India Archives - Page 71 of 127 - Tyrepress

India

Posts

Michelin to Invest 700 million euros in China Tyre Plant

Michelin is planning to invest 700 million (£610 million; $989 million) in China by 2012 in order to build a passenger car and truck tyre manufacturing plant. Construction of the factory, which will be built in Shenyang where Michelin already has another plant, will double the company’s annual capacity in China. In addition Michelin also plans to invest 300 million euros (261 million; $423 million) in a greenfield passenger car tyre plant in Resende, Brazil, which will start producing in “early 2012.”

22nd January 2010/by Tyrepress Editors

Dunlop India, Falcon to Retain Separate Identities – Ruia

Ruia Group chairman Pawan Kumar Ruia has confirmed that no plans to merge Dunlop India and Falcon Tyres exist. In an interview with Indian business channel CNBC-TV18, Ruia said “at this particular time there is no plan for merging Dunlop for Falcon because Falcon has a very separate niche market in the two-wheeler, three wheeler segment while Dunlop will be working on a bus and truck, the four wheeler segment plus the industrial product division.”

19th January 2010/by Tyrepress Editors

Dunlop India to Produce at Full Capacity by Next Fiscal Year

The production of Dunlop brand tyres in India has recommenced, and according to parent company the Ruia Group, the brand expected to generate revenues of Rs 6 billion (£80.6 million) by the next financial year. Before the two facilities ceased operations in 2008 Dunlop India turnover stood at Rs 900 million (£12.1 million).

18th January 2010/by Tyrepress Editors

Lanxess Brings Forward Singapore Butyl Rubber Project

Half a year after announcing a postponement in the setting up of its Singapore based butyl rubber facility, synthetic rubber company Lanxess is bringing the timetable forward again. The company will now hold a groundbreaking ceremony in May 2010, and production is expected to start in the first quarter of 2013. The 100,000 tons per annum plant on Jurong Island will require an investment of up to 400 million euros.

18th January 2010/by Tyrepress Editors

Neeraj Kanwar is new ATMA Chairman

Neeraj Kanwar, managing director of Apollo Tyres Ltd, has been elected chairman of the Indian the Automotive Tyre Manufacturers’ Association (ATMA). Kanwar was unanimously elected as the next chairman at the association’s Annual General Meeting yesterday (14 January 2010) and is by far the youngest ATMA Chairperson so far since its inception in 1975.

14th January 2010/by Tyrepress Editors

Alliance Appoints Former Goodyear Exec

Alliance Tire Group has appointed Manuel Pintado as president of Alliance Tire Europe BV. Pintado, who joins Alliance after previously heading industrial, farm and OTR tyre initiatives for Goodyear’s Europe Middle East and Africa region. Prior to this, Pintado held management positions in the Earthmover tyre segment across Europe and Latin America.

"With the commissioning of our India facility and the acquisition of the Galaxy and Primex brands during 2009, the Alliance Tire Group is well positioned to emerge as a leader in the Global Off-Highway tyre industry; Manuel's appointment is another important step in this direction and we are sure the Group will benefit immensely from his leadership in Europe, which has been historically the most important market for the Group " said Yogesh Mahansaria, CEO of the Alliance Tire Group, welcoming him to the company.

14th January 2010/by Tyrepress Editors

Dunlop India Returns to BSE

Dunlop India has resumed trading on the Bombay Stock Exchange following an absence of eight years. The company’s stock was relisted at Rs 50 per share, a figure that proved to be both its high and low on January 12, its first day back.

13th January 2010/by Tyrepress Editors

PCR, TBR to be Produced at JK Tyre Greenfield Plant

Some Rs 8 billion (£109.7 million) are to be invested in a new JK Tyre & Industries greenfield facility and the construction of a new research and development facility. The new plant will reportedly produce passenger car and truck and bus radials for both the domestic and export markets, however no specific information on plant capacity has yet been made. The southern Indian state of Karnataka appears to be the most likely location for the new development, a decision that may have been influenced by the regional government’s offer of incentives.

11th January 2010/by Tyrepress Editors

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