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Triangle’s 2013 global summit exemplifies Chinese globalisation ambitions

International News, News

The theme of globalisation loomed large over Chinese tyre manufacturer Triangle’s latest Global Business Summit, held in the China Hall of the older Grand Tower of Pudong, Shanghai’s Shangri-La Hotel. While the chairman of the board Ding Yuhua’s conference starting theme speech riffed on the theme with regard to manufacturing processes, employee base and international trends, the presence of delegates from around the world reinforced the message the world’s 16th largest tyre manufacturer’s message – Triangle suppliers from three continents travelled with Tyres & Accessories to the Shangri-La from Pudong International, to underline a point. In the coming year, Ding Yuhua said that Triangle is seeking to “speed up the transformation and upgrade [its] manufacturing to synchronise with the global economy,” while focusing on the environmental standards Triangle now characterises as part of the “mainstream” in the post-REACH, post-labelling landscape – in China as well as the rest of the world. This involves greater investment in green production technology that he says is yielding a “four per cent increase in energy efficiency yearly”.

5th July 2013/12,345 Comments/by Andrew

Apollo and Cooper – is this the start of the expected wave of consolidation?

Company News, News

Is this the opening shot in the anticipated round of consolidation within the tyre industry? Or is it merely an expression of courage, or cockiness, with Indian tyre manufacturer Apollo in the role of a predator, seeking to grasp the much-larger rival Cooper as prey and in doing so exposing itself to the risk that the US$2.5 billion price will land it in debt above its head? Is attack the best form of defence or has the Indian company overreached with this ambitious and financially-edgy expansion plan?

5th July 2013/12,345 Comments/by Tyrepress Editors

Tyre failures return in dramatic British grand prix

Anyone predicting that Formula One’s tyre supplier Pirelli could settle in for a quieter end to the 2013 season had a rude awakening at the British grand prix. Three rear left tyre deflations in the first 15 laps decidedly different in character from the delaminations seen earlier in the season led to a lengthy safety car period. During these laps race marshals rushed to clear debris from all around the track, while FIA race director Charlie Whiting was reportedly on the verge of red-flagging the race on safety grounds. But the race continued to a highly compelling conclusion for a passionate crowd of over 110,000 after Red Bull’s Sebastian Vettel rolled to a standstill on the home straight, an event that lifted the spirits of a partisan home crowd. They were denied a British victory, though home favourite Mercedes’ Lewis Hamilton produced a season’s-best drive to claim fourth following his early tyre failure from first. Mark Webber also pushed the victorious Nico Rosberg close in the final stages, marking an apt last British grand prix for the popular, perennial nearly-man. The fans surrounding Tyres & Accessories near the home straight, who had been more than murmuring their discontent at Pirelli following the early tyre deflations, raised their voices to a crescendo as Hamilton and Webber improvised a tyre strategy to allow them to work their way through the grid.

1st July 2013/12,345 Comments/by Tyrepress Editors

Cooper acquisition is a game changer – Apollo MD talks to T&A

Company News, International News, News

With the ink still drying on Apollo Tyre’s agreement to purchase Cooper Tire and Rubber, on 27 June Tyres & Accessories met with Apollo vice chairman and managing director Neeraj Kanwar at the company's new global marketing office in central London in order to get the inside line on the deal, the impending integration and the strategy behind the purchase.

In 2010, Apollo's owners, chairman Onkar Kanwar and vice-chairman and managing director Neeraj Kanwar, told the world that the company was aiming to break into the global top 10…at least. At the time this announcement was made you could be forgiven for thinking such a proclamation was either an exercise in hyperbole or in corporate goal setting. And why not? There's nothing wrong with aiming high, as many of the world's fastest growing tyre companies are clearly doing. After all, as the saying goes, “he who aims at nothing hits it”.

But with all the speculation that surrounded the company's decision to engage in takeover talks with Cooper at the end of 2012, the fact that the deal has now been agreed arguably isn't as much of a surprise as the speed with which the top 10 goal has been attained. Early indications suggest that the amalgamated Apollo/Cooper will be the seventh largest tyre company on earth. So what’s next? The exclusive club that is dominated and fiercely defended by the big five? Or, as is more likely, a period of integration and consolidation while the dust settles?

1st July 2013/12,345 Comments/by Chris

New PIPCO website and marketing programme

Worldwide-Marketing has launched a new brand and website to expand its international tyre bladders and related products sales programme. The products are manufactured by Polymer Industrial Products, also known as PIPCO. The new PIPCOWorldwide.com site is designed to support the expansion of the company’s global reach with offices in Central America, South America, Europe, Asia, and India. The increase in staff that comes with the move is expected to allow expansion of their turn-up bladder trial program, which has reportedly helped dozens of tyre plants increase their cure rates already.

26th June 2013/12,345 Comments/by Tyrepress Editors

Kanwar: ‘We see significant growth potential’ at each tyre plant

Apollo Tyres joint chairman Neeraj Kanwar has spoken out in support of keeping and even expanding Apollo and Cooper’s existing manufacturing sites. With the dust still settling following the news of the acquisition of Cooper by Apollo, Kanwar’s comments, which came as part of an interview with Tyres & Accessories, appear to act as a further assurance that the company has no plans to close its manufacturing locations.

25th June 2013/12,345 Comments/by Tyrepress Editors

No Cooper production in India, says Apollo

It appears Apollo Tyres is not planning to shift any Cooper Tire production to its factories in India. The Times of India reported on 22 June that the existence of Cooper production sites in low production cost countries makes such a move unnecessary. On the other hand, the Indian tyre maker makes no secret that it will use the acquisition deal to bring its Apollo brand into new markets. And the possibility of Apollo production in Cooper factories also remains.

24th June 2013/12,345 Comments/by Tyrepress Editors

Council hopes Apollo deal will lead to Melksham investment

Melksham Town Council has welcomed Apollo Tyres’ acquisition of Cooper Tire & Rubber. Melksham north ward councillor Pam Wiltshire told local newspaper the Wiltshire Times that “obviously it’s a really good thing for the town, because there have been concerns in the past with what might happen.”

21st June 2013/12,345 Comments/by Tyrepress Editors

Apollo to distribute Cooper range in India

One result of Apollo Tyres’ acquisition of Cooper Tire & Rubber is that the US brand will be distributed in India, to both original equipment market customers and the replacement market. News regarding this was initially published by The Hindu Business Line on 19 June; the Indian financial daily wrote that the first Cooper products to arrive in Apollo’s home market would be SUV tyres, which will be supplied to “various OEMs”.

20th June 2013/12,345 Comments/by Tyrepress Editors

Another Chinese plant for Cheng Shin?

Taiwanese tyre maker Cheng Shin Rubber is reported to be considering building its seventh plant in China. On 19 June the Taipei Times printed comments made to this effect by company vice-president Wu Hsuan-miao (吳軒妙) following Cheng Shin’s annual general meeting the previous day.

19th June 2013/12,345 Comments/by Tyrepress Editors

Apollo deal an ‘overambitious move’ – LKP Securities

Shares in Cooper Tire & Rubber have fared well since news of the tyre maker’s impending acquisition was announced. When the NYSE closed on 13 June the share price stood at US$33.80, an increase of some 38 per cent on the start of the week. Future owner Apollo Tyres has not enjoyed such a positive reaction to the news, however. By midday on 14 June (Indian standard time), shares in Apollo Tyres were trading at Rs 67.75, down more than 26 per cent since the deal was made public.

14th June 2013/12,345 Comments/by Tyrepress Editors

Dunlop sale/Cooper purchase unlinked, says Apollo

Apollo Tyres executives have denied there is any link between the recent sale its Dunlop operations in Africa and its later purchase of Cooper Tire. Apollo agreed to sell most of its South African operations to Sumitomo Rubber Industries Ltd. for $60 million last month. However, speaking minutes after the company announced it had agreed to buy Ohio-based Cooper Tire for $2.5 billion, Apollo vice chairman and managing director Neeraj Kanwar told The Times of India that two moves cannot be directly linked:

13th June 2013/12,345 Comments/by Tyrepress Editors

Apollo to buy Cooper for US$2.5 billion

Apollo Tyres has finally confirmed speculation that the India-based manufacturer is to buy US firm Cooper Tire in a friendly takeover. According to the company the US$2.5 billion deal makes the firm the seventh largest tyre manufacturer in the world with combined revenues of US$6.6 billion. It also gives the manufacturer access to the North and South American markets currently uncovered by its global presence. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cooper stockholders will receive $35.00 per share in cash. The transaction represents a 40 per cent premium to Cooper’s 30-day volume-weighted average price, according to an announcement detailing the news. We will add further details to this developing story as we receive them. Look out for complete coverage in the July issue of Tyre & Accessories magazine and online at Tyrepress.com.

12th June 2013/12,345 Comments/by Tyrepress Editors

‘Most modern’ butyl rubber plant opens

At an official ceremony on 4 June, attended by around 400 guests, German specialty chemicals firm Lanxess inaugurated its new butyl rubber plant on Singapore’s Jurong Island. Built at a cost of 400 million euros, the facility is the company’s largest ever single investment and is described as being the “most modern of its kind in Asia.” The 100,000 tonne per annum plant will produce premium halobutyl rubber and regular butyl rubber.

11th June 2013/12,345 Comments/by Tyrepress Editors

Pirelli rules out new tyre for Silverstone as Vettel canters to Canada win

Sebastian Vettel used two stops to saunter to his 29th career victory at the Circuit Gilles Villeneuve in Canada. Vettel started on the P Zero Red supersoft tyre to sprint ahead of a similarly shod top 10 before switching to the P Zero White medium and completing the race with a final stint on this tyre. Despite wet qualifying conditions, Pirelli also completed some testing of its tweaked rear tyres in Friday practice, and Motorsport director Paul Hembery said the manufacturer would analyse the data gathered “over the next few days” before summarising the differences in performance.

10th June 2013/12,345 Comments/by Tyrepress Editors