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Material costs squeeze JK Tyre 2011 profits

Reporting on the financial year that ended March 31, 2011, JK Tyre & Industries Ltd. notes that the selling price increases implemented for its products were unable to keep pace with raw material cost increases, and this adversely impacted upon the company’s margins. Therefore, despite a 30.9 per cent increase in net sales to Rs 59,454.4 million (£806.9 million), the Indian tyre maker’s before profit tax dropped 64.2 per cent to Rs 1,119.6 million (£15.2 million) and net profit declined 71.5 per cent to Rs 625.5 million (£8.5 million). Revenue from the company’s operations in India accounted for 80.0 per cent of total net sales and the former Tornel facilities in Mexico the remaining Rs 11,343.5 million.

26th May 2011/by Tyrepress Editors

Indian trucking organisation threatens Apollo boycott

Indian media sources report that the All India Motor Transport Congress (AIMTC), an organisation said to represent around seven million trucks, has announced plans to cut supplies of raw materials to Apollo Tyres’ factories in Tamil Nadu, Kerala and Gujarat. On top of this, the AIMTC apparently intends to block the supply of Apollo products to the market. The reason for this action is said to be discontent with the price increases Apollo has implemented in recent times, and other tyre makers are also under threat of boycott.

25th May 2011/by Tyrepress Editors

MRF factory No. 7 to enter production by year’s end

Production at MRF Tyres’ seventh factory in India is expected to begin in the coming months. At the opening of a company sales and service outlet in the city of Kolkata, MRF deputy general manager Rajat K. Nangia commented that operations at the Rs 9 billion (£121 million) truck tyre and passenger car radial plant in Thiruchirapalli, Tamil Nadu state would commence before the end of the year. Nangia also reported on the tyre maker’s intention to raise US$110 million through the sale of ten year bonds; Nangia said the bond sale process is already underway and a portion of the funds raised will be utilised to increase capacity expansion in each of the company’s factories.

23rd May 2011/by Tyrepress Editors

Michelin India to supply own market needs by 2015

By 2015, Michelin aims to supply 100 per cent of its truck and bus tyre market in India from its plant currently under construction near Chennai. The facility, being built on a 300-acre site in Thervoy Kandigai, is scheduled to enter production next year with an initial annual capacity of 300,000 truck and bus tyres.

20th May 2011/by Tyrepress Editors

Reliance Industries to build up rubber business

A new major player may be set to enter the global rubber industry: India’s Reliance Industries (RIL) intends to invest in building up a rubber business to meet growing demand in Asia. "We are developing a whole new rubber business,” company chairman Mukesh Ambani told India’s Economic Times. “We will make RIL one of the world's largest players in rubber as the whole tyre industry moves to Asia. The big trend is that if you look at next ten years, the projections for automobile growth is all China, India and Asia focused." In total, RIL plans to invest some US$10 to $12 billion in its chemical business to strengthen the company’s portfolio in a number of sectors.

18th May 2011/by Tyrepress Editors

Conti to commence Russian PCR manufacture in Q4 2013

Continental has confirmed news first reported last year on its intention to erect a new factory in Russia. Alexander Lührs, head of media and press relations for the German manufacturer’s Passenger & Light Truck Tires division, told Tyres & Accessories that approximately 200 million euros will be invested in a greenfield plant initially capable of producing four million passenger car tyres a year. Production is expected to begin in the fourth quarter of 2013, Lührs added.

17th May 2011/by Tyrepress Editors

New Malaysia factory to meet Toyo's Asian demand

Construction on Toyo Tire & Rubber’s new factory in Malaysia is expected to begin this year and production in 2013. Japanese media organisation Nikkei reports the tyre maker will invest around 20 billion yen (£153 million) in a six million passenger car tyre per annum plant that will primarily meet demand in China, India and other emerging Asian markets. According to Nikkei the new plant, which complements the newly-acquired three million tyre per year Silverstone plant, will make Malaysia Toyo’s main Asian centre of production outside of Japan. By 2015, will produce 12.5 million units in Asia each year, Nikkei adds.

17th May 2011/by Tyrepress Editors

Sumitomo to manufacture in Brazil through 100% owned subsidiary

Official confirmation has been given of Sumitomo Rubber’s plans for Brazil; in July the Japanese firm will establish Sumitomo Rubber do Brasil Ltda, a Panara state-based subsidiary responsible for manufacturing and selling tyres in Brazil. With an investment of some 560 million real (£211 million), Sumitomo Rubber do Brasil will erect a factory to produce passenger car radials. The 500,000 square metre plant is scheduled to start production in October 2013 and have a 15,000 tyre per day capacity. Sumitomo Rubber will be sole shareholder in the new subsidiary.

17th May 2011/by Tyrepress Editors

Michelin 2010 market recovery ‘much stronger than envisioned’ – Senard

At the Michelin Annual Shareholders’ Meeting on May 13, the French manufacturer reported its position strengthened in every geography during 2010 and particularly in mature markets. “Last year at this same time we were observing how the exceptional crisis of 2009 had had an impact on our business,” observed Michelin managing general partner Jean-Dominique Senard. “I think that this year we need to admit that the 2010 context is different and it was a buoyant situation. We had a much stronger market recovery than we could have envisioned at the time.”

16th May 2011/by Tyrepress Editors

Decade of Action gets underway – Michelin signs on

International News, News

On May 11, 2011 – a date that coincides with the official global launch of the World Health Organization and FIA Foundation’s ‘Decade of Action’ – Michelin Group managing partner Jean-Dominique Senard added his signature to the Global Road Safety Commitment to support the Decade of Action for Road Safety, 2011-2020, a United Nations supported and promoted initiative. By signing the declaration, Michelin says it has reaffirmed its commitment to pursuing and further expanding its initiatives to improve road safety.

13th May 2011/by Tyrepress Editors

Totrax enters fifth year distributing Emrald

News, Product News

Twenty-five year-old independent supplier of specialist wheels, tyres, axles and components, Boston’s Totrax Ltd began supplying India-manufactured Emrald Greckster industrial tyres exclusively five years ago. The distributer also supplies the UK market with exclusive products from Europe, manufactured by Italmatic. An effective way in which Totrax has worked is having built up a network of independent industrial tyre specialists supplying the forklift truck and industrial trailer market with a complete range of tyres and wheels. This specialist network allows all members to supply the Emrald or Italmatic brands wherever their customers operate, allowing continuity of brand across the UK. Totrax also states that it will continue to seek to add industrial tyre specialists to its network, encouraging interested parties to contact the company.

13th May 2011/by Tyrepress Editors

‘Ambitious growth strategy’ paying off as Lanxess profits jump 60% in Q1

The year has started well for Lanxess. After achieving what it calls its “best-ever quarterly result in the first quarter,” the German specialty chemical company says it is on track to achieve EBITA pre-exceptionals in excess of one billion euros in 2011; during the first quarter its EBITA pre-exceptionals rose 38 per cent year-on-year to 322 million euros, with double-digit growth recorded in all its segments and regions. The company’s sales increased 29 per cent year-on-year in the three months to March 31, 2011 due to higher volumes and price increases that helped offset rising raw material costs. EBITDA margin pre exceptionals rose to 15.5 per cent in the first quarter from 14.4 per cent a year earlier and net profit increased 60 per cent year-on-year to 166 million euros.

12th May 2011/by Tyrepress Editors

Apollo Tyres reports 9% annual net sales growth, profits down a third

Apollo Tyres Ltd has approved the company’s audited financial results for the fourth quarter (January to March) and the financial year 2010 – 2011. Consolidated annual revenues, taking into account manufacturing bases in India, South Africa and the Netherlands, grew 9 per cent to reach net sales of 88.6 billion rupees (£1.205 billion; 1.386 billion euros; US$1.983 billion). Net profit fell to 4.4 billion rupees from 6.5 billion rupees the previous year.

11th May 2011/by Tyrepress Editors

Reports: Thai tyre and rubber industry slowing after Japan earthquake

Thai news reports are warning that “over 30,000 workers in the rubber-based industry have been affected” following the earthquake/tsunami disaster that hit Japan recently. Quoting figures issued by the Federation of Thai Industries (FTI), the reports cited FTI Rubber Based Industry Club President Dr Chayo Trangadisaikul as saying: “15 domestic car tyre manufacturers have reduced production capacity by 30 – 40 per cent and cut overtime operations; thereby, over 30,000 workers in the industry are affected.”

10th May 2011/by Tyrepress Editors

Specialist supplier Kirkby Tyres “growing” Alliance, Double Coin, BKT ranges

One of the UK’s most prominent tyre suppliers for specialist application tyres, Speke’s Kirkby Tyres continues to supply Alliance, Double Coin and BKT ranges to the UK. The distributor’s product managers for the Indian Alliance and BKT brands – Ilan Goldstone and Dave Richardson respectively – told Tyres & Accessories that the brands’ continued growth in range coverage is being matched by the manufacturer’s focus on quality. Goldstone commented: “Alliance’s portfolio of tyres continues to grow not only in the industrial sector but across the whole of its product range. As a company they have identified and focused their efforts in producing some of the best performing tyres within their market sectors which has been aided by the construction of their new Indian manufacturing and R&D facility.” Richardson added that the BKT range is also expanding, with research and development “always at the forefront… On a recent trip to their factories in India it was clear to see as every batch of materials gets tested for quality every step of the way.”

10th May 2011/by Tyrepress Editors