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JK Tyre aiming for annual 15-20% overseas growth

Speaking to India’s Business Standard newspaper, JK Tyre & Industries vice-chairman and managing director Raghupati Singhania has shared that the tyre maker is looking at expanding its international presence by 15 to 20 per cent every year. Currently JK Tyre sells Rs 8 billion (£108.5 million) worth of goods outside of India, some 44 per cent of which is produced at international sites. These overseas facilities include the Tornel plant in Mexico, which the Indian manufacturer acquired in 2008, and partner factories in China, Vietnam and Sri Lanka.

10th May 2011/by Tyrepress Editors

Natural rubber cost prompts Ceat price rise

Towards the end of May new prices will come into effect for Ceat products across India. Anarb Banarjee, the tyre maker’s executive director (Operation), told the Press Trust of India that “we have decided to jack-up the selling price of all types of tyres” due to “unbearable” current increase in natural rubber prices. Price increases of between three and five per cent are inevitable, Banarjee said, and will take effect in the last week of May.

5th May 2011/by Tyrepress Editors

Sumitomo Rubber considering Brazil, India tyre factories

International News

Sumitomo Rubber Industries Ltd. is reportedly considering building tyre factories in the emerging BRIC markets of Brazil and India. Reporting on a business strategy meeting held in Tokyo on 28 April, online news sources wrote that Sumitomo’s president Ikuji Ikeda said demand for tyres is growing rapidly in both countries, so expansion into these markets has become topic of discussion at Sumitomo Rubber. Various sources have reported that Ikeda said the company intends to establish its own plants there, but “may consider forming joint ventures with local firms.”

3rd May 2011/by Tyrepress Editors

Ruia’s resignation from Dunlop India chairmanship confirmed

Dunlop India has informed the Bombay Stock Exchange of the resignation of Pawan Kumar Ruia as chairman of the tyre maker’s Board of Directors. Ruia’s resignation took effect on January 31, however the BSE was not notified until April 28. The Ruia Group chairman retains his position as director of the company.

29th April 2011/by Tyrepress Editors

Conti on track for 10% sales growth in 2011

The first quarter of 2011 will form a “solid foundation” for Continental Corporation’s year as a whole, the tyre and automotive component supplier reported at its annual shareholders’ meeting. The complete report for the first quarter won’t be released until May 5, however at the April 28 event, Continental reported a 20+ per cent year-on-year sales increase during the first three months to more than 7.3 billion euros. EBIT, at nearly 634 million euros, was around 140 million euros higher than in the first quarter of 2010.

29th April 2011/by Tyrepress Editors

Kanwar: European Apollo tyre sales to increase 30% by winter

Apollo Tyres’ managing director Neeraj Kanwar is expecting European aftermarket sales of its Apollo-branded tyres to grow to between 60,000 and 65,000 units a month by the winter season. According to an interview published in the India’s Hindu Business Line, the company is currently selling around 50,000 of these tyres a month in Germany, the Netherlands, the UK and Italy, meaning the proposed uptick in sales will be in the order of 20 – 30 per cent. According to the reports these figures are “over and above the sales of Vredestein branded tyres manufactured in Europe.”

21st April 2011/by Tyrepress Editors

Elgi Rubber acquires Dutch rubber recycler

Elgi Rubber International Limited has announced the acquisition of a 100 per cent interest in Rubber Resources B.V. on 16 March, 2011. Elgi, headquartered in India, has operations in the USA, Brazil, East Africa and other parts of the Indian Subcontinent, focusing on rubber recycling, especially in tyres and retreading. Elgi says the acquisition “means a strong presence in Europe and big step towards being a worldwide supplier of reclaim to the rubber industry”.

20th April 2011/by Tyrepress Editors

Continental signs Modi Tyre purchase agreement

International News

Continental AG has taken a step towards the Indian market after the tyre manufacturer and automotive supplier signed an agreement with Modi Rubber Ltd to acquire a 100 per cent shareholding of its Modi Tyres Company Limited subsidiary. According to both companies, the completion of the transaction still depends on the fulfilment of certain conditions including regulatory requirements. At the completion of the transaction, Modi Tyres Company Limited will become a wholly owned subsidiary of the Continental Group.

18th April 2011/by Tyrepress Editors

Continental confirms talks with Modi Tyres are underway

International News

A Continental spokesperson has confirmed that the tyre manufacturer is engaged strategic talks aimed at increasing its involvement in the India market: “We intend to expand our activities in our tyre business in India.” The comments made by Dr Christiane Pfeiffer Continental’s global head of public relations, Commercial Vehicle Tires, suggested that the parties involved in the talks are on a good path and therefore that they are making progress. Still stopped short of confirming the identity of the other party or giving any details of what is being discussed.

15th April 2011/by Tyrepress Editors

Reports: Continental discussing Modi Tyres share purchase

International News

Various news sources have reported that Continental AG is in advanced talks with Modi Rubber Ltd to buy a majority stake in the Indian company. Citing two people close to the discussions, the Wall Street Journal (WSJ)wrote: "The talks are on between the two groups for an equity stake sale," quoting and unnamed lender to Modi Rubber.

14th April 2011/by Tyrepress Editors

Apollo begins radial service centre rollout

Apollo Tyres currently lays claim to a 30 per cent share of India’s commercial vehicle radial market and to accommodate the after sale needs of its customers is establishing fifty ‘Apollo Radial Service Assistance’ (ASRA) centres throughout the country. On April 4 the tyre maker opened the first such centre in Jaipur, a region with a level of radialisation far above the national average.

11th April 2011/by Tyrepress Editors

Ruia reverses Dunlop India layoff decision

Dunlop India has reversed a previous decision to lay off more than 900 workers at its Sahagunj facility. Company management initially took the decision on April 2 and it immediately drew flak from trade union and state government representatives. Three days later Pawan K Ruia, chairman of parent company the Ruia Group, advised management to reopen the plant.

6th April 2011/by Tyrepress Editors

Despite declining profitability, Indian tyre makers capitalising on CV radialisation

India based investment information and credit rating agency ICRA Limited has issued a report warning that the profitability of tyre makers there will decline over the coming 12 to 15 months despite a “robust” demand for tyres. The agency notes the Indian tyre industry staged a strong recovery in the 2009-10 financial year with a turnover of around Rs 250,000 million (£3.4 billion); this performance was supported by a sharp upturn in demand and relatively stable rubber prices. “However, benefits accruing from a low-cost structure were short-lived, as natural rubber prices surged since December 2009, thereby making a severe impact on margins, despite industry-wide price revisions by tyre manufacturers.”

6th April 2011/by Tyrepress Editors

Bridgestone Bandag pursuing a “fair share” approach to price increases

Last year Bridgestone Bandag – one of the largest competitors in the European retreading market – only announced minor price increases. In February this year, however, the manufacturer and franchisor needed to raise its prices by an average of six per cent. As Harald Van Ooteghem, Brussels based senior manager for TBR/Retread Business Planning at Bridgestone Europe, explains to Tyres & Accessories, in the event of price increases an attempt is made to implement a “fair share” approach by which both partners – the supplier and customer – share the extra burden.

1st April 2011/by Tyrepress Editors

IRSG predicts decade of strong tyre demand

The secretary general of the influential International Rubber Study Group (IRSG) has predicted strong global demand for tyres through to the end of the decade. Speaking at the opening of Tyrexpo Asia 2011 in Singapore on 29 March 2011 Dr Stephen Evans said:

“Our forecasts point to a sustained growth and strong demand for new vehicles and tyres through to the end of the decade. Much of the extra demand will originate from China and to a lesser extend India, but from an overall perspective the years through to 2020 will be a period of opportunity for tyre makers and the replacement and service sectors.”

29th March 2011/by Tyrepress Editors