December Archives - Page 5 of 35 - Tyrepress

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Voronezh tyre plant transferred to Pirelli-Russian Technologies JV

On 29 February Pirelli & C. Spa and Russian Technologies finalised the transfer of the Voronezh tyre plant from Russian petrochemical company Sibur to the Pirelli-Russian Technologies joint venture. All payments under the deal will be made before 30 March 2012. Yesterday’s transaction follows the December transfer of the Kirov tyre plant from Sibur to the joint venture. In total, the joint venture has invested 222 million euros in the transfer.

1st March 2012/by Tyrepress Editors

Toyo net income down

The first nine months of Japan’s 2011 financial year have been described by Toyo Tire & Rubber as being a “severe” business environment. During the nine month period between 1 April and 31 December 2011, the company experienced a 19.4 per cent year-on-year decrease in net income despite rising sales. Net sales increased 6.7 per cent during the timeframe in question, to 241.7 billion yen (£2.0 billion), while operating income and ordinary income rose 10.4 per cent and 11.9 per cent respectively, to 11.59 billion yen (£95.8 million) and 8.99 billion yen (£74.3 million). Despite stronger sales, net income sank by 985 million yen to 4.11 billion yen (£33.9 million) during the first three quarters.

7th February 2012/by Tyrepress Editors

Michelin makes notes repurchase

In a press statement intended for readers located outside of the USA, Compagnie Générale des Etablissements Michelin announced it has repurchased open market shares between October 2011 and January 2012 for more than ten per cent of the issued number of its lowest ranking subordinated notes (titres subordonnés remboursables de dernier rang), due 3 December 2033, for an aggregate nominal amount of 500,000,000 euros admitted to trading on the regulated market of NYSE Euronext Paris under ISIN FR0010034298. Following the repurchase which is mentioned in this information, the outstanding nominal amount is 97,938,000 euros.

2nd February 2012/by Tyrepress Editors

Former Hankook UK MD Richard Page retires

Former UK managing director, Richard Page, has officially retired. Page joined Hankook back in 2001 bringing with him the experience of having worked in the tyre industry for over 35 years. The UK Hankook team welcomed the New Year together, taking the opportunity to celebrate Richard’s achievements and thank him for his valued contribution over the years.

1st February 2012/by Tyrepress Editors

Keyuan SBS line enters production

China’s Keyuan Petrochemicals has announced that one of the production lines for Styrene-Butadiene-Styrene (SBS) at its new plant in Ningbo, Zhejiang Province, has commenced commercial production. Keyuan conducted tests on the line in the final quarter of last year following completion of its new 70,000 tonne SBS production facility in September 2011. The first line entered commercial production in December and the company says that during the quarter it produced 2,733 tonnes and sold 2,623 tonnes of the substance used by tyre makers.

30th January 2012/by Tyrepress Editors

Strike blamed for weaker Ceat profit

India’s Ceat Limited has released its results for the quarter between 1 October and 31 December 2011, a period in which net sales rose 18.2 per cent to Rs 10.48 billion (£132.45 million). Yet the tyre maker reports that “results for the quarter were adversely impacted by an illegal stroke of workers at [the] Nasik factory” which lasted from 30 September to 22 October. And when Ceat says results were adversely impacted, it means that quarter net profit sank 52.3 per cent year-on-year to Rs 23.90 million (£302,000).

25th January 2012/by Tyrepress Editors

Sibur tyre business sold in MBO deal

On 29 December the Sibur petrochemical holding company completed the sale of 100 of its OAO SIBUR-Russian Tyres (SRT) business to a group of investors including the management of SRT and Vadim Gurinov, former CEO of the company. No financial details relating to the sale have yet been released.

The sale follows the restructuring of SRT with the sale of two of its non-core plants: OAO Sibur-Volzhskiy, a manufacturer of synthetic fibres, which was acquired by CJSC Gazprom Stroy TEK Salavat and OAO Volzhkiy Nitrogen and Oxygen Plant, which specialises in commercial grade gas production and was sold to the ROEL Group.

13th January 2012/by Tyrepress Editors

2011 a good year for van and CV sales

Figures from the Society of Motor Manufacturers and Traders reveal that, in 2011, there were 260,153 registrations of vans up to 3.5 tonnes; 16.7 per cent up on 2010.

Truck registrations were boosted by a buoyant sales month in December, with registrations for the month up 45 per cent year on year. For two-axle rigid vehicles above 6 tonnes, growth rates ranged from 30 to 90 per cent across the various weight segments. Previously, these sectors had lagged behind artic and multi-axle sales. Taking the year as a whole, truck registrations rose by 24.6 per cent.

9th January 2012/by Tyrepress Editors

Tyres & Accessories December 2011

The latest edition of Tyres & Accessories (December 2011) is now available for virtual reading in our e-paper format. Subscribers can electronically flick through the pages containing a review of the year and a feature on workshop equipment (as well as all the regular coverage) by clicking more.

6th January 2012/by Tyrepress Editors

Stalemate over Cooper’s Findlay plant continues

Tire Review reports that the Christmas and New Year's holidays brought no relief to the dispute between Cooper Tire & Rubber and its union-represented workers at its Findlay plant. Some 1,050 union workers remained locked out through the holidays, and Tire Review indicates the two sides will take their stalemate to a federal mediator this week.

4th January 2012/by Tyrepress Editors

Doncaster siblings jailed after tyre fire

Two siblings from Doncaster who ran an illegal waste tyre business which was later destroyed in an arson attack were sentenced to nine months in prison at Sheffield Crown Court on 23 December 2011. Jane Hopkins (45) and David Squire (31) both received the sentence. Between them Jane Hopkins and David Squire had pleaded guilty to six charges related to the illegal storage of tyres.

Tyretrade Ltd held an environmental permit since September 2008, but, according to the Environment Agency (EA) had never operated within its terms, as there was always more than the agreed number of tyres on their Whitlea Grove site. The company came to the attention of the EA on 13 January 2009 when Environment Agency officers visited the site and told Hopkins and Squire that action would be taken to revoke their permit on the 30th of that month if steps were not taken to reduce the amount of tyres. Three days later Hopkins, Squire, and Tyretrade Ltd were convicted at Doncaster Magistrates Court, for previous offences related to the depositing, keeping and treating of tyres. They both received conditional discharges of two years. The company was fined a total of £24,000. The company then went into voluntary liquidation.

4th January 2012/by Tyrepress Editors

Kumho still committed to US plant

According to US news website Macon.com, Kumho Tire still intends to go ahead with its plant in Bibb County, Georgia. The site reported on 22 December that a Kumho delegation told local officials that the tyre maker remains committed to building the plant. “It is their expressed intent to build that plant and to build it here,” commented Macon-Bibb County Industrial Authority attorney Kevin Brown at a recent meeting. “It’s costing them money not having that plant here. They need this in the United States.”

3rd January 2012/by Tyrepress Editors

Triangle receives innovative enterprise award

Triangle Tyre reports that on 28 December 2011 it was named the ‘2011 China’s Innovative Enterprise with Most Growth Potential’ at the annual China Independent Innovation Annual Conference, which was held in Beijing. The company says it attained this honour due to its “significant achievements in technology and product innovation.”

3rd January 2012/by Tyrepress Editors

Jürgen Benz – official comment from point S

The point S operation in Germany has released an official statement broaching the subject of Jürgen Benz’s unexpected departure from the company. In the German-language document, point S Deutschland GmbH says that on 7 December the company’s Board of Shareholders met with managing director Jürgen Benz and agreed that the two parties’ ideas regarding future collaboration differ too greatly, and thus by mutual consent it will end on 31 December, 2011.

20th December 2011/by Tyrepress Editors

Kirov plant transfer finalised

In a jointly-issued statement, Pirelli and Sibur-Russian Tyres announced that, in line with the agreement signed between the two tyre makers and Russian Technologies on 25 July, the transfer of the Kirov plant from Sibur to the joint venture set up by Pirelli and Russian Technologies was finalised on 14 December.

15th December 2011/by Tyrepress Editors