JK Tyre & Industries is reportedly planning to start its 1,000-crore rupees expansion plan at its Chennai plant within the next two to three months doubling the tyremaker’s capacity at the plant, according to the Business Standard.
Within the next two to three months, JK Tyre & Industries intends to get is RS 10 billion Chennai plant (£100 million) expansion project underway. When work is complete plant capacity will be double the current level, making it one of the company’s main export facilities.
Around €40 million will be invested in Continental’s Korbach factory in Germany by 2018, the tyre maker reported on 30 September. The company’s Tire Division will use these funds to establish a specialist production line for 19 to 22-inch passenger car and light commercial vehicle tyres to meet growing international demand from both the original […]
Indian tyre maker MRF Ltd intends to double capacity at its plant near Hyderabad in the state of Andhra Pradesh.
Could JK Tyre & Industries be the next Indian tyre maker to broaden its geographic footprint? Speaking with The Economic Times, company chairman and managing director Dr. Raghupati Singhania said that following the integration of Mexican tyre maker Tornel into the company, JK Tyres has “encountered some interesting propositions for possible opportunities of acquisition to catapult into a global entity.”
The official opening for Hankook Tire’s new plant in Indonesia was held on 17 September. The facility in Lippo Cikarang, West Java – the South Korean tyre maker’s seventh global plant – was inaugurated in the presence of top Hankook executives, including Hankook Tire vice-chairman and CEO Seung Hwa Suh, Hankook Tire Worldwide president and CEO Hyun Shick Cho, and Hankook Tire CMO/CCMO Hyun Bum Cho. Also in attendance was Indonesian president, Susilo Bambang Yudhoyono and several other Indonesian government officials.
Transense Technologies plc, which offers RFID/TPMS chips and equipment, had what it refers to as its most successful year yet in the 12 months ended 30 June 2013. The company reports revenue increased 98 per cent to £1.5 million (2012: £0.765m, 18 months: £1.014 million). During the same period gross profit is said to have increased 140 per cent to £1.02 million (2012: £0.424 million, 18 months: £0.565 million). As a result the company reports that it has a positive cash position at 30 June 2013 of £1.98 million (30 June 2012: £0.195 million).
On 11 September Tyres On The Drive announced it had received £1.5 million of investment in a follow-on round of funding led by venture capital firm MMC Ventures. Launched in 2011 by former Michelin manager Dominic Clark, Tyres On The Drive offers its customers a mobile tyre-fitting service. Since the company’s launch it has grown to more than 40 staff with a fleet of 21 vans across the North West and West Midlands regions and is reportedly on course to double its workforce by the end of the year.
On 2 September, Kumho Tire opened a new research and development centre near the South Korean capital Seoul. Located in Yongin City and built over the course of five years, the centre covers a 34,873 square metre land area with a total floorspace of 22,823 square metres. This space is shared by a research building and testing facility. Approximately 600 researchers from Korea and abroad will be employed at the site and work with supercomputers, physical testing equipment, chemical and instrumental analysis equipment, performance research equipment and more to develop new products.
A report in the Financial times says that Hankook will shortly begin work on building its first plant in the USA as part of its plan to increase its presence in North America. The move is seen as a key part of Hankook's ambition to become one of the world's top five tyre manufacturers.
MAHLE Aftermarket is planning a UK roadshow this month to support the recent launch of a range of Behr air conditioning service units.
Various news sources are reporting that leading Chinese domestic tyre manufacturer Triangle Tire is taking its international operations to the next level with the investment of some 250 million euros in a new tyre factory in the Western Russian Republic of Bashkortostan. The unconfirmed reports suggest that the new plant will be built in one of two areas near Sterlitamak and that the government is offering Triangle a subsidy that will save the company as much as 10 years’ property tax.
Rubber prices are entering a “bull market” as futures hit a three-month high following indications that China's economy is likely to demand more rubber for tyres. According to a Bloomberg report, rubber for delivery in January advanced as much as 3.2 per cent to 278 yen a kilogramme (2,817 a metric tonne) on the Tokyo Commodity Exchange, 22 per cent up from this year’s lowest close.
Giti Tire has created the new role of business system manager based in Manchester and augmenting its European growth strategy. Sujata Achuthan has been appointed to the position, and has been tasked with the introduction of the Oracle Enterprise Business Suite (EBS) to provide the platform for increased finance and distribution requirements, as well as further improve the company’s hardware and software. She has 15 years of global IT experience.
Operations at Bridgestone Asia Pacific’s new technical centre are now underway following its official opening on 13 August. During the opening ceremony, Bridgestone’s senior vice-president Yoshiyuki Morimoto stated that the new Bridgestone Asia Pacific Technical Center – the Japanese company’s first in the region, excluding Japan and China – will provide technical support across the region and will enable Bridgestone to more quickly respond to customer needs.
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