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Hankook Stock Falls after Michelin Takeover Rumours

Hankook Tire Co., share price corrected today after the price soared yesterday on the back of speculation that Michelin was gearing up for a takeover. Speaking to Tyres & Accessories and other news sources, Michelin denied this and Hankook’s share price today fell 5.2 per cent to 15,450 won after a 12 per cent gain yesterday. According to Bloomberg, the stock has dropped 14 per cent this year, compared with an 8.2 per cent decline in South Korea’s Kospi index. “Investors are selling Hankook Tire shares because they realize the chance of a takeover is very low,” Seoul-based Bookook Securities analyst Ahn Joong Hoon told Bloomberg. He continues to rate the stock as “buy.”

19th June 2008/by Tyrepress Editors

Falken Staff Changes

Falken Tire Corp. has promoted of Bruce Ware to the position of vice president of sales. Ware had been serving as Falken’s dxecutive director of corporate accounts, where he directed all sales activities pertaining to FTC’s regional and national retailers. In his new position, Bruce will now be responsible for all FTC sales activities in North America.

FTC also announced the retirement of John McAndrew, who has served as FTC’s director of wholesale channel sales for the past two years. With over 30 years experience in the tire industry, John brought to FTC a much needed maturity and professionalism that can only come through dealing with customers at the very highest levels, according to the company. (Tire Review/Akron)

19th June 2008/by Tyrepress Editors

Thailand’s Vee Rubber to Increase Capacity for Export Markets

Thailand based manufacturer and exporter of car and motorcycle tyres, the Vee Rubber Group, has disclosed plans to invest up to a billion Thai baht (£15.5 million) over a period of several years. According to the Bangkok Post, the company desires to increase its car tyre production output to better serve its export markets.

The first phase of the company’s expansion will take place by the end of 2008, when Vee Rubber’s factory in Samut Sakhon Province will reach a new monthly output level of 200,000 to 300,000 tyres per month, up from the current monthly output of 100,000 car and light truck tyres. Reaching this capacity will require an investment of 400-500 million baht (£6.2-7.8 million). The remaining money will, over the next two to three years, be used to further boost the factory’s output to between 600,000 and 700,000 tyres per month. All of the added tyre output will be for export, primarily to Asia, Africa and North and South America.

19th June 2008/by Tyrepress Editors

A New Breed?

It has both the M+S mark and the Snowflake, but its rolling resistance is said to be comparable with a summer tyre. It reportedly has the slush grip of a premium winter tyre, but weighs 700 grams less and is quieter. No it’s not a riddle, I am of course referring to the new Optimo 4S, a tyre that manufacturer Hankook is promoting as the first in the next generation of all-season tyres.

Hankook’s decision to place the Optimo 4S centre stage on the company’s large Essen show stand (situated right opposite the entrance to Hall 3) is particularly resonant in light of the difficulties the winter/cold weather tyre market has been facing in supposedly safe ‘winter’ markets like Germany. From the talk going round Essen it was clear around 7 million of last winter’s unsold cold weather tyres were still floating around the German market in May. Could that be why Hankook decided to promote the all-season tyre, its hybrid silica compound and its built in ice/snow/slush/rain performance properties?

19th June 2008/by Tyrepress Editors

Tech International Promotes OTR Manager

Ron Reiring has been promoted to Tech International’s OTR sales manager for North America. His new responsibilities will include developing new OTR sales opportunities for tire repairs and OTR equipment within the US, Canada and Mexico while providing support to Tech’s existing OTR customer base.

Reiring was formerly a western U.S. zone manager for the company. (Tire Review/Akron)

19th June 2008/by Tyrepress Editors

Cooper to Invest in Mexican Tyremaking JV

In an effort to boost cost competitiveness Cooper Tire & Rubber is investing in a tyre manufacturing facility in Guadalajara, Mexico. According to an agreement announced June 18 Cooper will have 38 per cent ownership in the facility, jointly owned with Mexican holding corporation IBSA and Cooperativa TRADOC S.R.L. Cooper’s investment in the factory is to be US$31 million. Cooper tyres have been produced at the Guadalajara site since the company’s entry into an agreement with Corporación de Occidente, which was finalised late September 2007.

19th June 2008/by Tyrepress Editors

PCL Inflating Its Market Presence in 2008

Sheffield based PCL Air Technology brought a wide range of its products to Reifen 2008, including its latest nitrogen inflation unit, the Accura Mobile. “It was introduced into the US last year,” commented company director and divisional general manager Simon Shorter. “Nitrogen inflation has become a big market there and the Accura Mobile is proving successful. Now it is also available in the UK.”

The Accura Mobile is a compact and robustly designed nitrogen inflation cart that can be operated either with a standard bottle or direct from a nitrogen generator. It permits operators to present the pressure for a standard inflation top up, or an N2 function for a purge and fill cycle. The unit can inflate up to six tyres simultaneously, and four hoses are supplied as standard. Power for the Accura Mobile comes via a rechargeable NiMH battery, and the unit can also operate directly from mains power.

18th June 2008/by Tyrepress Editors

Abu Dhabi Looking for Tyre Recycling Contractor

Majid Al Mansouri, the secretary-general of the Environment Agency of Abu Dhabi (EAD) and chairman of the Higher Committee for Waste Management in the emirate, has announced that Abu Dhabi is looking for a suitable contractor to “recycle used tyres and create useful products such as mats to be used as flooring at playgrounds.” Speaking to Gulf News, Majid Al Mansouri said companies have been dumping tyres in the desert or illegal landfills because of the absence of an organised waste disposal system. According to local news sources there are over 25 million used tyres in Abu Dhabi.

18th June 2008/by Tyrepress Editors

JIA Offer N2 Purity Gauge

Midlands Company JIA Sources International Ltd, the name behind the NitroRide brand of nitrogen tyre inflation systems, was in Essen again after “phenomenal success” at Reifen 2006. JIA Sources displayed its entire range equipment, in-addition the company took the opportunity to unveil a number of new innovative products.

At the centre of on the stand was the prestigious NitroRide systems for bikes, cars and trucks – a simple on-site Nitrogen generator. In addition and with the ever increasing need for accountability, JIA Sources launched the HandyPure, a small portable N2 purity gauge. Designed to test the purity of the N2 where it counts most (inside the tyre), JIA Sources say it is a must for any conscientious garage offing/supplying nitrogen.

18th June 2008/by Tyrepress Editors

Smithers Rapra Hosts REACH Seminar

With pre-registration underway for companies using chemicals under the European Union’s REACH legislation, Smithers Rapra in Shropshire are holding a one-day seminar responding to “the increasing concern amongst companies now faced with managing registration, technical dossiers, joint submission of data and the obligations of supply chain communication.” The seminar promises to be useful to small or medium-sized enterprises using chemicals in the tyre industry.

18th June 2008/by Tyrepress Editors

Unipart Top In Workshop Survey

Unipart Automotive has been voted the most recommended brand for braking in an independent aftermarket survey about brand perception that ranked Unipart brakes as the number one choice by Workshops. The survey listed six leading aftermarket brands and asked respondents what braking brand they would recommend to their customers for fitment on a vehicle; overwhelmingly 59 per cent stated the Unipart brand. GiPA, the aftermarket intelligence organisation, conducted the poll and surveyed workshops including independent garages, auto centres, national and independent fast fits.

Unipart Automotive has launched an advertising campaign to raise awareness of its braking range and the fact that all service products, supplied by Unipart Automotive, have an Original Equipment matching quality guarantee and meet the requirements of Block Exemption. This allows independent garages to carry out servicing and maintenance on a car without invalidating the vehicle manufacturer’s warranty, provided the garage follows the vehicle assembler’s schedules.

18th June 2008/by Tyrepress Editors

Conti Tyre Prices to Increase in Asia

On June 18 Continental announced that, as of September 1, prices will increase for replacement market tyres sold in Asia by up to 10 per cent. In outlining the price rises, the company commented that “the market price for natural rubber, a key component used in tyres, continues to increase, while the price of oil and derived products, such as synthetic rubber and carbon black remain at historic high levels.” It added that this increase will only partially offset the raw material cost increases.

18th June 2008/by Tyrepress Editors

Michelin Raises its Hankook Stake to 8.9%

Michelin has increased its shareholding in South Korean tyre manufacturer Hankook Tire to 8.9 per cent up 2.6 points from the stake it bought in 2006. A Michelin spokesperson told Tyres & Accessories the company would not comment on whether it plans to increase the stake again, but did say the move falls within the boundaries of Michelin and Hankook’s 2003 cooperation agreement. T&A understands that this agreement would allow Michelin to own up to 10 per cent of Hankook’s total capital. Hankook shares rocketed 15 per cent in response to the news before adjusting to a daily value increase of 12.4 per cent. Michelin’s stock, on the other hand, fell 2.2 per cent following the announcement.

18th June 2008/by Tyrepress Editors

New Store Planned by MNA

Michelin North America’s hometown Michelin on Main retail store has apparently been a success, so much so that MNA is planning for another outlet in South Carolina. MNA will open a new ShopMichelin retail store in the Westgate Mall in Spartanburg, South Carolina, next month. Michelin on Main, located in downtown Greenville, and ShopMichelin, offer Michelin branded consumer products, such as wearables and promotional items.

The company also recently launched ShopMichelin.com, an online version of its retail store concept. (Tire Review/Akron)

18th June 2008/by Tyrepress Editors

Unimax Deal Off, Tirecraft Back into Receivership

Tirecraft Group was placed in back into receivership after Pneus Unimax pulled its offer to buy the distributor and franchisor, which was supposed to close on May 30. News reports indicate that two investment companies – Omni Group of Companies and Stern Group – are in the process of bidding to take over the Sherwood Park, Alberta-based Tirecraft. Their bids were due on June 15, according to the Edmonton Court of Queen’s Bench.

CIT Business Credit Canada Inc., Tirecraft’s largest creditor, put the firm back into receivership on June 10 after efforts to sell the company to any of the original bidders failed. Ernst and Young, the court appointed receiver, plans to operate the business day-to-day while it is in receivership, though miscommunication apparently caused some store managers to close their doors briefly last week. Last week, Ernst and Young fired Tirecraft president William Steeple.

18th June 2008/by Tyrepress Editors