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Analysts: Continental Can’t Afford Emerging Market Investment

International News

Within 24 hours of Continental AG confirming it is partnering with Modi Tyres to make bias truck tyres in India, and after a month of local speculation that the company will now buy a stake in the Indian tyre maker, financial analysts are reporting that the company “can’t afford making any acquisitions or expansion projects in emerging markets which are growing fast.”

Rather “all free cash flow generated by the rubber business should be used to reimburse the group’s high net debt of 10 billion,” Deutsche Bank analysts wrote in an investor’s note published today (23 September). Continental’s tyre business reportedly generates 500 million euros of annual free cash flow.

23rd September 2009/by Tyrepress Editors

Continental Confirms Modi Tyres Partnership Reports

International News

Continental AG’s Commercial Vehicle Tires division has confirmed reports that it has revived its collaboration with Modi tyres Company Private Ltd. (New Delhi). According to the company, Modi will initially produce around 1 million Continental-branded cross-ply truck tyres for the Indian market. As a result of the move, the company has secured access to the 12 million commercial vehicle tyre-strong Indian market, which has been projected to grow at around 7 per cent. Production already began at the start of June 2009.

The collaboration includes a technical cooperation agreement and a license agreement for Continental brand bias tyres. The Continental bias tyres will be distributed via a revived Modi sales network. “For us, this new agreement represents an extremely useful revival of our activities in India, a market, which we know will grow significantly over the coming years,” Continental project manager Christian Sass explained. Bias products still account for over 90 per cent of the Indian market.

22nd September 2009/by Tyrepress Editors

Tyre Tariff May Slow Recovery: WTO

Tire Review/Reuters – Trade measures of the type imposed by the United States on Chinese tires run the risk of spilling over and slowing economic recovery, a senior World Trade Organization (WTO) official said on Thursday. The tyre trade dispute blew up between the United States and China after Washington imposed additional duties on Chinese-made tyres last Friday, accusing Beijing of flooding the US market.

18th September 2009/by Tyrepress Editors

Tendulkar Closes MRF Innings after Decade at Crease

International News, News

Indian cricketing icon, Sachin Tendulkar has left the MRF dressing room, following ten years with the tyre-maker and sports equipment manufacturer. During this time, Tendulkar spent weeks at the crease, helping spread brand awareness by carrying MRF’s logo on the front of his perfectly straight bat. The Little Master will now promote equipment for Adidas, while relative – though impressive – new-boy Gautam Gambhir steps into the Sachin-shaped hole with MRF.

18th September 2009/by Andrew

More News & Views on China Tyre Tariff Tiff from Tire Review

Tire Review has compiled a variety of news stories based around the introduction of tariffs on imported China-made passenger tyres. Here is a sampling of the most relevant items from the past day:

17th September 2009/by Tyrepress Editors

CARE Research Publishes Analysis of Indian Tyre Industry

CARE Research has published a new paper detailing the Indian tyre industry. Divided into three sections, covering the five-year period between 2003 and 2008, the basics of the industry and a detailed analysis of the top five players in the industry (Apollo Tyres Ltd, Ceat Ltd, MRF Ltd, Goodyear India Ltd and JK Tyres & Industries Ltd), the report aims to give readers a full understanding of all things tyres in India. Domestic and export markets will be covered. It will be available at http://www.aarkstore.com/reports/Indian-Tyre-Industry-17039.html.

17th September 2009/by Tyrepress Editors

Ceat Launches “Ceat Pro” Knowledge Series

Ceat Ltd. in partnership with Total Lubricants, has organised an “interactive knowledge platform” called Ceat Pro in Nagpur, India. The idea is to give customers access to best practice ideas to help them their businesses and reduce operation costs.

According to the company, Ceat Pro is intended to be a common platform for sharing information and resources. Panellists at the event spoke on fuel economy, trends in the India lubricant market, the use of telematics to increase fleet efficiency, and crucially tyre radialization and the future of tyres in India.

16th September 2009/by Tyrepress Editors

TIA ‘Deeply Disappointed’ in Tariff Decision

The Tire Industry Association said it is “deeply disappointed” in the Obama Administration’s decision to place added tariffs on imported China-made passenger tyres. The association, which made no prior public statements regarding the situation, issued a statement yesterday calling the decision “politically motivated.”

15th September 2009/by Tyrepress Editors

Apollo Gains Mitsubishi OE in India

Apollo has won an OE fitment with Mitsubishi in India. Mitsubishi’s Pajero SUV will now come with Apollo’s Hawkz AT (265/70R15) as standard. The Hawkz range is available in five applications. The HL for highway luxury, AT for all terrain, HT for highway terrain, RT for rough terrain and RTs for off-road maximum traction. An off-road winter version is also available in the Hawkz Ice. Apollo’s Hawkz is already a standard fitment for a number of Indian utility vehicle manufacturers.

Satish Sharma, Chief, India Operations, Apollo Tyres Ltd, said, “Our partnership with Mitsubishi for its Pajero is as much about a product fit, as a personality match. Much like the Hawkz, Pajero has a global appeal because of its performance and customer connect. This is a beginning for both of us, and going forward we are looking to work closely with Mitsubishi India.”

15th September 2009/by Tyrepress Editors

Apollo’s Schramm Keynote Speaker at Tyrexpo Africa’10 Conference

Georg Schramm, head of marketing and sales for Apollo Tyres South Africa (Pty) Limited, will be a keynote speaker at the inaugural Tyrexpo Africa Conference alongside next March’s Tyrexpo Africa’10. Schramm is responsible for all marketing and sales for the Dunlop brand in South Africa as well as Botswana, Namibia, Lesotho and Swaziland. He will provide an expert insight into tyre manufacturing in the African market.

He will be joined at the conference by Dr Etienne Human, chief executive officer of SATRP, the South Africa Tyre Recycling Program. Dr Human will outline the work and remit of the not-for-profit organisation that was established to tackle the waste tyre problem in South Africa and support a sustainable waste tyre producer industry. Members of the body include Bridgestone, Continental, Dunlop and Goodyear, Michelin, Pirelli, Maxiprest and Trentyre.

14th September 2009/by Tyrepress Editors

Reports: Hankook to Build Indian or Malaysian Factory

Hankook executives are reportedly planning to build a new tyre production facility in either India or Malaysia. The news follows the announcement that Hankook is investing 230 million euros in increasing output at its Dunaujvaros, Hungary factory to 10 million tyres a year. Speaking to the Financial Times, Hankook executive Calvin Pak explained that the company’s next phase of expansion would be in south Asia “for example in India or Malaysia.” There was even talk of a North American plant “in the longer term.” Calvin Pak reportedly explained that Hankook’s competitive advantage over European manufacturers was that it had won quality accolades but remained “more affordable thanks to less of a brand premium.”

11th September 2009/by Tyrepress Editors

The Hindu: Indian Tyre Exports Down 22% in July

A report published by Indian newspaper, The Hindu states that while the country remains an important hub for passenger car exports, its tyre makers appear not to be keeping up. Citing a report by the Automotive Tyre Manufacturers Association, the paper reports in its Business Line section that “automotive tyre exports fell 22 per cent in July to 446,418 units against 571,479” in 2008, while quarterly exports fell “22 per cent to 1,558,393 units (2,042,428 units).”

9th September 2009/by Tyrepress Editors

Bridgestone to Increase India Plant Production 40%

Bridgestone Corp. is reportedly going to increase production at its Pithampur, Indore Madhya Pradesh factory by 40 per cent. WheelsUnplugged.com reported that Bridgestone has invested 2.59 billion rupees (£32.32 million; 37 million; US$53.48 million) in the project, which will create an additional 300 jobs. Bridgestone India started its operations in 1996, by March 1998, it had set up its manufacturing facility in Kheda, Madhya Pradesh.

8th September 2009/by Tyrepress Editors

Apollo Tyres Outlines Global Top 10 Ambitions

Apollo chairman, Onkar S Kanwar is not one to avoid big statements when it comes to talking up Apollo Tyre’s ambitions. The Gurgaon-based company is currently estimated to be worth Rs 4,985-crore (£627 million) and is in an expansion mode. While the firm already has a presence in Europe and Africa, it seems it is continuing to look for acquisitions outside India as a route to increasing its presence in the global market.

7th September 2009/by Tyrepress Editors

Gambhir Opens Ambassadorship with MRF Tyres

Left-handed opening batsman, Gautam Gambhir has become the new face of MRF Tyres in India joining the deep pool of cricketing talent previously associated with the brand, which includes Steve Waugh, Brian Lara and Sachin Tendulkar. Gambhir – or “Gauti” to his friends and mildly sycophantic media commentators – was introduced as MRF’s ambassador at a glitzy Chennai ceremony on Friday, 4 September.

7th September 2009/by Tyrepress Editors