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Titan Sees Record 1Q Sales, Profit Improvement

Titan International reported “all-time record” first quarter sales of US$253.5 million, up 12 per cent period-to-period compared to 2007’s sales of $226.3 million. Gross profit for first quarter 2008 was $32.3 million, up 19 per cent versus the same period last year, while net income hit $8.1 million, up $10.6 million compared to 2007’s first quarter loss of $2.5 million.

“Titan’s first quarter reached record levels. The growth was spurred by the huge demand in the agricultural market,” said Chairman and CEO Morry Taylor “Increases in grain-based ethanol and soybean-based biofuel has increased commodity prices throughout the ag market.” Taylor said Titan is on schedule to start production of 57- and 63-inch OTR radials in July 2008. “Looking forward, production of these giant OTR tyres will build as equipment is brought online,” he said. “With the new capacity to produce giant OTR tyres and the continued demand in ag, Titan’s sales should remain strong.” (Tire Review/Akron)

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Titan to Raise Aftermarket Prices by up to 35%

Titan Tire Corporation has scheduled an increase in prices for aftermarket Titan, Goodyear and General branded OTR, farm and construction tyres, taking effect June 1, 2008. These increases will vary between 4 and 34 per cent, and the decision to implement the new prices is said to have resulted from rising costs for natural and synthetic rubber, carbon black, fabric, energy and transportation.

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Excellence Award Acknowledges Bridgestone Firestone OTR in US

The quality of Bridgestone Firestone OTR tyres produced in the US, and the company’s delivery of such products, has been acknowledged by construction and mining equipment manufacturer Caterpillar. The company has awarded the Bridgestone Firestone Off Road Tire Company (BFOR), a division of Bridgestone Firestone North American Tire, (BFNT), one of its annual supplier quality excellence awards – a distinction given to those suppliers deemed to meet the highest standards of quality for Caterpillar components.

The particular award given to BFOR was the 2007 “Supplier Quality Excellence” award. Shawn Rasey, vice president, BFOR, and Greg Halford, manager of the company’s Bloomington facility, accepted the award on behalf of BFOR during a recognition ceremony held on April 15, in Bloomington, Illinois.

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Bridgestone & Firestone Prices to Rise in North America

Bridgestone Firestone North American Tire and Bridgestone Firestone Canada have announced price increases for Bridgestone and Firestone brand tyre lines, as well as all associate brand tyres. The announced increases of up to 10 per cent apply to passenger car, light truck, truck and bus, agricultural and OTR tyres, and will affect replacement, original equipment and export market products. Implementation of these price increases is scheduled to begin on June 1, 2008.

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Goodyear Responds to ATC Offer

The letter of proposed acquisition written by American Tire Corporation has not yet landed on the desk of Robert J. Keegan, however Goodyear has already responded to ATC’s sudden expression of interest in its Kansas OTR tyre plant.

According to a Goodyear spokesperson, the company has not received any communication from ATC. “We are very pleased with the performance of our OTR business and continue to see opportunities for Goodyear in this business,” the spokesperson said. “We have not announced plans, or an intention, to sell any part of this business.”

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ATC Outlines Desire to Acquire Goodyear OTR Tyre Facility

Amongst the regular assortment of correspondence postal workers deliver to Goodyear each day will shortly appear a letter proposing the purchase of its Topeka, Kansas facility. The people at American Tire Corporation (ATC) have produced a letter to this affect, and it appears they have already licked the envelope seal, stuck on a stamp, and dropped the acquisition offer through the slot of the nearest mailbox.

According to ATC, under the proposal ATC would buy out Goodyear’s OTR tyre facility in Topeka at “any reasonable price.” Built in 1944 by US government, Goodyear’s Topeka tyre plant is the largest Goodyear OTR tyre facility in the world and the company’s only one in North America. Should such an acquisition be successful, ATC says it will spend US$200 million modernising this “old OTR tyre plant” (to quote ATC), increase production capacity for all sizes of OTR tyres by a minimum of 20 per cent, and “create more job opportunities with a better annual pay in the state of Kansas.”

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Bearcat Tyres to Distribute Duratough Brand in Australia

Australian industrial tyre supplier Bearcat Tyres has been appointed national distributor of Duratough tyres. The full Duratough OTR tyre range covers earthmoving, heavy lifting, construction and mining applications, and the company is said to have recently released numerous new sizes and new ranges following extensive testing in the USA.

Duratough OTR radials incorporate fine steel cord from Bekaert in Belgium and Kiswire in South Korea, rubber solely from Malaysia and carbon from Carbot in the USA. The manufacturer comments that its products are designed not only for initial long wear, but also for retreading, so as to expand their full working life.

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Tornel Takeover to Give JK 15.3 Million Unit Capacity

The 100 per cent acquisition of Mexico’s Tornel by JK Tyre, announced on April 11, sees the Indian tyre manufacturer become the country’s fourth-largest. The £34.19 million acquisition, which is expected to close by the end of May, will be funded through a special purpose vehicle (SPV) – a company created solely for this particular transaction – based in Mexico.

“We will raise the money through internal accruals and debt, which will be structured though a SPV,” commented JK Tyres & Industries’ vice-chairman & managing director Raghupati Singhania. “Tornel will be a fully-owned subsidiary of JK Tyres and there will be no dilution of the existing shareholding in the company. We shall also bring a rights issue in the next few months, which will be in the ratio of 3:1, to help bridge the funds for the acquisition. The price of the issue will be determined at the time of offer.”

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Titan Europe Offered $375 million in Takeover Bid

British-based OTR wheelmaker Titan Europe has received an all-share takeover offer from parent company Titan International. The announcement comes four years after the company was floated by Titan International, which kept a 17 per cent stake. According to market observers, the offer equates to 230 pence per share offer more than 100 per cent more than Titan Europe’s 111p closing price on Friday 11 April.

Illinois-based Titan International is reportedly interested in buying back Titan Europe because market conditions have led it to re-focus on large size off-road wheels, having decided to focus on smaller wheels in 2004.

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May 2008 – Feeding the Demand

Several years ago a shortage of tyres threatened to bring global mining and related industries to a halt, but today things are changing. With a bumper crop of new products flooding into the market to fill supply gaps in the OTR/EM segment, next month’s feature is a timely one. Keep updated on what’s new in this high profile sector with our May OTR and earthmover tyre feature.

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Yokohama Tire Increasing OTR and Truck Tyre Prices

Yokohama Tire is increasing prices for OTR and medium truck tyres in North America, effective May 2008. Record increases in the cost of raw materials and power are the factors quoted as driving the upcoming rises, which will be up to five per cent for OTR tyres and six per cent for medium truck tyres. Passenger car and light commercial vehicle tyres are not included in this latest price increase announcement.

“We have been doing our best to contain the soaring costs of raw material, manufacturing and transportation,” said Yokohama Dan King, Yokohama vice president of sales. “Unfortunately, Yokohama’s pricing must reflect these record costs.”

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Bandengroothandel Mast: Specialists In OTR And Heavy Tyres

As a regular exhibitor at Essen Reifen shows, Netherlands based industrial tyre wholesaler – Bandengroothandel Mast will once again be promoting their products and services at this year’s event to further enhance their reputation as a leading independent specialist in the demanding market of industrial tyres.

Mast will this time be concentrating on their large OTR range in keeping with the company’s recent emphasis on the heavy tyre sector with examples of the CargoMaster private brand available for inspection on the stand.

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ITWS Aims to Reduce Industrial and OTR Tyre Costs

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With over 55 years of experience in the industrial and large earthmoving tyre industry, International Tyre & Wheel Solutions’ team has a vision to reduce its customers running costs by continually searching for innovative ideas. According to the company, one example of this is the introduction of the new SG Revolution tyre concept into Europe. The SG Revolution super cushion tyre is manufactured In Thailand and is said to exhibit performance that is “second to none” in terms of hours per millimetre (mm) and cost per hour. Sizes are available from 400×8 up to 29.5×25 L5 tyres, this tyre as an original tread depth of 177mm.

Sales of the Belshina giant earthmover tyres along with the Tyrol tyre sealant represent the products that ITWS offers to the construction, waste and freight markets. ITWS also supplies tyre presses and tooling for the fitment of its tyres.

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New Concepts From Rema Tip Top

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At this year’s Reifen exhibition, the emphasis for Rema Tip Top Automotive will be on new service concepts. In addition, the company’s complete range of products and services will be on show on the 900 m2 stand and highly qualified specialists will be present to explain and demonstrate these products and services.
There are only a few exhibitors who offer comprehensive system solutions, covering the whole range from high-quality products, through services to training and expertise. As an example of the latter, Rema Tip Top will be demonstrating its new training truck in a further exhibition area near the main stand. The truck provides mobile training concepts with the emphasis placed on runflats and UHP tyres. It also provides companies with a cost-saving option for training on site. The training truck will be the venue of a daily tyre-changing contest, where Germany’s best tyre fitter will be selected. The winners will be awarded attractive prizes, and will also be featured on Rema Tip Top’s website after the show.

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Michelin: Comprehensive Retreading Operations

More than any other company in the world it is Michelin that – at an early stage – began to produce retreaded truck tyres as part of its industrial operations, and has always understood retreading as an integral part of its new tyre business and incorporated it into all its industrial and marketing activities. The French corporation not only operates its Remix mould-cure production and cooperates with its pre-cure retreading partners across Europe; in the area of retreading Michelin is building on yet another cornerstone – the Laurent group, with its two production sites in Avallon, France, and Berlin, Germany. It is in particular the latter, the smaller location in terms of output, that plays a pivotal role in the ever-important Western and central Europe markets.

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