Marangoni Completes Tennessee Plant Expansion
(Akron/Tire Review) Marangoni Tread North America said it has completed expansion at its Nashville, Tennessee, tread rubber plant, effectively doubling capacity at the facility.
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Just Tyres Opens Aldershot Branch
Product NewsWhen Just Tyres re-launched after a management buyout at the end of 2001, managing director Ian Grant’s main objective was to consolidate its position in the marketplace, but he never ruled out expansion in the future. April 2005 saw the first new opening, in Tonbridge, and now a new branch has opened in Aldershot, with more openings to follow.
Continental AG Sells Stankiewicz GmbH
Product NewsContinental AG has sold Stankiewicz GmbH to the Dutch investor Gilde Buy-Out Fund, Utrecht, Netherlands. The two parties have agreed not to disclose the purchase price. Stankiewicz belonged to the ContiTech division of Continental AG and was taken over by Continental as a part of Phoenix AG in 2004. “ContiTech is reorienting its core business activities, which is why we decided to sell Stankiewicz GmbH,” says Gerhard Lerch, executive board chairman of ContiTech AG. “This move will have a positive impact for Stankiewicz as well.”
Amtel-Vredestein Aims to Raise 100 million euros
Product NewsAmtel-Vredestein N.V. has announced plans to issue credit linked notes (CLN) for 100 million Euros during the first quarter of 2006. The CLN issue will be used to finance the company’s retail expansion and to refinance debt. The term of the security will be four years with a two-year put option. The coupon will be paid twice yearly. According to the company, the issue lead manager is Alfa-Bank, Russia.
GSF Selects New Canterbury Branch for Customer Winter Checks
Product NewsGSF Car Parts has announced the official unveiling of its Canterbury branch, which has opened as part of their 2006 expansion drive. This new branch opening is the first of many during 2006 as GSF follows business objectives and targets to grow company operations significantly. The driving ethos behind this expansion is to return benefits from increased ROI and deliver this success directly back to the customer through competitive pricing, high quality products and enhanced customer service.
TVS Tyres’ £7.7 million Expansion Plans
Product NewsTVS Tyres is to invest 600 million rupees (£7.7 million) in expanding its domestic and export capacity. “Our new capacities will be ready by 31 March. We currently manufacture 7 lakh tyres a month; after the expansion, we will have capacities to manufacture 900,000 tyres per month,” S Balasubramanian, vice president, marketing, TVS Srichakra Ltd told India’s Economic Times.
MNA Expansion Plan May Not Get Government Aid
Product News(Akron/Tire Review) As Michelin North America (MNA) prepares to pour $80 million into expanding truck tyre production at its Waterville, Nova Scotia, plant, the recent national elections in Canada threaten to derail the plan, according to reports by CBC.
As part of the expansion deal, the Liberal Party-led Nova Scotia government committed to giving MNA some $9.4 million in interest free loans. With the Conservative Party now in control, there are questions whether the loan offer will be met.
JK Industries Back in the Black
Product NewsJK Industries Ltd, the manufacturer behind the JK Tyre and Vikrant brands, recorded a turnover of 6.52 billion rupees (£83 million) between October and December 2005, a 30 per cent increase over the corresponding quarter of the previous year.
The quarter-end results also showed that the company’s Operating Profit (EBIDTA) has increased 100 per cent to 380 million rupees and the Profit Before Tax also registered an increase at 48.2 million rupees against a loss of 49.3 million rupees in the corresponding quarter of the previous year. Net profit was up at 24.7 million rupees against loss of 92 million rupees during the same period year ago.
Amtel-Vredestein Expands its Retail Network beyond Moscow
Product NewsAmtel-Vredestein NV has acquired six multi-brand tyre sales and service centres from the Vils Group in the Perm region of Russia. The company currently operates outlets in and around Moscow. Perm is located approximately 1300 kilometres east of Moscow along the western slope of the Ural Mountains.
First Commercial Vehicle Michelin Accreditation
Product NewsAshford-based independent retailer Commercial Tyres has become the first truck tyre dealer in the UK to pass a series of stringent quality checks laid down by Michelin Tyre plc.
Commercial Tyres, which also operates branches in Aylesford and Crawley, specialises in supplying road transport operators with a full range of tyre services, ranging from fitment through to fleet management.
Expansion at Amtel’s Kirov Plant Slower Than Expected
Product NewsAmtel-Povolzhye Tire Complex, Russia’s second largest tyre factory increased output by 35 per cent to 6,543,000 tyres in 2005 – less than the 44 per cent increase expected by analysts. According to Russian investment bank, Centre Invest, production at the factory was expected to increase to 7,000,000 tyres. “Although our expectations proved overly optimistic, we maintain our recommendation and fair price for the company, as its growth far outperformed expected growth rates for other Russian tyre manufacturers,” the analyst’s report commented.
Mike Wise to Head Up Kwik-Fit Fleet European Expansion
Product NewsMike Wise has been appointed Kwik-Fit Fleet’s first dedicated European fleet chief as the company plans to accelerate its European expansion. This will involve opening more centres and identifying pan-European fleets, totalling two million vehicles in all, with who the company plans to expand and develop its business partnerships.
Apollo Expands PCR Capacity
Product NewsApollo Tyres Limited is to expand the passenger car radial (PCR) capacity of its Limda plant, the Business Standard has reported. The company will reportedly invest 3 billion rupees (£38.33 million) in the expansion of its PCR capacity at its Limda unit.
Yokohama Announces Two New Chinese Joint Ventures
Product NewsYokohama has announced that it has entered into two new joint venture operations in China. Shandong Yokohama Rubber Industrial Products Co, Ltd, will produce and sell conveyor belts, and Yokohama Tire Sales (Shanghai) Co, Ltd, will sell tyres, both are set to be established in early 2006.
Toyo Celebrates Grand Opening of Georgia Plant
Product News(Akron/Tire Review) Toyo Tire North America Inc. (TNA) officially opened its first North American tyre production facility this morning in White, Georgia. The opening ceremonies were attended by Georgia state and regional officials, Toyo and Nitto tyre dealers, and Bartow County, Georgia., business and community leaders.
