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Apollo Looking For Acquisitions

Armed with a US$35 million loan from Industrial Finance Corporation of India (IFCI), in Washington, Apollo Tyres India is on the lookout for acquisitions. The company’s Chairman-cum-Managing Director, Kanwar Singh, said the company was open for acquiring tyre companies in the country and was in talks with a number of them. “There is no time frame for going for acquisition, but we are open to the idea,” he said.Apollo Tyres is aiming to bring down its borrowing cost by 50 per cent from current levels and is confident to reach a turnover of US$415 million during the current financial year. Commenting on reducing borrowing cost, Kanwar Singh said, “Not only we are expecting a steep fall in borrowing cost, but measures like a cost cutting drive will also bring in much better control.”

11th February 2003/by Tyrepress Editors

Bridgestone And MRF Tie In Indian JD Power Test

For the second year running, Bridgestone and MRF Tyres have tied in first place in the JD Power Asia Pacific 2003 India Tire Customer Satisfaction Index Study, which examines customer satisfaction with originally-fitted tyres after 12 to 18 months of ownership. 2,700 owners were quizzed on 15 different attributes. The overall average score improved by 28 points over last year, reflecting the efforts made to enhance customer satisfaction. Top score was 768 (maximum = 1,000) and Bridgestone and MRF were closely followed by JK Tyres (766, just above the industry average of 764). Goodyear scored 751 and CEAT was the lowest, with 730.

6th February 2003/by Tyrepress Editors

Changes At Goodyear India

Antonio M. Capellini has been named as the new Chairman and Managing Director of Goodyear India. Capellini previously headed Goodyear commercial OE operations in Brazil. He replaces Luis Ceneviz who is moving to Goodyear in Australia.

17th January 2003/by Tyrepress Editors

J. K. Tyre – 25 Years Of Leadership

India’s largest four wheeler tyre manufacturer celebrates its silver jubilee. J. K. Tyre is a division of J. K. Industries, which is itself a flagship company of the J. K. organisation; one of the largest industrial groups in India. As well as tyres, the group’s manufacturing activities include paper, cement, textiles, hybrid seeds, cosmetics, power transmission – the list is as varied as it is extensive. J. K. Tyre was established in 1977 and has established itself as India’s number one manufacturer of tyres for four wheel vehicles under the JK Tyre and Vikrant brands. In this sector, J. K. Tyre claims a domestic market share of 20.8%. In the truck and bus tyre market, which accounts for around 80% of the Indian tyre market by value, J. K. Tyre claims a market-leading 25.8% share.In 1997, J. K. Industries took a major strategic decision to acquire Vikrant Tyres Ltd., an ailing tyre manufacturer. With the input of J. K. Tyre’s expertise, systems, marketing and work practices, Vikrant achieved a remarkable turnaround, returning to profit after only ten months. Today, J. K. Tyre has four Indian production facilities, with a capacity of 5.5 million tyres. This growth is set to continue, with production over the next two or three years rising to some eight million tyres. The company also boasts India’s first, and only, all-steel truck and bus radial plant. Being a pioneer of radial technology involved J. K. Tyres in a great deal of hard work and effort to spread the word about the benefits of radials, but this has been rewarded as the J. K. Tyre brand is strongly associated with radial tyres. The company’s marketing strategy was focused on offering high performance radials with service being the brand differentiator.One aspect of this was the establishment of a chain of retail outlets, offering a one-stop sales and service centre. Going under the name “Steel Wheels”, there are more than 100 such outlets in India and J. K. Tyre claims that they have revolutionised tyre retailing in India – offering services such as wheel balancing and alignment and advice on tyre care by well-trained technical staff. Another marketing initiative is the “Dial-a-Tyre” service, which allows customers to have tyres delivered and fitted in the comfort of their own homes. This is the latest in a line of innovations, which includes India’s first T-rated tyre, the first H-rated tyre and the country’s first Dual Contact tyre, the “Aquasonic”. The company manufactures a range of tyres to suit all four-wheel applications, from cars to trucks and buses, agricultural vehicles and tractors, plus there is also a range of tyres for animal-drawn vehicles. Both radial and bias ply tyres are produced.

9th January 2003/by Tyrepress Editors

$35 Million Loan For Apollo Tyres

Apollo Tyres, India’s second-largest tyre manufacturer, has negotiated a $35 million loan from the International Finance Corporation and banks as part of a two-year, $51 million investment plan. $20 million will come from the IFC and the remainder from participating banks. The money will fund the set up of a new truck radial tyre plant in Gujarat and an increase in capacity of Apollo’s two existing plants in Kerala. The radial technology will be supplied under an agreement with Continental AG.

12th December 2002/by Tyrepress Editors

Indian Merger Moves Closer

The proposed merger between JK Industries, India’s third-biggest tyre manufacturer, and Vikrant Tyres, initiated in 1997 when JK bought the majority of Vikrant shares, has moved a step closer with the announcement that Vikrant stockholders would receive two JK shares for every five outstanding Vikrant shares held. No timescale or deadline was discussed. The merged business would have around 25 per cent of the Indian commercial vehicle tyre market, says JK Industries.

8th October 2002/by Tyrepress Editors

Ceat To Import Pirelli To India

Indian manufacturer Ceat Ltd has caused a stir by agreeing to outsource some 10,000 tyres per month from Pirelli. Recently Indian companies have sought to find cheaper alternative products by buying from other, lower cost markets but this move goes against the trend with Ceat importing higher cost, higher quality products from a world leading brand. The reasons are said to be to fill the gap left by the collapse of the Ceat – Goodyear JV to produce radials and to try and give the company a foothold in the growing radial tyre market without setting up another manufacturing operation in India. It may also offer a low risk opportunity to test the Indian market’s capacity for high quality, high cost premium brand products. The outcome of the exercise may alter the nature of the Indian tyre market according to some commentators.

3rd September 2002/by Tyrepress Editors

Possible Merger In India

There are reports that Indian companies JK Industries and Vikrant Tyres Ltd. are exploring the possibilities of a merger to form one tyre company. JK Industries has outlined the plan to its lender, the Industrial Development Bank of India and is awaiting a response, while Vikrant has proposed a number of restructuring scenarios to its directors, one of which involves a merger with JKI.

21st August 2002/by Tyrepress Editors

Apollo To Build New Radial Plant

India’s second-largest tyre manufacturer, Apollo Tyres, is to invest 1.1 billion Rupees (24.7 m Euro) in a plant to make radial truck and bus tyres. The plant will be sited at Baroda, in Gujarat, next to an existing Apollo factory and will use technology from Continental, with whom Apollo has an existing collaboration. Apollo claims a 25 per cent share of the truck and bus tyre market but poor infrastructure and a large number of two-axle vehicles mean that radialisation in this sector is a very low 2 per cent.

8th May 2002/by Tyrepress Editors

MRF Limited

MRF was established in Chennai, India, in 1946 as a general rubber goods manufacturer and gradually progressed into tyre production in 1961.Today, the company enjoys the distinction of being the largest tyre company in the Indian subcontinent and the 13th largest in the world. The Far Eastern Economic Review “Annual Review 200”; rated MRF as one of India’s top ten companies and among the 200 most admired companies in Asia, for the last seven years consecutively.MRF was also rated the No. 1 Ethical Company in India by the Business World magazine. MRF operates six manufacturing plants in India at Tiruvottiyur, Arkonam, Kottayam, Goa, Medak, and Pondicherry and manufactures the largest range of tyres in India´s heavy duty truck/bus tyres, light commercial vehicle tyres, passenger car tyres, off-the-road/industrial tyres, 2-wheeler tyres and farm service tyres. Five of these plants and the conveyor belting factory at Arakonam are ISO 9002 certified. The plant at Pondicherry is QS 9000 certified. MRF Tyres are exported to over 65 countries in the Americas, Africa, Middle East, Australia and Asia.With the focus on exports, the company plans to increase market share and start operations in several new countries. MRF also manufactures conveyor belts and precure tread rubber, and its subsidiaries manufacture toys, speciality paints, leather and leather products.

25th March 2002/by Tyrepress Editors

Year To Date Performance From Goodyear

Goodyear has released details of the group’s performance in various markets, for the year to date, to end February. Brief details are as follows:North American Tire: February industry shipments of consumer replacement tyres were 8 per cent up on last year. Goodyear shipments to dealers were flat, as some dealers pre-bought at the end of last year. Goodyear shipped 400,000 tyres as part of the Ford replacement programme. Industry shipments of commercial tyres were 14 per cent up on last year’s levels. Goodyear’s shipments were up, but not as high as the industry figure. Industry shipments of OE tyres were up 10 per cent for car tyres and down 17 per cent for commercial tyres. Goodyear’s unit shipments outperformed the industry.European Union: Consumer replacement tyres: industry shipments + 3 p.c. Goodyear shipments lower. Commercial replacement tyres: industry shipments – 6 p.c. Goodyear shipments reflect this figure. Consumer OE tyres: both industry and Goodyear shipments up. Commercial OE tyres: both industry and Goodyear shipments down.Eastern Europe: No segmentation available, but Goodyear replacement tyre sales were up, due mainly to market recoveries in South Africa and Turkey. Goodyear OE tyre sales were down slightly.Latin America: Goodyear replacement tyre sales down, mainly in Brazil and Argentina. OE sales were up. Currencies in Brazil and Mexico were revalued, but this was offset by devaluations in Argentina and Venezuela.Asia: Replacement tyre sales were up from last year, while OE unit sales were slightly down. Improved volumes in China and India helped improve operating margins over last year.

21st March 2002/by Tyrepress Editors

Marketing Director For Goodyear Asia

Sanjay Sivanandan (35) has been appointed by Goodyear as marketing director, Asia. He has 12 years’ experience in Europe and Asia and joins the tyre manufacturer from Mars Inc., where he was responsible for business in India. Roger A. Hagstrom becomes Sales Director, Asia Region as part of Goodyear’s global sales and marketing reorganisation.

4th March 2002/by Tyrepress Editors

Indian Investment For Goodyear

Goodyear is set to invest the equivalent of US$ 36.4 million in Goodyear South Asia Tyres Pvt Ltd., the company which runs a tyre factory at Aurangabad, India. This follows a previous investment by Goodyear in 1999 of US$ 62.2 million. The factory produces tyres for both the OE and replacement markets.

15th January 2002/by Tyrepress Editors

Good News From India For Bridgestone

According to JD Power Asia Pacific 2001 India Tyre Survey, Bridgestone lead the market in customer satisfaction. The survey compares satisfaction with OE tyres at 12-18 months of ownership. The Bridgestone brand comes top in three out of four elements of the survey, appearance, traction and performance. Six tyre manufacturers and eleven vehicle manufacturers were involved in the survey.

30th November 2001/by Tyrepress Editors

Uncertainties Stop Michelin’s Plans For India

Reduced profits in the Indian tyre market and an uncertainty about acceptance of radial truck and bus tyres has forced Michelin to take stock of its plans for the continent. Plans for a $115m plant at Maharashta have been put on hold. In the meantime Michelin is testing the market with imported radials before making a final decision.

30th November 2001/by Tyrepress Editors