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Indonesian petrochemical firm gearing up for butadiene production

Indonesia’s PT Chandra Asri Petrochemical has outlined plans to diversify its production portfolio and enter the synthetic rubber sector through the construction of a new butadiene production facility – Indonesia’s first – in Banten Province. According to Mr. Suryandi, the company’s corporate secretary and investor relations director, the US$100 million facility will have a production capacity of up to 100,000 tons per annum and is expected to commence operations in the third quarter of 2013. Construction of the plant is anticipated to begin in the second quarter of this year.

8th March 2011/by Tyrepress Editors

Giti Tire USA clarifies financial figures

Following the publication of Giti subsidiary Giti Tire Company’s full year 2010 figures, Tom McNamara, vice president of sales for Giti Tire USA, has brought clarification to what these mean in the context of wider business.

According to McNamara, Giti Tire Corporation stated in its 2010 annual report that it had made timely price adjustments following the industry price movement in an effort to mitigate the increase in raw material prices and the effect of fluctuating exchange rates. Some published reports incorrectly attributed the decrease in net profit to not raising selling prices in 2010.

1st March 2011/by Tyrepress Editors

Malaysia: Car tyre sales worth US$78 Million in Q4 2010

International News

The latest market data released by GfK suggests Malaysia's passenger car tyre business recorded sales of over US$78 million during the fourth quarter of 2010. The analysts also reported increased popularity of American and European tyres in the market.

"It is not unusual for quarter four to register stronger demands as major festivities like Hari Raya, Christmas and school holidays all take place during the last few months of the year," commented Jennifer Chan, general manager of GfK Malaysia. "In preparation for heavier usage of their cars for visitations and long drives, car owners tend to send their vehicles for their due servicing which includes replacing their worn out tyres, around this period of time."

28th February 2011/by Tyrepress Editors

Bioscience boosted rubber production the aim of Bridgestone joint research

Indonesia is the world’s second largest natural rubber producer, with figures from the Association of Natural Rubber Producing Countries putting the number of hectares under cultivation at 3,445,000 and those under tapping at 2,773,000. With an aim of further enhancing this production, Bridgestone Corporation has entered into a cooperative research project agreement with two other parties. News of the project between Bridgestone and the National Institute of Advanced Industrial Science and Technology (AIST) and the Indonesian Agency for the Assessment and Application of Technology (Badan Pengkajian dan Penerapan Teknologi, or BPPT) was announced on February 24 at a press conference held at the BPPT office in Jakarta.

24th February 2011/by Tyrepress Editors

New Apollo factories: First Eastern Europe, then Indonesia

In the last year or so conflicting reports on Apollo Tyres’ plans to set up a factory in Eastern Europe have circulated; in March 2010 it was said plans for a new plant there had been dropped in favour of a focus on expanding the former Vredestein facility in the Netherlands, while later in the year talk from Apollo management turned again to international investments. Recent news from Chennai, India based newspaper the Economic Times indicates a new factory in Eastern Europe is indeed still on the cards.

22nd February 2011/by Tyrepress Editors

Tata Motors to build Nano car factory in Indonesia in 2013

Tata Motors is considering building a manufacturing unit in Indonesia which will be used to manufacture the famous Tata Nano model. According to Indian motoring sources, the plan is under “constant vigilance” by the various study teams. The report cited a Tata spokesperson as saying “Yes, we will be establishing a manufacturing unit in Jakarta. We will be announcing this piece of news shortly, but till then it is all under wraps.”

16th February 2011/by Tyrepress Editors

TGI continues expanding its global presence

The maxim “location, location, location” is often quoted in relation to real estate, however it can equally apply to the success of a business. One company aware of this is Tire Group International, Inc. The Miami, Florida based wholesaler is active throughout the world, yet its location gives it particular strength in the Latin America and Caribbean regions. In recent times TGI has increased its focus on developing this geographic advantage to its full potential.

14th February 2011/by Tyrepress Editors

JK Tyre launches Asian race series

In a move it refers to as the “biggest announcement in Indian motorsport in recent times,” JK Tyre has officially launched the JK Racing Asia Series, a championship sponsored by the tyre maker and managed by Motorsport Asia, the region’s largest promoter and organiser of motorsport events. The series gets underway in April and the 2011 season will consist of 18 races held over six weekend events in Malaysia, Korea, Indonesia, China, Singapore and India. On three occasions the JK Racing Asia Series will support the Formula One Grand Prix.

14th February 2011/by Tyrepress Editors

Hankook UK focuses on brand, ups TV advertising budget 50%

Company News, UK News

After nine years of at the helm of Hankook Tyres UK Ltd, years that have seen the company grow from the position of a newcomer into a force to be reckoned, Richard Page has announced his retirement from the role of managing director. Tyres & Accessories understands that he will continue in a consultative role throughout what has been a pre-planned and progressive changeover into the capable hands of new MD Gang Seung Lee. In a recent visit to the Hankook UK headquarters T&A met with Mr Lee, who is commonly known as Tony Lee in the UK, and a freshly reshuffled management team to find about more about what’s in store for South Korean tyre manufacturer in 2011.

10th February 2011/by Tyrepress Editors

Gajah Tunggal joins Indonesia’s LQ45 stock index

The Indonesia Stock Exchange reports that tyre maker PT Gajah Tunggal Tbk has been added to its LQ45 list as of February 2011. The list recognises 45 companies that have fulfilled a number of criteria, including highest market capitalisation within the last 12 months and highest transaction value in a regular market during the same timeframe. The company’s market growth has also been witnessed in its 2010 financials; for the first time, Indonesia’s largest tyre manufacturer exceeded US$1 billion in net sales.

2nd February 2011/by Tyrepress Editors

Hankook increases Group profits with record high sales

Hankook Tire made 585.8 billion Korean won (383.3 million euro) in financial year 2010 operating profit, the company has announced. Helping Hankook achieve these figures was a record-breaking global sales total of 5.4 trillion won (3.5 billion euro), which fulfilled its aggressive global sales target to exceed 5.1 trillion won and recording an 11.5 per cent year-on-year increase. The company’s 2010 operating profit represented a 6.7 per cent increase. Hankook also said it sold more tyres than ever before to the European markets produced at its new European plant in Hungary.

1st February 2011/by Tyrepress Editors

Two-Year Rubber Squeeze Predicted

The acceleration in demand for tyres in rapidly growing economies like China and India has led to a sharp increase in natural rubber prices over a sustained period, as a look at the tyrepress.com News archive will tell readers. Now climatic conditions in major rubber supplying nations Thailand and Indonesia could prevent production upgrades, potentially leading to shortages and further price increases, according to estimates made by the Association of Natural Rubber Producing Countries.

24th January 2011/by Tyrepress Editors

T&A Visits Apollo’s Limbda and new Chennai Factories

If you cast your mind back to before 2009’s Apollo/Vredestein merger deal was announced there was much talk about plans for the construction of a greenfield tyre production plant in Hungary. Newspaper reports published at the time suggested that Apollo had earmarked around 200 million euros for this. Most observers interpreted the Vredestein purchase as being a substitute for the Greenfield plans, but bearing in mind that the pricetag was reported as being just US$ 50 million in June 2010, it raises the question of what was done with the rest of the money. The short answer is that Apollo executives say they have invested it in the construction and rapid development of its Chennai manufacturing facility, which had a budget of around 350 million euros before the firm decided to further its plans for truck and bus radial tyre production last year. Anything else looks like to have been absorbed by the company’s liabilities. However, regarding the Chennai investment Tyres & Accessories recently had the opportunity to tour the facility, see production in action and learn more about the thinking behind the investment.

10th January 2011/by Tyrepress Editors

Hankook Announces Plant No. 7

A US$353 million manufacturing facility in Bekasi, Indonesia will become the seventh factory operated by Hankook Tire and its fifth facility outside of South Korea. The tyre maker’s decision to invest in a factory in Indonesia was announced a month after Hankook stated its intention to build a plant in China’s Chongqing province. Adding a seventh plant to Hankook’s global production network will, the company says, enable annual global output to reach 100 million units by 2014 – a stated goal of Hankook Tire’s mid-term business target.

4th January 2011/by Tyrepress Editors

One Year On – Effiplus Introduction Fairing Well

One year after Techking’s Effiplus passenger car radial was launched in at Reifen China 2009 in Shanghai, the company known for its OTR and latterly its truck tyres has news of further expansions in the range. While the Effiplus line up consisted of just 20 specification 12 months ago, today there are over 100, with a number of sub-specifications. Speaking in an interview at the end of 2010, Techking marketing and sales director James Wang brought us up to speed on the latest product developments – including the new second life truck tyre warranty – the company has to offer.

15th December 2010/by Tyrepress Editors