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BKT Shows Off 5 New Lines

During last November’s Agritechnica 2009 show in Germany, off-road tyre specialist BKT displayed no less than five new product lines. These additions to an agricultural range that began with the company’s first 85 series Agrimax tractor tyre some six years ago are the result of Balkrishna Tyres’ stated strategy of continually introducing products that cover all the needs of the agricultural market. Such a strategy is hardly surprising when considering that agricultural tyres currently account for around 60 per cent of BKT’s sales.

5th January 2010/by Tyrepress Editors

Apollo Ranked in Indian Top 10 for Shareholder Return

According to a study undertaken by one of India’s leading business magazines, Outlook Business, Apollo Tyres is the tenth highest ranked Indian multinational company in terms of shareholder returns. Apollo is the only tyre manufacturer to appear in the top ten, and according to its 2008-09 financial year results, delivered a 10.5 per cent CAGR return to shareholders. Commenting on Outlook Business’s acknowledgement of the company’s performance, Kankana Das from Apollo Tyres’ corporate relations stated “as a tyre company, we take special pride in being in the top ten.”

5th January 2010/by Tyrepress Editors

Alliance Shows Strength in Europe, North America

It is now three years since Warburg Pincus and its partner, former Balkrishna Industries executive director Yogesh Mahansaria, announced an intention to acquire Alliance Tire. In the time since the Mahansaria family and their global private equity backer took possession of Alliance for approximately US$150 million, plans to develop the business have progressed steadily. Not only has the goal of taking advantage of India’s cheaper production costs been realised – the company’s $100 million cross-ply agricultural tyre factory in Tirunelveli has been readied for the start of commercial production – during 2009 acquisitions and further inroads into new markets boosted the Alliance brand’s profile considerably.

22nd December 2009/by Tyrepress Editors

Goodyear EMEA, Latin America Growth to Continue

Changes are afoot within Goodyear Tire & Rubber’s European agricultural tyre business. Last September, the company signed a non-binding letter of intent with Titan International to sell its European agricultural tyre assets, including the Goodyear Dunlop Tires France Amiens North factory. In December Tyres & Accessories discussed this deal with Alessandro Coggi, managing director Farm and Industrial Tires, Goodyear Dunlop Europe.

21st December 2009/by Tyrepress Editors

Conti Extends Asia Region Components JV

Continental has entered into an agreement to increase its stake in Continental Automotive Corporation (CAC), the Japanese joint venture it operates with Nisshinbo Holdings Inc., from 51 to 60 per cent in 2010. This increase in shareholding will allow Continental's Chassis & Safety Division to integrate its airbag systems and sensorics business.

17th December 2009/by Tyrepress Editors

Ruia Group acquires German Automotive Supplier

India’s Ruia Group, parent company of Dunlop India and Falcon Tyres, has acquired a 60 per cent controlling stake in Germany’s Henniges Automotive Grefrath GmbH, a supplier of automotive sealing systems to numerous vehicle manufacturers, including Daimler, BMW, Audi and Volkswagen. The cost of the acquisition, made through a Special Purpose Vehicle on behalf of Ruia, has not been disclosed. A further 15 per cent share in the acquired company now rests in the hands of Henniges director Juregen Hein, while administrator Wolf Von Der Fecht owning the remaining 25 per cent stake. Ruia Group chairman Pawan K Ruia told Dow Jones Newswires that the group has a call option to buy back the shares held by Fecht and Hein.

14th December 2009/by Tyrepress Editors

Apollo to Increase India Prices

The Indian Express newspaper brings news that Apollo Tyres is increasing prices in its domestic market. “We have taken the decision to increase prices by 5 to 10 per cent towards the end of this month,” Satish Sharma, Apollo’s chief of India Operations is reported as saying. “Farm tyres, which consume the largest bulk of natural rubber, will see a 10 per cent increase. The increase in other non-truck tyre categories will be between 5 to 7 per cent.”

11th December 2009/by Tyrepress Editors

Apollo’s Passenger Tyre ‘Grand Masters’ Meet in Beijing

International News

Some 186 Apollo Tyres dealers assembled in Beijing on the first weekend of December for the tyre maker’s “Grand Master Business Partners” meeting. A total of 170 India based partners and 16 international dealers, all of whom exceeded their projected passenger car tyre sales targets over the last twelve months, attended a three-day meeting with company officials in the Chinese capital. Apollo’s strategy for the coming year was shared with the partners, including specific plans and products relating to the passenger tyre segment. The ‘Grand Masters’ were also invited to give their own specific feedback.

8th December 2009/by Tyrepress Editors

Luyten to Lead New Apollo Global Marketing Structure

As of January 1, 2010 a new global marketing structure will become operational at Apollo Tyres Ltd, under the leadership of chief marketing officer Marc Luyten, who currently holds the position of director, Marketing & Sales at Apollo Vredestein B V, in Enschede, the Netherlands. Luyten will spearhead the global marketing of Apollo’s key product brands, assisted by a team of product brand managers responsible for individual brands across all regions.

8th December 2009/by Tyrepress Editors

Passenger Car Tyres a Possibility for Dunlop India

Speaking to media in Mumbai on December 4, Ruia Group chairman Pawan Kumar Ruia indicated he is “very bullish” on the tyre industry and that Dunlop India is considering entering the passenger car tyre segment. “We might look at getting into passenger car tyres whenever we consider an expansion in Dunlop,” Ruia stated. “This will be when we reach 130 tons a day capacity at both the Dunlop plants.”

7th December 2009/by Tyrepress Editors

Dunlop India to Relist on Stock Exchange

Dunlop India intends to relist its shares on the Bombay Stock Exchange in the next 10-15 days, reported Reuters on December 4, quoting Ruia Group chairman Pawan Kumar Ruia. "In the next 10-15 days of time the permission will be given to deal or trade in the shares in which trading was suspended in 2002," said Ruia, adding that 45 million shares held by the company in 2002 will be allowed to trade. According to Ruia, the company anticipates an Rs 7 to 8 billion (£91 million to £104 million) turnover in the 2011 financial year.

4th December 2009/by Tyrepress Editors

Dunlop India Recommences Sahaganj Production

After standing idle for more than a year, on December 2 Dunlop India’s Sahaganj factory in West Bengal resumed production. The facility had been closed since November 2008 and been the subject of first a lockout and then electricity connection issues, yet preliminary work to resume production has now began in preparation for an initial production of 40 tonnes of OTR tyres per day.

2nd December 2009/by Tyrepress Editors

Apollo Bottom Line Expected to Grow 29% CAGR to 2011

According to Mumbai based private equity advisory and investment banking services provider Firstcall India, the top and bottom line at Apollo Tyres is expected to grow at a compound annual growth rate of 15 per cent and 29 per cent in the financial years from 2008 to 2011. This is one of the reasons Firstcall is currently recommending a ‘buy’ on Apollo shares, with a price target of Rs 64 (£0.83) as against the November 25 market price of Rs 52.05.

1st December 2009/by Tyrepress Editors

Goodyear India to Sign Reimbursement Agreement

On November 30 Goodyear India announced it would enter into an agreement to reimburse expenses incurred by parent company Goodyear Tire and Rubber Company for services received. This agreement will come into effect on January 1, 2010. The company has also reappointed Daniel Richard Ackerman as an alternate director to Pierre E. Cohade.

30th November 2009/by Tyrepress Editors

MRF to Produce Fighter Aircraft Tyres?

This year Indian manufacturer MRF established a niche in the military aviation tyre segment through an arrangement to supply original equipment tyres to Hindustan Aeronautical’s Chetak range of helicopters. The first batch of three to four hundred tyres has already been produce and another order is expected to be ready by January 2010. Furthermore, it appears likely that the tyre maker will extend its military supply presence even further in the near future.

30th November 2009/by Tyrepress Editors