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JK Tyre reconsiders plantation acquisitions

On 28 May, JK Tyre & Industries poured water on news published by Indian financial daily The Financial Express, stating it had “no firm proposal” to acquire a tyre manufacturer in Southeast Asia for Rs 1.5 billion (£15.7 million) and that it had “not made any commitment whatsoever” to this effect. Yet at the time the company was still committed to investing in the region, specifically in rubber plantations. Now it appears this project has been shelved, or even dropped entirely.

16th August 2013/12,345 Comments/by Tyrepress Editors

Inflation fell in July

Inflation fell in July but analysts suggest households continue to struggle against falling incomes. The consumer price index (CPI) measure remained well above the Bank of England's target, at 2.8 per cent, while the broader retail price index, was 3.1 per cent. The retail price index (RPI) measure of inflation used as a basis to set train fares as well as negotiate pay deals eased to 3.1 per cent in July from 3.3 per cent in June.

13th August 2013/12,345 Comments/by Tyrepress Editors

Bridgestone Q2 profit reaches 73.9b yen

Bridgestone Corporation’s consolidated financial statements for the second quarter and first half of 2013 show a considerable increase in net sales, operating and net income during the period. Net sales amounted to 1,705 billion yen (£11.4 billion) between 1 January and 30 June 2013, 14.4 per cent higher than in the same period of 2012. Operating income rose 42.3 per cent to 190.4 billion yen (£1.3 billion) and net income was up 55.5 per cent to 117.0 billion yen (£784.3 million). Net income per share increased from 96.17 yen to 149.52 yen (£1.00).

12th August 2013/12,345 Comments/by Tyrepress Editors

Vredestein posts 27% 2012-13 profit

In its 2012-13 annual report, Apollo Vredestein B.V. has reported net sales of €425.5 million, a result comparable with its 2011-12 sales of €426.9 million. In terms of volume, passenger car tyre sales declined four per cent, and agricultural tyres decreased 11 per cent. However, the company’s market share went up – the Dutch manufacturer says the total replacement consumer tyre market in Europe for the 2012-2013 financial year was down 13 per cent – and a better sales mix resulted in higher average sales prices.

6th August 2013/12,345 Comments/by Tyrepress Editors

Q2 sales, shipments down at Superior Industries

Wheel manufacturer Superior Industries International has reported a slightly lower year-on-year net income for the second quarter of 2012. Net income decreased from US$6.4 million a year ago to $6.3 million in the March to June quarter.

5th August 2013/12,345 Comments/by Tyrepress Editors

Q2 results prompt Conti to revise full-year earnings

Reporting its second quarter and first half results, Executive Board chairman Dr. Elmar Degenhart cautioned that the stronger development seen in the second quarter shouldn’t be viewed as a turnaround; rather, sales developed better due to seasonal and technical factors. The European market – where Continental makes 55 per cent of its sales – was described as unstable, and following what the company calls “modest development” in the region’s replacement tyre market in the first half of the year, Continental states its previous estimate for the segment “no longer seems possible.” It now anticipates an “increase of one per cent at best.” The company also said growth in the Asia and NAFTA regions is “also expected to diminish as the year progresses.” As a result, Continental has decreased its full-year forecast from growth of five per cent to four per cent, or “around €34 billion”.

2nd August 2013/12,345 Comments/by Tyrepress Editors

MRF profits up 57%

Although India’s Automotive Tyre Manufacturers Association recently expressed a measure of dissatisfaction about the domestic rubber situation, member company MRF Ltd’s latest quarter results show profits that have been helped by the commodity. In the three months between 1 April and 30 June (the third quarter of MRF’s financial year), the tyre maker’s net profit leapt 57.2 per cent to Rs 2.27 billion (£25.0 million).

26th July 2013/12,345 Comments/by Tyrepress Editors

Blackcircles launches first Tesco Click & Fit in Bletchley

The first “Click & Fit” tyre service has launched at Tesco in Bletchley. The service allows customers to order tyres and make a fitting appointment through Tesco’s tyre partner Blackcircles’s website, before dropping off their car at a “Pit Stop” fitting bay at the supermarket. Tesco told local news source the Milton Keynes Citizen that customers could expect discounted tyre prices and Clubcard reward scheme points as extra incentives for using the service. An idea in the works since the companies partnered on the Tesco-Tyres.com website in January 2011, the potential for rolling out this model nationwide is clear, given the supermarket giant’s UK prominence.

24th July 2013/12,345 Comments/by Tyrepress Editors

Indian tyre makers turning to imported rubber

Ongoing concerns over the availability of natural rubber have prompted India’s tyre makers to cast an envious eye on supplies from outside the country. Now the Automotive Tyre Manufacturers Association (ATMA), the organisation representing ten of India’s tyre manufacturers, has handed the country’s Commerce Minister a statement saying the tyre industry will more strongly rely on rubber imports.

22nd July 2013/12,345 Comments/by Tyrepress Editors

RHA disappointed as OFT ignores oil pricing petition

The Road Haulage Association is disappointed at the refusal by the Office of Fair Trading to consider an investigation into the issue of UK oil pricing. Such was the strength of feeling over high fuel prices that over 32,000 signatories, including FFUK supporters, members of the public and members of Parliament, added their names to the petition that was handed in to the offices of the OFT on Monday, 15 July.

17th July 2013/12,345 Comments/by Tyrepress Editors

Sterling slump hits fuel prices

"The unexpected crash in the exchange rate for the Pound for the US Dollar, from US$1.58 to 1.48, in just four weeks from mid-June is hitting wholesale fuel costs", said Brian Madderson, Petrol Retailers’ Association (PRA) chairman.

11th July 2013/12,345 Comments/by Tyrepress Editors

Apollo investors call for Cooper rethink

Shareholders ‘voted with their feet’ following the announcement that Apollo Tyres would acquire Cooper Tire & Rubber for US$2.5 billion, causing share prices to plummet from Rs 92.60 on 12 June – the day the deal was announced – to a low of Rs 54.60 (£0.61) nine days later. Now, several institutional investors are said to be speaking with the Indian tyre maker in the hope it will reconsider the transaction.

10th July 2013/12,345 Comments/by Tyrepress Editors

Analysts: Korean tyre companies outperform index

Korean tyre manufacturers have outperformed the Korean Kospi index year-to-date. According to an investor’s note published by financial analyst at Deutsche Bank, the strong showing has come thanks to “a sharp decline in raw material costs, strong earnings delivery and expectations of demand recovery in in the second half of 2013”, with the latter point welcome news for everyone.

4th July 2013/12,345 Comments/by Tyrepress Editors

Kumho debuts first S-UHP

Kumho has launched a new super ultra high performance, or S-UHP, tyre aimed at cars with a 500hp or higher output. The Ecsta PS91, which recently enjoyed its global debut at the Shanghai International Circuit, is said to incorporate Kumho’s motorsport experience. This reportedly facilitated a marked improvement in high-speed driving safety and cornering. The Korean tyre maker states the Ecsta PS91 delivers “enhanced grip, braking ability, high-speed durability and uniform ride qualities.”

20th June 2013/12,345 Comments/by Tyrepress Editors

Lanxess adjusts rubber chemical prices

Prices for Lanxess’ Vulkanox (antidegradant) and Vulkacit (accelerator) rubber chemicals, two products used in tyre manufacture, will increase as of 1 July. Lanxess says the new pricing is required to offset higher production costs. The price increases will range between 0.05 Euro/kg and 0.20 Euro/kg (0.10 US$ and 0.30 US$), depending on the product and region.

18th June 2013/12,345 Comments/by Tyrepress Editors