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IRSG secretary-general hails tyre makers’ ‘decade of opportunity’

Speaking as principal guest at the opening of Tyrexpo Asia 2013, the secretary-general of the International Rubber Study Group (IRSG) has predicted strong global demand for tyres through the coming decade. Dr Stephen Evans said that large scale Chinese and Indian car registration growth is projected to help increase the world’s vehicle pool by more than 50 per cent in the next decade. The ninth staging of the show opened in Singapore on 19 March, with more than 250 exhibitors in tyre, rubber, equipment, machinery and accessory suppliers participating.

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

Raikkonen, Lotus ‘understand’ Pirelli tyres best to win in Australia

With much of the grid employing different tyre strategies at the season-opening Australian grand prix, Pirelli’s Motorsport director Paul Hembery believes that the winning drive by Lotus’ Kimi Raikkonen displayed the best understanding of the “deliberately bold” selection of rubber. Raikkonen won the Australian Grand Prix using a two stop strategy, having started the race on the P Zero Red supersoft tyre and then completing two stints on the P Zero White medium tyre. Ferrari’s Fernando Alonso, the Finnish driver’s closest rival used a three-stop strategy, as did the rest of the top six.

18th March 2013/12,345 Comments/by Tyrepress Editors

Reports: KKR close to Alliance Tire Group buyout

Reports from India suggest private equity firm KKR and Co. is in the last stage of talks to buy as much as an 80 per cent stake Alliance Tire Group. The latest news, which follows a couple of months of speculation about the deal, values the company at around US$600 million. According to livemint.com, KKR will buy out the stake currently held by another private equity firm, Warburg Pincus Llc, as well as the minority stake held by certain other stakeholders.

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

Further Alliance Tire Group sale reports

The latest round of speculation associated with the sale of shares in Alliance Tire Group puts Kohlberg Kravis Roberts (KKR), Blackstone, TPG Capital and Advent International at the front of the pack. According to a Times of India report published on 20 February the firms are “set to fire bids valued at more than US$300 million to acquire majority shares in Alliance Tire Group.” Standard Chartered Private Equity is also said to be bidding.

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

Far reaching and adverse consequences – India’s ATMA on higher rubber duty

The association representing India’s tyre makers has expressed its opposition to a government decision to increase import duty on rubber. In a statement, Automotive Tyre Manufacturers Association Anant Goenka said any such decision “will have far-reaching and adverse consequences on tyre industry and its long-term impact will be felt on the entire value chain of rubber sector.”

28th February 2013/12,345 Comments/by Tyrepress Editors

2012 sales, profits down at Goodyear India

Goodyear India Ltd. has reported a 2012 fiscal year net profit of Rs 563.2 million (£6.9 million), 12.8 per cent lower than the previous year’s result. Net sales for January to December 2012 amounted to Rs 14,812.9 million (£181.5 million), down 2.2 per cent year-on-year, while profit from operations before other income, finance costs and exceptional items was Rs 711.7 million (£8.8 million), a year-on-year decrease of 23.2 per cent.

28th February 2013/12,345 Comments/by Tyrepress Editors

Global truck sales to grow ‘moderately’ in 2013

Despite a dip in the overall market last year, some analysts are predicting that global heavy and medium truck sales will increase “moderately” in 2013 owing to rising demand from so-called Next-11 countries and other emerging markets.

The report by Frost & Sullivan forecasts that the combined GDP of key commercial vehicle markets will grow at 3 to 3.5 per cent in 2013. This is expected to stoke medium-heavy truck sales growth at the rate of 4.3 per cent in 2013. Furthermore, the slowdown in Europe and moderate expansion in truck demand in North America will be largely offset by robust growth in Next-11 and other Rest of World (RoW) markets, resulting in global medium-heavy truck sales reaching 2.8 million this year.

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

2012 a ‘record year in every way’, says Titan

Maurice Taylor may not be cut out for a high level diplomatic posting, but the man certainly knows how to run a profitable company. In the 2012 financial year Titan International increased its sales 22.4 per cent US$1,820.7 million – a record for the company. Gross profit for the year grew 26.7 per cent $294.1 million, or 16.2 per cent of net sales, as compared to $232.1 million, or 15.6 per cent of net sales in 2011. Income from operations in the current year was $174.7 million, compared to $132.2 million in 2011, an increase of 32.2 percent, while net income for year-end 2012 was $95.6 million, compared to $58.2 million in 2011, an increase of 64.3 per cent.

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

MWSD launches reduced weight xlite super single wheels

Motor Wheel Service Distribution (MWSD) has announced an expansion to the xlite forged aluminium wheel range, manufactured by Wheels India, launching two of the lightest super single wheels on the market. The 11.75×22.5 wheel, with a 0mm inset and 10x26mm mounting holes, boasts a weight reduced by 1.6kg to 22.1kg. The new 120mm inset wheel weighs 3.7kg less than its predecessor at 24.3kg. Both wheels have an increased load index from 4,500kg to 5,000kg.

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

You can keep the so-called workers – Titan’s Taylor replies to French offer

He stopped short of deploying the phrase “lunch eating laziness monkeys” – but perhaps only just. Titan International chairman and CEO Maurice Taylor has penned a letter to France’s industry minister Arnaud Montebourg, mocking the latter’s well meant but ultimately misguided request for Titan and Taylor to reconsider buying the agricultural business at Goodyear’s Amiens Nord plant. Taylor, a man known for his forthrightness, also took the opportunity to express his feelings towards the Amiens plant workforce.

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

Bridgestone profits up 67%

It turns out that 2012 was a good year for Bridgestone Corporation. The Japanese tyre and rubber products manufacturer achieved a 66.8 per cent increase in net income during the period, taking in a healthy 171.6 billion yen (£1.18 billion). This jump in profit was achieved despite sales remaining relatively level; these increased 0.5 per cent to 3,039.7 billion yen (£20.94 billion). Operating income rose 49.5 per cent to 285.9 billion yen (£1.97 billion) and operating margin increased from 6.3 per cent to 9.4 per cent.

18th February 2013/12,345 Comments/by Tyrepress Editors

Sumitomo net income up 24.9% in 2012

For the year ended 31 December 2012, Japan’s Sumitomo Rubber Industries Ltd. recorded net sales of 710.2 billion yen (£4.9 billion), a year-on-year increase of 4.9 per cent. Operating income, at 69.7 billion yen (£481.5 million), was up 29.3 per cent on the 2011 result, while ordinary income of 67.4 billion yen (£465.1 million) represented a 34.9 per cent rise. Net income for 2012 amounted to 35.5 billion yen (£237.9 million), a 24.9 per cent year-on-year increase.

15th February 2013/12,345 Comments/by Tyrepress Editors

Indian tyre dealer federation protests cartel decision

The All India Tyre Dealers' Federation (AITDF) has approached the country’s Competition Appellate Tribunal (COMPAT), a body that handles appeals against any decision made or order passed by the Competition Commission of India (CCI), regarding the clean bill of health the CCI gave tyre makers when it investigated cartelisation claims. Last October the CCI found no evidence of cartelisation in the tyre industry, and thus dismissed a complaint filed by the AITDF. The manufacturers in question, Apollo Tyres, MRF, JK Tyre, Ceat and Birla Tyres, along with the Automotive Tyre Manufacturers' Association, faced no penalty. These five manufacturers are said to control 95 per cent of India’s domestic tyre market.

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

Titan’s shopping tour heads to India

In prior years the US-based off-road tyre specialist Titan International has expanded not just through organic growth, but also through strategic acquisitions. And according to company chairman and CEO Maurice Taylor, the shopping tour is not over yet. The next goal is the 50-year old Indian steel wheel manufacturer “Wheels India Ltd.”, a TVS Group company.

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

Michelin grows sales, profits despite declining volumes

Michelin’s 2012 financial results are now public, and in a pithy sentence the tyre maker describes its performance last year as “strong 2012 earnings in lacklustre markets.” During the year the company earned net sales of 21.474 billion euros, up three per cent on 2011, although Michelin says weak demand, particularly in Europe, dragged sales volumes down 6.4 per cent year-on-year. Western Europe and North America each accounted for 34 per cent of total net sales, with North America gaining three percentage points at Western Europe’s expense, while the rest of the world’s share of net sales remained unchanged from 2011 at 32 per cent.

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