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Analysts: ‘Massive’ Price Increases Needed to Offset NR Costs

Analysts have warned that tyre manufacturers will have to introduce “massive” price increases to offset the surging natural rubber cost. On 26 May the natural rubber price reached US$3.25/kg, 12 per cent above the level reached last month (US$2.90/kg); and 40 per cent above last year’s average price (US$2.30/kg). According to one Deutsche Bank analyst’s research note the price surge is surprising because natural rubber supply (9.9 million tons in 2007) still exceeds demand (9.7 million tons in 2007); and world inventories represent 23 per cent of annual demand.

27th May 2008/by Tyrepress Editors

Goodyear ‘Considering’ $250 million Plant in Yaroslavl, Russia

Goodyear is reportedly considering building a five million unit tyre production plant in the Yaroslavl region of Russia, at a cost of between $200-250-million. According to Russian newspaper Kommersant, Goodyear executives met with regional governor Sergey Bakhrukov at the end of April in order to discuss a particular plot of land. In addition Kommersant reports President Dmitry Medvedev has asked the Russian Ministry of Trade and Industry to consider what investment benefits to offer Goodyear following a request from the regional governor. The plot in question apparently doesn’t yet have any infrastructure.

The next step could be the expansion of the US company’s relationship with leading Russian tyre manufacturer Sibur-Russian Tires. Goodyear has reportedly been running a PCR off-take agreement working in partnership Sibur-Russian Tires’ Yaroslavl Tire Plant for some time. In addition Sibur-Russian appears to be involved in the Goodyear discussions too. Speaking to Kommersant, Igor Karavaev, deputy general director of Sibur-Russian Tires said: “The project really is being discussed…[and]…Sibur is one of the participants in that discussion.”

19th May 2008/by Tyrepress Editors

Sealey’s Handy Torch With Pick-Up Tool

Sealey has launched a new range of LED Torches with Magnetic Pick-Up Tool. This innovative, 2-in-1 tool is ideal for the motor mechanic and alleviates the need for having the 2 individual tools – proving handy when working alone. The aluminium body and ultra bright LEDs have up to 100,000 hour life and a knurled handle for extra grip. The range features two models, one with 5 LEDS (range – LED005) and the other with 6 (range – LED007). The 5 LED torch has a magnetic ‘pick-up’ of 0.5kg and the 6 LED, 1.3kg. The ‘pick-up’ tool is operated by releasing the torch head and then extending the rod by hand. So when you drop that all-important nut or bolt – help is at hand.

16th May 2008/by Tyrepress Editors

Bosch Expects ‘Positive Developments’ In 2008

The Bosch Group says its sales revenue rose by six per cent in its 2007 financial and calendar year to 46.3 billion euros. The firm says it hit its sales and earning targets and expects 2008 will bring ‘generally positive developments’ for its business despite a less favourable economic environment. Bosch says it will plan to spend 2.9 billion euros to expand its Asian activities over the next two years. In Germany the growth of its Abstatt engineering centre will create up to 800 new jobs.

16th May 2008/by Tyrepress Editors

American Racing, Wheel Pros Brands Merged

Equity firm Platinum Equity has merged its American Racing and Wheel Pros properties. Platinum Equity acquired American Racing in July 2005, and bought Wheel Pros this past March. Randy White, a former American Racing executive who co-founded Wheel Pros in 1994, has been named CEO of the new company. Jody Groce, also a co-founder of Wheel Pros, has been named president.

16th May 2008/by Tyrepress Editors

Pro-Cut Europe Launches New Website

Pro-Cut Europe has launched a new company website www.procuteurope.com. The website offers current and potential customers the opportunity to find out more about what the company calls the best on-car brake lathe in the world. Visitors to the website will find information about the lathe including a live demonstration, press releases and testimonials. The website also has a profit calculator allowing visitors to fill in the amount of MOTs, pad changes (without discs), sales car preparation and warranty jobs they carry out per week and how much profit they could be making by resurfacing discs. One of the more popular pages is frequently asked questions which answers many of the current myths around resurfacing Including: “I can make more profit per hour replacing discs than resurfacing them”; “Resurfacing discs takes them below minimum thickness”; and “My part sales will go down if I resurface discs”.

16th May 2008/by Tyrepress Editors

Viking Customers Like User-Friendly Web Site

Viking International customers are reported to be pleased with the new upgraded online ordering system launched last year. Huw Lewis Tyres, a Viking International customer for a number of years, commented: “The new site is an excellent selling aid. Customers’ transactions can be completed without having to leave the office. I can immediately see stock availability and offer customers an instant quotation plus guarantee next day delivery.”

16th May 2008/by Tyrepress Editors

TGI Opens New Panama Office

Tire Group International (TGI) has opened a new sales office in Panama City, Panama. Heading the new office will be Augusto Terracciano. Mr. Terracciano comes to TGI with a vast knowledge of the local Panamanian market and a background in international commerce; two essential elements to be successful in a country that is a crossroads for international trade.

“Establishing a local presence in Panama at this time fits into our growth strategy. Panama is a country that is experiencing a construction boom in addition to the current Panama Canal expansion project. This makes Panama a country where TGI wants to be involved. There is also the future opportunity of opening a distribution centre in the free zone area, this can only further enhance TGI’s distribution capabilities in the region,” said Tony Gonzalez, Tire Group International’s Chief Executive Officer.

16th May 2008/by Tyrepress Editors

Hankook Signs Up Chinese Logistics Provider

Sinotrans Limited, a leading Chinese logistics provider, will offer logistics services to Hankook in China, the two companies have announced. Sinotrans started logistics services for tyres in 2001 when it provided services for Michelin Group and announced in November 2007 that it would provide third-party logistics for the tyre giant in China and the Asia Pacific Region.

16th May 2008/by Tyrepress Editors

Flexsys Files Patent Infringement Complaint

Flexsys America L.P., a subsidiary of Solutia Inc., has announced it has filed a new complaint with the U.S. International Trade Commission (ITC) against Sinorgchem Co., Shandong; Korea Kumho Petrochemical Co., Ltd. (KKPC); Kumho Tire Co., Inc.; and Kumho Tire USA, Inc. This complaint asserts that the importation of Sinorgchem’s 4-ADPA or any antidegradants made from its 4-ADPA into the United States violates section 337 of the U.S. Tariff Act, due to Sinorgchem’s infringement upon Flexsys’ patents for the production of 4-ADPA and its intermediates.

In this new case, Flexsys seeks an exclusion order barring the importation of Sinorgchem’s 4-ADPA as well as 6PPD made from Sinorgchem’s 4-ADPA into the United States, including that manufactured by KKPC.

16th May 2008/by Tyrepress Editors

Fast Car Commends Uniroyal Rainsport 2

The inaugural Fast Car Hit List awards have recognised the Uniroyal Rainsport 2, commending the newly launched rain tyre for its styling and handling in the wet. The Hit List awarded commendations in 14 different categories. All the products were judged on their quality, originality, desirability and value making the Hit List a real stamp of approval for all tuning enthusiasts to be on the look out for.

The Rainsport 2 was shortlisted in the chassis mods category. Fast Car said; “This distinctive looker can deliver impressive levels of grip in the dry but, more importantly for us drivers in the wet and greasy UK, can also astound with its ability to hang on in the rain.”

16th May 2008/by Tyrepress Editors

Koji Toyoda Becomes MD at Toyo Tyres

Toyo Tyres (UK) Ltd has announced that MD Tatsuo Mitsuhata will move to Toyo’s European Head Office in Germany to become vice president of Toyo Tire Europe GmbH, Toyo UK’s parent company. The move takes effect at the end of May. As a result of the promotion, Koji Toyoda has been appointed as managing director in the UK, following authorisation at a board meeting at Toyo Tire Europe on 30 April 2008.

16th May 2008/by Tyrepress Editors

Burst Tyre Closes Heathrow Runway

Heathrow’s northern runway was forced to close for 20 minutes on 15 May after an arriving Ethiopian Airlines aircraft burst a tyre during landing. “The aircraft made a routine safe landing, exited the runway and passengers disembarked,” a Heathrow airport spokesperson told BBC News.

Meanwhile, in an unrelated incident, two tyres fitted to a Qantas 737-800 blew during take-off for a flight from Sydney to Canberra. None of the 92 passengers on board was hurt and they were all rebooked on to later flights. “The flight crew acted in accordance with their training,” said a Qantas spokeswoman.

16th May 2008/by Tyrepress Editors

Bridgestone to Buy 8.7% Share in Toyo Tire

Bridgestone Corporation has agreed to buy an 8.7 per cent stake in Toyo Tire & Rubber Co., Ltd., with Toyo reciprocating by buying a 0.5 per cent share of Bridgestone. Describing the moves as “business and capital alliances,” the Japanese tyre and rubber product manufacturers explained that moves are part of an agreement designed to help both companies syngergise in procurement and production. The transfer of shares is scheduled for Oct. 16, according to the statement. There are currently no details of whether or not the two Japanese tyre and rubber product manufacturer’s deal will extend beyond the announced share swap.

Bridgestone’s statement said the alliances are a result of the “bipolarization of market into high performance products and general-purpose products, structural changes in competition due to emerging power with low-priced products, and structural change in earnings due to steep rise of raw material cost.”

16th May 2008/by Tyrepress Editors

Francesco Gori To Speak At Reifen Opening Press Conference

Francesco Gori, President of the Umbrella Association of the European Tyre and Rubber Manufacturers ETRMA, will be a speaker at the opening press conference for the Reifen 2008 international trade fair at Messe Essen. In his statement, the Director-General of Pirelli’s tyre business will comment, amongst other subjects, on the planned more stringent EU provisions for tyre manufacturers and on the challenges which will thus result for European manufacturers in comparison with Asian tyre producers.

15th May 2008/by Tyrepress Editors