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Italian Agricultural research council tests BKT rubber

Headquartered in the north Italian town of Seregno, BKT Europe says it is committed to increasing product knowledge; the latest action on this front has been a round of European testing of the Mumbai, India company’s agricultural tyre range, Agrimax Fortis. BKT charged the Agricultural Research Council (CRA-ING) in Treviglio, Bergamo with carrying out an independent, standardized and comparative assessment for the purpose of evaluating the performance of the Agrimax Fortis. BKT says the tests show fuel consumption and soil compaction – features that impact productivity, the environment and the farmer’s pocket – comparable to performance features offered by two unnamed “competitors, acknowledged leaders at an international level”. BKT believes the results show the benefits of its investment in research, particularly in “eco-friendliness”.

11th January 2012/by Tyrepress Editors

Margins still tight in India despite lower rubber prices

The recent easing of rubber prices was understandably welcomed by tyre manufacturers, yet it represents no panacea for the industry; other costs, notably for energy, continue their upward trend. In India, these issues are accompanied by a weakening rupee. Financial daily the Business Standard reports that despite a 15 per cent fall in natural rubber prices, India’s tyre makers are facing ever tighter operating margins.

21st December 2011/by Tyrepress Editors

Tyre firm leaders to speak at World Rubber Summit 2012

More than 25 CEOs and business leaders from the rubber and associated sectors are expected to speak at next year’s World Rubber Summit, including representatives from Bridgestone, Goodyear, Lanxess and Michelin. Event organiser, the International Rubber Study Group, has announced that next year’s summit will take place in Singapore on 22 to 24 May 2012 and be accompanied by World Rubber Week activities.

13th December 2011/by Tyrepress Editors

Starco celebrates half a century of growth

In recent times the Starco name has been no stranger to the pages of Tyres & Accessories and tyrepress.com; much has been happening within the Danish company. Indeed, in the last few years we have witnessed Starco’s development from a Europe-focused small wheel specialist into a wheel and tyre manufacturer with global ambitions. Yet this transformation is just the latest chapter in the history of a company that, as of 11 December, has been in business for fifty years. To mark the company’s golden anniversary, Tyres & Accessories recently spoke with Starco chief executive officer Peer Ejlersgaard, who gave an insight into where the company has been and where it plans to go.

9th December 2011/by Tyrepress Editors

ETRMA ‘surprised’ by TWG speech

Company News, International News, News, UK News

Following the publication of Tyres & Accessories’ report on the recent NTDA Tyre Wholesalers Group annual lunch, ETRMA secretary general Fazilet Cinaralp has written an open letter stating her association’s surprise at the issues raised in TWG chairman Ashley Croft’s keynote speech. During the speech, Croft referred to testing, lobbying and the relative importance of the implementation of current tread depth legislation. As our coverage explains, no-one was available to attend the event on behalf of the European Tyre and Rubber Manufacturers association, so here is the association’s response in full:

6th December 2011/by Tyrepress Editors

Huf to acquire Beru TPMS business

An agreement between Huf Hülsbeck & Fürst GmbH & Co. KG and BorgWarner Beru Systems GmbH has been reached regarding Huf Electronics’ take over of BorgWarner Beru’s tyre pressure monitoring system business and acquisition of all shares in its Beru Electronics GmbH subsidiary. Subject to approval by the antitrust authorities the acquisition and merger of the Bretten, Germany based subsidiary, which employs some 230 people, will take place at the end of this year or early in 2012.

1st December 2011/by Tyrepress Editors

MRF net profit soars

India’s MRF Limited has reported a significant increase in year-on-year net profit for the quarter ending 30 September 2011. The company reported a net profit of Rs 3,954.5 million (£48.4 million), an increase of 413 per cent on the same quarter of last year. This growth occurred even though income rose only 24.3 per cent to Rs 26,197.9 million (£326.6 million) and can in part be attributed to a change in the company’s policy of accounting for depreciation.

1st December 2011/by Tyrepress Editors

Metro begins tubeless moto tyre production

Indian manufacturer Metro Tyres has introduced the latest product to result from its technical collaboration with Germany’s Continental AG. In a statement, the company reported the release of its first tubeless motorcycle tyres. The new product will initially be manufactured at the company’s factory in Ludhiana plant; production will later be extended to a second plant.

25th November 2011/by Tyrepress Editors

Manager for outright sale of India’s TCIL sought

India’s government is seeking proposals for divesting the Tyre Corporation of India Limited (TCIL) through an outright sale. In a document released through the Department of Disinvestment, a part of the country’s Ministry of Finance, the Indian government stated it has “decided to disinvest 100 per cent equity shareholding held by it in TCIL through outright sale” and reported that it “proposes to engage the services of an advisor to advise and manage the outright sale process successfully.” To achieve this divestment of its Rs 296.3 million (£3.3 million) equity in TCIL, the Indian government has called for tender submissions from merchant and investment bankers, consulting firms and financial institutions with experience in this type of transaction. The deadline for submissions is 12 December 2011.

21st November 2011/by Tyrepress Editors

ATMA and AIRIA call for futures speculation freeze

Leading India tyre and rubber industry associations Automotive Tyre Manufacturers Association (ATMA) and the All-India Rubber Industries Association (AIRIA) have asked for immediate suspension of futures trading in rubber following allegations of speculation in the futures market playing havoc with physical markets.

17th November 2011/by Tyrepress Editors

India tyre cartel allegation under investigation

India-based news website Livemint.com reports that antitrust regulator the Competition Commission of India (CCI) is looking into a possible cartel within India’s tyre industry. The CCI began its investigation following receiving a report from its director general earlier this year. This report concluded that the five leading Indian five makers, who together control 95 per cent of the domestic market, and the Automotive Tyre Manufacturers’ Association (ATMA) colluded to fix prices. Now the CCI is, says Livemint.com, looking into the allegation more closely with a view to holding a hearing in December.

16th November 2011/by Tyrepress Editors

Bridgestone to build 50th tyre plant

To meet growing global demand for passenger car radials, Bridgestone Corporation has decided to erect a new plant in Vietnam. The company will invest 35.5 billion yen (£286.2 million) in the project, which is expected to enter production in the first half of 2014. When production reaches full capacity in the first half of 2016, the Vietnam plant will manufacture some 27,400 tyres per day and boast a workforce of around 1,900 employees.

14th November 2011/by Tyrepress Editors

Apollo Tyres ordered to return 4.95% ‘Harshad Mehta share’

Almost 20 years ago, Harshad Mehta achieved infamy in India through an engineered rise in the Bombay Stock Exchange that became known as the ‘securities scam’. After the stock broker’s activities came to light in mid-1992, a number of Mehta’s assets were sold off as part of court proceedings. This sale included 5,488,850 shares in Apollo Tyres, equal to 15.1 per cent of the company’s equity, which were purchased by Apollo and its managing family the Kanwars in April 2003. Now the Supreme Court in New Delhi has ordered Apollo Tyres to return a portion of these acquired shares to the Mehta family custodian. A two-judge Supreme Court bench accepted in part the appeal of Ashwin Mehta, brother of Harshad Mehta (who died in 2002) challenging the Mumbai Special Court’s 2001 order that allowed the sale of bulk holding shares back to Apollo Tyres.

10th November 2011/by Tyrepress Editors

Despite positive H1 results, Apollo wary of slowing growth

Commenting on a half-year that saw the increase in Apollo Tyres’ net profit fall behind sales growth, company chairman and managing director Onkar Kanwar noted that “currency fluctuations, especially a weaker rupee, and continued cost push have impacted our bottom line.” Kanwar described the “near flat growth” in India’s commercial vehicle tyre segment during the first half of the country’s fiscal year as “worrying” and a situation that “could pose a challenge in the coming quarters.” The Apollo chairman said the company’s European business is currently registering strong growth, however his view of the region remains cautious: “We are alert to the broader economic situation there and are keeping a close watch on developments,” he stated.

9th November 2011/by Tyrepress Editors

Tyre demand to grow 12 per cent annually in Saudi Arabia

Demand for tyres and tubes is set to grow by 12 per cent annually in Saudi Arabia according to a new report published by Research and Markets called "Automotive Tire Industry in Saudi Arabia". The largest market for tyres in the Middle East, Saudi Arabia still imports most of its demand, with the annual value of tyres needed to feed the market adding up to almost US$800 million. This equates to 13 million units every year and volumes are expected to keep on rising as consumer demand increases over the next few years.

4th November 2011/by Tyrepress Editors