 Isn’t

When Tyres & Accessories published the news that Cooper had signed a three-year contract to supply tyres for the A1 Grand Prix last December, the series wasn’t exactly well known. 12 months later A1GP, which sees national teams compete against each other, is already looking forward to going up a gear. T&A met Cooper-Avon marketing and motorsport director, Julian Baldwin, at the EuroSpeedway for the German leg of the A1GP and asked what the manufacturer stands to gain from its involvement.

4th November 2005/by Tyrepress Editors

Kazakstan President Visits InterKomShina

International News, Product News

The President of Kazakhstan, Nursultan Nazarbayev, has visited InterKomShina JSC in Shymkent, South Kazakhstan. This company is engaged in the production of tyres for light vehicles and road freighters, agricultural machines and special equipment. InterKomShina claims to be the only tyre manufacturer in central asia.

3rd November 2005/by Tyrepress Editors

Performance Fibers Buys Out Chinese JV Partner

Performance Fibers today announced that its Asian subsidiary has signed an agreement that will give it full ownership of the company’s operations in Kaiping, China. The subsidiary, Performance Fibers Asia, LLC (PFA), has signed an agreement with Guangdong Kaiping Chunhui Co Ltd (Chunhui) to acquire Chunhui’s 30 per cent equity share in Performance Fibers Kaiping Company Limited (PFK).

1st November 2005/by Tyrepress Editors

Hankook Opts for Hungary

Hankook Tire Co said yesterday it will build a 500 million euro manufacturing plant in Dunaujvaros, Hungary, 68 kilometres south of Budapest. The European plant is expected to begin tyre production in the second half of 2007, the Korea Herald has reported. Te news comes following the collapse of a similar deal with Slovakia, which fell apart because of disagreements about government subsidies.

Before the Hungarian deal was finalised, local news sources had described the Hungary incentive package offered to Hankook Tire Co as a state secret. However, the reports said incentives include direct and indirect subsidies, tax breaks, training opportunities and infrastructure, amounts to no more than about 10 per cent of the total investment value.

31st October 2005/by Tyrepress Editors

Cooper Buys Majority Share of Chinese Manufacturer

(Akron/Tire Review) Cooper Tire & Rubber Co. today announced that it has reached an agreement to acquire 51 per cent ownership in Shandong Chengshan Tire Company Ltd. (Chengshan) of Shandong, China, and will partner with that company to create Cooper Chengshan (Shandong) Passenger Tire Co. Ltd. and Cooper Chengshan (Shandong) Truck Tire Company Ltd. Cooper said the total investment in the acquisition would be approximately $70 million.

27th October 2005/by Tyrepress Editors

Bridgestone Officially Opens Steel Cord Plant in China

Bridgestone Corporation officially opened Bridgestone (Shenyang) Steel Cord Co, Ltd, in Liaoning Province, China. Bridgestone invested US$94.3 million in the construction of the plant, which began producing steel cord for truck and bus radial tyres in August this year. Production capacity is projected to reach 70 tons per day by the end of 2007.

About 100 people attended the opening ceremony, including Chinese government and municipal officials such as Song Qi, deputy mayor of Shenyang. Heading the Bridgestone contingent were Masaharu Oku, the board of directors, vice president and senior officer responsible for tyre production and distribution, Hiromichi Odagiri, vice president and senior officer, chief representative of Bridgestone tyre operations in China, Kaoru Fujioka, vice president and officer in charge of steel cord, and various other plant officials.

26th October 2005/by Tyrepress Editors

North West Tyres Takes on New Brand

Hanksugi Japan has a new distributor for the UK. Following Hanksugi Japan’s decision to release Stamford Tyres from any duties in Europe, North West Tyres (NWT) from Morecambe, Lancashire, has been appointed as a partner for distribution. As NWT’s managing director Andrew Wess explains, his company has just received the first 20 containers full of Hanksugi truck tyres from the company’s factory in China. These tyres, which are first to be supplied to Europe’s central warehouses, are what Mr Wess calls an “initial buffer stock” for the sales operations that are about to commence. When NWT took over the Hanksugi business in the UK itself, the company began looking “for the right people” in other European markets. North West Tyres says it can guarantee on-time supply, even at short notice for customers in the UK or Ireland and for relatively small amounts because it runs its own delivery fleet of 20 vehicles.

26th October 2005/by Tyrepress Editors

Orteck International Sues Giti Tire for Fraud

US importer and distributor, Orteck International, is suing Shanghai-based Giti Tire (GT) for fraud. In a lawsuit filed in the federal district court in Greenbelt, Orteck claims the GT undertook a scheme to eliminate the company as the exclusive distributor of its tyres in the US.

26th October 2005/by Tyrepress Editors

Romanian Graduates More Motivated than German Counterparts

Romanian university graduates are self-motivated and optimistic about the future, a survey commissioned by Continental AG has found. Although strongly attached to their home country, they are basically willing to relocate, with a career preference for Western countries and, above all, the United States. On the other hand, they would flatly reject a job offer in neighbouring East European countries like Russia or Ukraine, regardless of how attractive the position might be. Equally unpopular are offers from China or Brazil.

In general students feel they have received a good education although they are said to “greatly regret not having received much practical experience.” Continental is one of the largest investors in Romania and runs plants in Timisoara, Sibiu and Satu Mare.

24th October 2005/by Tyrepress Editors

Continental to Invest up to £27 million in Malaysia

Continental AG is planning to spend between £22 million and £27 million on equipment and machinery at its plants in Malaysia, the company’s director of marketing and sales for passenger car replacement Europe Jurgen Schmidt told the Malaysia Star newspaper.

19th October 2005/by Tyrepress Editors