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Michelin “More Agile Than Ever” – 2009 Financial Results

Despite recording a net income 70.9 per cent lower than that of the previous year, Michelin managing general partner Michel Rollier appeared satisfied enough with the company’s 2009 financial results to comment that “in an environment shaped by a historic decline in tyre demand, especially in mature economies, Michelin was able to respond quickly and more agilely than ever. Thanks to the dedicated commitment of our teams and tight management, Michelin has delivered robust performance and improved its major financial metrics, the foundations of its future growth.”

12th February 2010/by Tyrepress Editors

Marangoni Retreading Systems Raising Prices in Europe

Marangoni Retreading Systems reports that, like all other producers, it has been impacted by the increases in raw material costs. The company notes that in recent months a reduction in global production and growing demand from Asian consumers has led to a steep rise in natural rubber prices, overcoming the peak reached in October 2008. Furthermore, adds Marangoni, the cost of other raw materials has increased due to the recovery of oil prices. A third said factor swelling costs is the introduction of a Europe wide law at the start of the year prohibiting the use of polyaromatic oils in the production of compounds.

4th February 2010/by Tyrepress Editors

Conti to Raise Industrial Tyre Prices in US, Canada

Continental Tire the Americas has announced price rises of up to 4.5 per cent on its market industrial tyre products. The new prices will take effect March 1 in the US and March 15 in Canada, and are being blamed upon rising raw materials, energy and transportation costs.

4th February 2010/by Tyrepress Editors

Yokohama Tire Increasing Light & Medium Truck Tyre Prices

Continued increases in the cost of raw materials and energy-related expenses are the stated reasons behind the first increases in Yokohama Tire Corporation’s light and medium truck tyre prices since September 1, 2008. The US market price rises will take effect March 1, with prices increasing by up to seven per cent. Yokohama also states that in-line adjustments will occur. Details of these will be announced at a later date.

27th January 2010/by Tyrepress Editors

Dunlop Zimbabwe Extends Factory Shutdown

Botswana based publication The Business Diary reports that a shortage of raw materials has prompted Dunlop Zimbabwe to extend its annual shutdown period, and this decision has led to unrest amongst the company’s workforce. The Apollo Tyres South Africa owned company was scheduled to re-open its factory on January 11, however company officials say production will now commence on February 11 – provided it has obtained the necessary raw materials by that time.

22nd January 2010/by Tyrepress Editors

Sales up 10.4% in 2009, says Kwik-Fit Fleet

In defiance of recession trends, Kwik-Fit Fleet has reported record sales, a phenomenon it attributes to an increased use of its range of services, notably mechanical work, by ‘value-for-money focused’ companies. The fast-fit firm also has benefited from companies lengthening fleet replacement cycles since the onset of the recession, which has led to increasing demand for a variety of replacement parts, including tyres. As a result, Kwik-Fit Fleet reported a 10.4 per cent rise in sales in 2009 – up to £203.6 million from the £184.4 million recorded in 2008 – due to MoTs on company cars and vans increasing 89.7 per cent year-on-year and fleet vehicle servicing rising 54.2 per cent.

22nd January 2010/by Tyrepress Editors

Fullrun Tyre – Producer and Exporter

Qingdao, China based Fullrun Tyre Corp., Ltd. specialises primarily in the production and export of tyres for passenger vehicles, trucks and off-road vehicles. In addition to its own four brands – Fullrun, Antyre, Fullway and Clear (all of which, says Fullrun Tyre, have passed various certifications, including Dot, ECE and S-Mark) – the company acts as an agent for more than 100 brands from 56 Chinese factories. In 2009 the company achieved a turnover of US$150 million.

20th January 2010/by Tyrepress Editors

Goodyear Assessing Impact of Venezuelan Currency Devaluation

On January 8, the Venezuelan government announced the devaluation of its currency, the bolivar fuerte, and the establishment of a two-tier exchange structure. This has seen the official exchange rate against the US dollar slide from 2.15 bolivar fuerte per dollar to 4.30, except in the case of essential goods, for which the rate is 2.60. This significant currency change has impacted tyre makers active in the South American country; Goodyear Tire & Rubber reports it expects a first-quarter 2010 charge of about $150 million (62 cents a share) in connection with the devaluation.

19th January 2010/by Tyrepress Editors

Lanxess Brings Forward Singapore Butyl Rubber Project

Half a year after announcing a postponement in the setting up of its Singapore based butyl rubber facility, synthetic rubber company Lanxess is bringing the timetable forward again. The company will now hold a groundbreaking ceremony in May 2010, and production is expected to start in the first quarter of 2013. The 100,000 tons per annum plant on Jurong Island will require an investment of up to 400 million euros.

18th January 2010/by Tyrepress Editors

Neeraj Kanwar is new ATMA Chairman

Neeraj Kanwar, managing director of Apollo Tyres Ltd, has been elected chairman of the Indian the Automotive Tyre Manufacturers’ Association (ATMA). Kanwar was unanimously elected as the next chairman at the association’s Annual General Meeting yesterday (14 January 2010) and is by far the youngest ATMA Chairperson so far since its inception in 1975.

14th January 2010/by Tyrepress Editors

Pirelli to Establish Saudi JV?

Pirelli is considering setting up a joint venture tyre manufacturing facility in Saudi Arabia. UAE based newspaper Gulf News has reported on the tyre maker’s desire to capitalise on the abundance of raw materials available in the Persian Gulf city of Jubail. A Pirelli delegation visited the city in December and held discussions with officials from the Royal Commission of Jubail and Yanbu.

5th January 2010/by Tyrepress Editors

Yokohama Lifts Export Market Prices

In January Yokohama Rubber intends to increase the export price of its tyres by as up to – and potentially even more than – 15 per cent. Yokohama states these increases apply to all passenger car, light truck, truck and bus, construction and industry tyre products in markets outside of Japan. In terms of specific increases, the company reports in an official statement that “the maximum mark-up is around 15 per cent. But even larger mark-up may be applied to specific regions and products.”

4th January 2010/by Tyrepress Editors

UK Maxxis Rewards Retailers Back from “Excellent” Star Prize Thailand Trip

Following an all-expenses paid trip to Thailand, courtesy of the Maxxis Rewards Scheme, Grouptyre sales director Paul Hollows gave a vote of thanks to the brand, which is sold exclusively through Grouptyre wholesalers in the UK: “I know from conversations during our week away and since that the retailers who went to Thailand with Maxxis got a great deal out of the trip, especially the visit to the Maxxis Rayong factory, which helped them really appreciate the commitment Maxxis makes to manufacturing quality products. Congratulations to Maxxis on an excellent initiative and here’s to continued success in 2010.” Hollows accompanied the retailers on their journey through the country from November 21-28, during which they spent time in the beach resort of Pattaya and the bustling capital city of Bangkok.

15th December 2009/by Tyrepress Editors

Pirelli to Increase North America Prices

Pirelli Tire North America is increasing prices on all its passenger and light truck tyre lines, excluding its P4/P5 touring lines, by up to 4.5 per cent as of January 1. The company states “escalating raw materials costs” as the basis for the new year price rises.

7th December 2009/by Tyrepress Editors

Goodyear Produced BioIsoprene Tyres to Feature at UN Conference

Copenhagen is hosting the United Nations Climate Change Conference, and present at the event will be the world's first concept demonstration tyres made with BioIsoprene technology. This breakthrough substance, which replaces a petrochemically produced ingredient used in the manufacture of synthetic rubber with renewable biomass, made its debut in the Danish city in early December. Several tyres, produced in collaboration between Goodyear and industrial biotechnology company Genencor, have been shipped to Copenhagen. One will make appearances at several events during the conference. Others will be displayed in several locations, including at Copenhagen International Airport’s departure lounge through to December 21.

3rd December 2009/by Tyrepress Editors