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Bridgestone to Expand Capacity at Two Asian Facilities

According to a statement released by Bridgestone on August 22, the company’s subsidiary Bridgestone India Private Limited (BSID) has taken the decision to expand production capacity at its passenger car and light truck radial plant in the city of Indore. This expansion is deemed necessary to meet burgeoning demand fuelled by a booming domestic market. The Japanese tyre major also stated that its Indonesian subsidiary, P.T. Bridgestone Tire Indonesia (BSIN), will increase production capacity at its passenger car and light truck radial facility in Karawang, east of Jakarta. This planned expansion comes in response to growing demand, primarily from export markets.

The Indore plant began volume production in 1998, manufacturing passenger car and light truck radials for the domestic market, and with vehicle ownership in India skyrocketing during the subsequent nine years BSID forecasts a continued strong demand for its tyres, particularly in larger diameter rim sizes. To accommodate this domestic market appetite for Bridgestone tyres BSID has opted to invest 6 billion yen (£26.4 million) expanding production capacity at its Indore plant from its current 4,500 tyres per day up to 15,000 daily by 2010.

22nd August 2007/by Tyrepress Editors

Rösler Group Grants Another SPR License

The Rösler Group from Germany, suppliers of the Schelkmann pre-cure retreading system, claim global technological leadership with regards to the retreading of OTR tyres, in particular with regards to giant tyres. Immediately after Rösler closed a contract with an Indonesian mining company in April this year, the German group also sold a SPR license (Schelkmann Pre-cured Retreads) to yet another mining company. Recently the company also installed a new and exclusive Schelkmann retreading facility in Uzbekistan.

The license holder has just finished construction work on the workshop building, says Klaus Mühlbäck, vice president of the Rösler Group (and in this position responsible for the group’s international business) in an interview with Tyres & Accessories. All of the retreading equipment for the facility was produced in Europe and is already on its way to Uzbekistan. It will be installed there from September onwards; according to this time schedule production in the new retreading factory will start in December. The recipient firm, the newly licensed Kyselkumshina mining company, has even ordered two autoclavs – one for the retreading of small OTR tyres ranging from 25 to 33 inches and one for giant OTR tyres ranging from 49 to 57 inches. Therefore this retreading facility will be able to retread tyres of sizes up to 40.00 R57. All tyres retreaded by Kyselkumshina will be used in its own mines.

16th August 2007/by Tyrepress Editors

Giti Tire Europe – Link Into Europe

Company News, International News, Product News

Since several years Chinese tyre manufacturers are active on the European tyre market. Although their commitment has been increasing over these years until today there has not been a tyre manufacturer from China that has founded its own representation in Europe which is for example different in the US. Giti Tire Europe B.V. is established in The Netherlands and does not only represent Giti Tire from China but also Gajah Tunggal from Indonesia which belongs to the same corporate group. In doing this, Giti Tire Europe acts as a link between wholesalers such as Romney International, Reifen Gundlach or Doumerc Pneus and the tyre manufacturers Giti Tire China and Gajah Tunggal. Secondly, it acts as an antenna into the European market that detects and collects information and forwards them to China and Indonesia. And thirdly, it is assigned to increase the general coverage of the European markets. Under the direction of well-experienced managers from throughout the continent Giti Tire Europe in particular looks towards the East where markets have an excellent chance to be developed and it also looks towards European OE customers.

7th August 2007/by Tyrepress Editors

Profits Slump at Gajah Tunggal in 2007

Indonesia’s PT Gajah Tunggal Tbk and the company’s subsidiaries achieved a net profit of IDR72.649 billion (£3.87 million) during the January to June 2007 half-year period. This figure is a drop of more than 42 per cent on the IDR126.102 billion (£6.7 million) profit enjoyed during the same period of 2006. This drop in profit came despite an 21.3 per cent increase in net sales, up from IDR2.633 trillion (£141.4 million) to IDR 3.218 trillion (£171.6 million) and operating profits that were 60.61 per cent higher at IDR 339.538 billion (£18.1 million).

The explanation given by Gajah Tunggal management for the reduced profit indicated that the sluggish 2007 result resulted from a foreign exchange loss that reached IDR14.262 billion (£760,000) and an interest expense valued at IDR181.048 billion (£9.6 million).

2nd August 2007/by Tyrepress Editors

Gajah Tunggal to Pay Dividend in August

Indonesia’s PT Gajah Tunggal Tbk intends to pay cash dividends for the 2006 fiscal year on August 8, 2007, with a value of IDR5 (£0.00027) per share. According to a report Gajah Tunggal management submitted to Indonesia’s Central Securities Depository, the cash dividends will be paid out to shareholders who register by the recording date of July 25, 2007.

Gajah Tunggal and its subsidiaries recorded a net profit of IDR11.401 billion (£6.5 million) in 2006, a significant drop from the previous year’s IDR346.835 billion (£19.1 million). Company management claimed that net profit fell sharply because of a 10.72 per cent increase in operating expenses.

9th July 2007/by Tyrepress Editors

Gajah Tunggal Issuing Bonds to Fund Expansion

Indonesia’s PT Gajah Tunggal has revealed plans to issue bonds to the value of US$95 million as part of company plans to invest in the development of two of its tyre manufacturing facilities. The company is looking at increasing its production capacity for motorcycle tyres in order to keep pace with demand both for its own products and those local market products it manufactures under licence for Michelin.

Catharina Widjaja, director of Gajah Tunggal, stated the company requires $170 million to develop the two facilities. The first of these upgraded factories will re-enter production in 2009 with a daily production capacity of 45,000 units, an increase of 15,000 units.

11th June 2007/by Tyrepress Editors

Tata Steel Looking at Increasing Tyre Wire Production

India’s largest steel producer, Tata Steel, is looking at making new acquisitions throughout Asia in order to expand capacity and establish a stronger foothold as a tyre industry supplier. According to the Indian business newspaper Mint, Tata Steel’s managing director B. Muthuraman has disclosed the company is looking to purchase both finished steel product companies and iron ore or coal mines in order to boost its annual 30 million tonne steel manufacturing capacity by more than 50 per cent within a decade.

“We are looking for acquisitions in the steel wires business in Indonesia and Southeast Asia. Apart from expansion in capacity, we also want to move into high grade, higher-value add wires used in tyre cords and oil tempered wires through acquisitions,” said Muthuraman. While the company is currently the world’s sixth largest steel wire manufacturer, producing half a million tonnes per annum, at present their principal tyre industry product is bead wire.

7th June 2007/by Tyrepress Editors

Gajah Tunggal Bond Top Up Attracts $1 billion

According to news published in Finance Asia, Indonesia’s PT Gajah Tunggal re-opened its July 2010 bond programme on June 4, pricing US$95 million worth of 10.25 per cent guaranteed senior unsecured notes through financial services groups Credit Suisse and Lehman Brothers. The B2(stable)/B(positive) Reg-S transaction (a transaction conducted without registration under the US Securities Act) attracted orders to the tune of $1 billion.

The re-opened bonds priced at 102.75 (yielding 9.2 per cent), in contrast to the existing bonds, which as of June 4 traded at 103.125 or 9.07 per cent. The new issue price equates to a yield spread of 423.9bp over two-year Treasuries. The transaction tapped the company’s existing $325 million bond programme due to mature in 2010, raising the total size of the programme to $420 million.

5th June 2007/by Tyrepress Editors

Techking Tires Becomes 100th Exhibitor at Tyrexpo Asia’07

China’s Techking Tires has become the one hundredth exhibitor to sign up for September’s TyrexpoAsia exhibition in Singapore, breaking all records for the show as it approaches its 10th anniversary. The OTR specialist is one of more than 20 Chinese companies who have helped swell exhibitor numbers, which have also been supported by increased interest from India and host nation, Singapore.

Newera Equipment and its subsidiary, Kayel Rubber Products, is one Singaporean business that will be making a major statement of intent. Working with its supplier partners from around the world, Newera will be exhibiting on no-less than five stands.

The company is Asia’s largest supplier of tyre-related equipment and will be displaying the latest computerised buffing machine from Matteuzzi. It will also be showcasing the Double Envelope System from Italian supplier MAE and another highlight will be the advanced Shearography Non Destructive Testing technology from German company, Steinbichler.

21st May 2007/by Tyrepress Editors

Rubber Prices Bounce Higher as Demand puts Stretch on Reserves

Prices of export rubber from Vietnam are expected to increase on world markets by about 10 per cent throughout the remainder of 2007 as demand continues to outstrip supply. This analyst prediction added that shipments of Vietnam-sourced rubber to global top rubber importer China would experience price rises of 20 per cent, up from the current US$2,000 per ton to $2400. World market prices are tipped to reach $2,200 per ton.

The world produces about nine million tons of natural rubber each year, most of which is already accounted for, leaving a delicate balance between supply and demand. This balance looks in danger of being upset in the near future, as a recent rubber industry conference in Thailand predicted a jump in global demand by more than 6 per cent in the second half of 2007.

9th May 2007/by Tyrepress Editors

Raw (Materials) Deal

(Akron/Tire Review) The volatility of the world’s political climate, the unpredictable weather in North America and El NiÑo in the Pacific Ocean are having very expected outcomes in terms of the cost of raw materials for the tyre industry.

Oh yes, and then there’s China. The economy of the world’s most-populous country continues to grow faster than kudzu in the South. By any western measurement, China growth curve and ravenous industrial appetite throws another concern into the long-term raw materials picture: seemingly endless increases in demand.

And, through all of this, the mission for tyre manufacturers remains as it has for many years: long-term flexibility and the ability to trim rising production costs.

But, today, the tides of the raw-material-cost ocean appear to be ebbing. Providing that world politics don’t worsen or there are several devastating weather events, tyre manufacturers believe that, despite current volatility in rubber prices, raw material costs will remain relatively stable in the short term.

18th April 2007/by Tyrepress Editors

Positive Feedback from Automechanika Asia

Major Southeast Asian automotive parts and equipment exhibition Automechanika Asia has been staged for the fifth time, and has been praised as a great success. At least 5,480 buyers from 60 countries and regions visited the exhibition, held at the new Kuala Lumpur Convention Centre between 29 March and 1 April 2007. While the majority of the visitors were from Malaysia, the exhibition also attracted many attendees from other Asian countries, most notably China, India, Indonesia, Pakistan, Singapore, Taiwan and Thailand. The organisers of the exhibition report that attendee feedback was very favourable, with most exhibitors responding positively to the high quality and professionalism of the buyers onsite.

As part of the Automechanika global group of trade fairs, Automechanika Asia offers a professional forum where automotive industry suppliers and buyers can meet, create partnerships and build their business in the booming ASEAN region. A total of 151 exhibitors from 18 countries & regions joined the show, including those from Australia, Canada, China, Germany, Hong Kong, India, Indonesia, Italy, Japan, Korea, Malaysia, Mexico, the Netherlands, Singapore, Spain, Taiwan, Thailand and the UK.

12th April 2007/by Tyrepress Editors

MRF Signs Top Local Driver for APRC

Indian tyre major MRF has signed up popular Indian driver Gaurav Gill to compete in the FIA Asia Pacific Rally Championship (APRC) for a full season this year. Addressing a press conference to announce MRF drivers for the championship, K M Mammen, MRF’s chairman and managing director, said “this is the first time that an Indian will be vying for honours in the event by competing in six of the seven legs. Gaurav (Gill) is also the first Indian to register with the FIA for the APRC Series.”

28th February 2007/by Tyrepress Editors

Korean Tyres Enjoying Brisk Sales in China

(Akron/Tire Review – Korean Times) South Korea’s two tyre giants, Hankook and Kumho, are leaving huge marks on China’s roads.

Hankook, Korea’s leading tyremaker, has been a dominant player since 2003 in China. Its market share reached 25% last year. That means that one out of every four saloons in the world’s fastest growing economy run on Hankook tyres.

20th February 2007/by Tyrepress Editors

Tyrexpo Africa 2006 Proclaimed a Resounding Success

(SA Treads, Douglasdale, South Africa) After months of discussion, planning and hard work, Tyrexpo Africa 2006 – the first dedicated tyre show in the country after more than a quarter of a century – has come and gone. And by all accounts it was a resounding success. The three-day exhibition was based at the Sandton Convention Centre in Johannesburg in September, where over 110 national and international exhibitors and wholesalers took part, including Bandag, Ceat, Continental, Leaderquip, Malas, Maxxis, Michelin, Silverstone, Stamford and Vipal.

5th February 2007/by Tyrepress Editors