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Giti To Boost Production Capacity

Giti Tire (China) Investment Co. Ltd, China’s largest tyremaker, has voiced its intention to raise tyre production capacity at its Hualin factory. The company intends to boost annual capacity there by a further 4.6 million tyres from its current 3.4 million by the end of 2008.

Giti Tire operates six factories in Mainland China, the largest of these being in Anhui and Fujian provinces. The company recently announced plans to sell bonds in order to free up revenue for capital expenditure.

12th January 2007/by Tyrepress Editors

Goodyear Receives Credit Thumbs Up

Moody’s Investors Service has revised its rating for Goodyear Tire & Rubber Co. from negative to stable following the signing of the new three-year USW contract. This move comes days after Standard & Poors upgraded Goodyear to a B+ rating.

In a statement, a representative of the investment service said “Moody’s would expect the company over time to achieve significant efficiencies from the new contract and other restructuring actions.” Given Goodyear’s stable outlook it is unlikely that their rating will be lowered again during the next 12 to 18 months.

11th January 2007/by Tyrepress Editors

Moody’s Gives Matador A2 Rating

Moody’s agency assigned four new national scale ratings in the Czech Republic and Slovakia – the Matador Group among them. The long-term A2 rating suggests the Slovakian manufacturer has a stable future outlook and means confirmation of favourable investment conditions for Matador Group. At the end of October the news that Continental was in “discussions” with Matador Group’s Rubber Division surfaced.

23rd November 2006/by Tyrepress Editors

Further Romanian Investment For Pirelli?

Following its recent 170-million euros investment in a tyre production factory in Romania, it seems that the Italian company may be on the verge of investing a further 70 million euros in a plant to produce filters for diesel engines, according to local media reports. The country manager of Pirelli Romania, Guglielmo Fiocchi, is quoted as saying: “Next year we could start the construction of a new plant for production of filters for diesel engines in Gorj, with the actual production most likely to begin early in 2008, if the project is approved.”

31st October 2006/by Tyrepress Editors

Metro Tyres Plans 1 billion-rupees IPO

Metro Tyres plans to hit the capital market with an initial public offering that could raise up to a billion rupees. Sources reported in local newspapers said the company has planned to increase production at its four production facilities in Ludhiana and increase the production of its Metro Continental tyres from 25,000 to 50,000 units per month. This could even reach as much as 100,000 units per month following 10 million rupees of investment. Rummy Chhabra, managing director of Metro Tyres, said that the company has four manufacturing plants in Ludhiana, one in Gurgaon and one in Noida. The company is planning to use the IPO money to build a new facility to manufacture motorcycle, scooter and three-wheeler tyres. The final decision of location of the facility will be taken shortly, the company said in a release.

27th October 2006/by Tyrepress Editors

Kumho Breaks Ground On Vietnam Plant

Kumho Tires Co. has begun construction on a tyre plant in Vietnam in a bid to corner the fast-growing Southeast Asian market. The company said it would invest US$155 million into the new plant in Ho Chi Minh City, Vietnam’s economic hub, by early 2008. Kumho plans to increase its annual output by 3.15 million units through the investment. The company currently has a total global production capacity of 51 million units.

24th October 2006/by Tyrepress Editors

New HQ For ITDN

Independent Tyre Distributors Network Limited (ITDN) has unveiled its new 4,000 sq ft purpose built offices at the Exeter Road Business Park in Okehampton. ITDN is a company limited by guarantee which now has over 400 independent garage operations in membership providing a nationwide truck breakdown service which will now be co-ordinated from the new Okehampton offices.

19th October 2006/by Tyrepress Editors

Toyo: Keep On Rolling

Truck tyres; if they’re not turning, they’re not earning. Not only is this maxim at the front of every good haulier’s mind, but it also serves as a mission statement for the Toyo development engineers. Toyo has engineered a range that like all good business tools are cost friendly, easy to work with and low maintenance.

4th October 2006/by Tyrepress Editors

Union Counters, Goodyear and USW Remain Far Apart

(Akron/Tire Review) As promised, the United Steelworkers offered its counter to a master contract proposal laid out by Goodyear last week. The counterproposal was issued late on 15 September, and industry observers note that they were considerably different than the tyremaker’s offer, leading to concern that the two sides remain far, far apart. The union’s plan calls for protected status for all Goodyear plants, wage and benefit increases, and protection of retiree benefits, while Goodyear offered protected status to all but two of its plants, cuts overall employment by 10 per cent, and seeks cuts in wages, benefits and retiree benefits.

20th September 2006/by Tyrepress Editors

Bridgestone Successfully Protects Trademark Rights in China

Bridgestone (China) Investment Co., Ltd. has successfully filed a trademark infringement complaint to the Guilin Industrial & Commercial Administration Bureau. The complaint, which was wholly upheld, was against Guilin Car Wings Car Accessory Co., Ltd for closely resembling the appearance of “car wing” outlets run by Bridgestone Corporation’s Chinese subsidiary.

31st August 2006/by Tyrepress Editors

Bandag Adopts Shareholder Rights Plan

(Akron/Tire Review) Bandag Inc.’s board of directors adopted a shareholder rights plan ”designed to enable shareholders to realize the full long-term value of their investment and to provide for fair and equal treatment for all shareholders in the event that an unsolicited attempt is made to acquire the company,” Bandag said.

23rd August 2006/by Tyrepress Editors

Michelin and Pirelli Tie-up Speculation

Various media sources are reporting speculation about Michelin’s intentions towards Pirelli Tyre. The rumours come after Italy’s Finanza & Mercati reported that banker Gerardo Braggiotti was studying the possibility of such a tie-up between the two companies. However, French tyre group Michelin had no comment to make about the Italian newspaper reports, according to Reuters. A source close to the bank involved reportedly told Reuters the story was “completely without foundation.”

17th August 2006/by Tyrepress Editors

Eclipse Launches Technical Centre

Staffordshire-based Eclipse Automotive Technology, the UK’s leading supplier of Texa vehicle diagnostic systems, has created a dedicated Technical Centre in recognition of its growing customer base across the UK. The Technical Centre, based at a separate site in the company’s home town of Burton-upon-Trent, houses Eclipse’s growing technical support team as well as a repair and maintenance facility.

11th August 2006/by Tyrepress Editors

Vacu-Lug to Return to Profit – Fleet Sales grow 28 per cent

Independent retreader Vacu-Lug recently announced that it is “back on track,” reporting half a million pounds of operating profit for 2005. Speaking at the company’s AGM, managing director Tim Hercock, who was appointed in 2002 following a £2.5 million loss, commented that he was delighted with the progress the company had made. “It is testament to the hard work of all our employees” he stated, adding: “We have been through a major change process and have come out in much better shape”.

27th July 2006/by Tyrepress Editors

Carlyle Group Joins IRSG’s Panel of Associates

The International Rubber Study Group has announced that The Carlyle Group has joined IRSG’s Panel of Associates. Established in 1987, The Carlyle Group is a private global investment firm that originates, structures and acts as lead equity investor in management-led buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings.

25th July 2006/by Tyrepress Editors