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Amtel-Vredestein Suspends Production at Kirov Factory

Amtel-Vredestein is halting production at its Amtel-Povolzhye factory in Kirov, Russia. Upon making the announcement on August 19 the company said the stoppage is the result of a working capital shortage it has experienced in recent months.

A second tranche of the stabilisation loan provided by Sibur Russian Tyres is anticipated by Amtel-Vredestein in accordance with previously made agreements. The provision of such funding is subject to the passing of resolutions at the company’s Extraordinary General Meeting of shareholders, scheduled for 29 August.

19th August 2008/by Tyrepress Editors

Robbins Aims to Reduce Cost Per Cure

Alabama-based Robbins LLC is claiming world leadership in its field thanks to its range of Accu-Fit CMT envelopes. CMT stands for Compression Moulded Technology and is designed to eliminate splicing, improve pliability and gauge consistency while extending envelope life – all of which helps bring down the cost per cure.

Robbins envelopes can be used with all systems and accommodates a wide range of temperatures. The system is said to improve retread appearance and optimise envelope durability. The range is extensive, with envelopes for small industrial tyres, right up to large OTR tyres. Other products include the company’s range of Uni-Tubes and a comprehensive assortment of curing tubes.

12th August 2008/by Tyrepress Editors

Toyo Tire USA Increases Prices by up to 10%

On 1 October 2008 Toyo Tire U.S.A. Corp. will increase consumer (passenger and light truck) and commercial (truck and OTR) tyre products by up to 10 per cent. “The cost of raw materials, energy, and transportation continues to rise at a steep rate, making it necessary for us to increase our prices,” said Steve Weinger, senior vice president, sales & marketing, Toyo Tire USA Corp.

11th August 2008/by Tyrepress Editors

Yokohama Results Show Strong Tyre Sales in Emerging Markets

The Yokohama Rubber Co., Ltd., has reported a 1.3 per cent increase in net sales, to 123.1 billion yen (£582.1 million), in the three months ended June 30, the first quarter of the 2009 fiscal year. This result came on the back of, the company explained, continuing Tire Group expansion that more than offset lower sales in the Multiple Business Group. Within Yokohama’s tyre business, sales increased most markedly in the Japanese OE market and for replacement market sales in emerging economies and natural resource exporting nations, including Russia, Latin America and the Middle East. Sales within the tyre business increased 2.5 per cent to 92.95 billion yen (£439.4 million).

11th August 2008/by Tyrepress Editors

Bridgestone H1 Results Show Lower Profits

Bridgestone Corporation has released details of its consolidated business and financial results for the period January 1 to June 30, 2008, the first half of the current fiscal year. Overall net sales of 1,641.1 billion yen (£7.70 billion) were recorded during the six-month period, an increase of two per cent over the previous year. Operating income, at 83.6 billion yen (£392 million) showed an 18 per cent drop on the first half 2007 figures, and net income of 37.2 billion yen (£174.47 million) is 30 per cent down on the previous year’s result.

8th August 2008/by Tyrepress Editors

Pirelli Tyre 1H Results Show Declining Net Revenue

The Board of Directors of Pirelli & C. SpA, have released the company’s interim financial statements for the half-year ended 30 June 2008. These results show Group revenues of 2.6843 billion euros, an increase of 2.7 per cent compared with the first half of 2007. The company’s EBIT before restructuring charges of 21.2 million euros were taken into account was 211.5 million euros, a decrease of 4.4 per cent compared with 221.3 million euros as of 30 June 2007. The company’s net result was 9.5 million euros lower than the 198.3 million euros recorded in 2007, and in the most recent half year it recorded a net financial position of negative 823 million euros.

6th August 2008/by Tyrepress Editors

Aufine to Raise Prices

Aufine Group Co. Ltd is to raise prices for shipments from 1 September. According to a price adjustment notice dated 1 August 2008, the price increase is the “unfortunate” result of the current high cost of steam, electricity and raw materials. This has apparently resulting in the “not small” increase in the cost of Aufine’s production. “We therefore regretfully inform you our prices for shipments from 1 September 2008 will be further revised. Exact details are expected to follow soon. The Qingdao, China-based Aufine Group last raised its prices in June following a 23 per cent increase in natural rubber prices.

5th August 2008/by Tyrepress Editors

China Sunsine’s Second Quarter Profits up 52%

China’s Sunsine Chemicals has reported that net profits increased 20 per cent in the first half of 2008 to 53.5 million yuan, with a 41 per cent increase in revenues to 402.1 million yuan. In the second quarter, Sunsine’s net year-on-year profits rose 52 per cent to 37 million yuan revenues increased 47 per cent to 234.9 million yuan. According to China Knowledge, the company’s sales grew 14 per cent to 84 million yuan and reached 9,496 tons in the second quarter. The average selling price rose by 27 per cent to 24.764 yuan per ton as the cost of raw materials continues to rise.

4th August 2008/by Tyrepress Editors

Sales Up, Operating Profit Down in Hankook’s Q2

Hankook Tire has announced second quarter sales of 1117.2 billion won (£557.8 million), a year on year growth of 27.5 per cent, and 11.5 per cent quarter on quarter. Operating profit, at 79.0 billion won (£39.45 million), was 2.4 per cent down on the second quarter of 2007; likewise, recurring profit, at 89.8 billion won (£44.84 million) was also down 2.4 per cent. The quarter operating profit margin was 7.1 per cent.

Hankook reports sales revenue was boosted due in part to a weakened Korean won and an increase in tyre prices implemented in response to rising raw material costs – the company comments the tyre industry is facing increased pressure from a 24.3 per cent year on year increase in raw material costs, with natural rubber prices alone rising 40.5 per cent year on year. More than half of tyre production costs are now attributed to raw materials, adds the South Korean manufacturer.

1st August 2008/by Tyrepress Editors

Michelin To Increase Replacement Tyre Prices in Japan

In the second half of 2008 Nihon Michelin Tire Co., Ltd will raise the delivery prices for its replacement market products in Japan. Michelin states this series of price increases is unavoidable: “In the last year or so the industry has registered a continued escalation in the prices of raw materials. Continued efforts to internally compensate for this situation are not enough, obliging us to partially reflect this state of affairs in our prices,” the company said in a press release.

24th July 2008/by Tyrepress Editors

TSRC Planning India, Vietnam Rubber Facilities

With a view to maximise the opportunities present in emerging nations, Taiwan based SBR (styrene butadiene rubber) and BR (polybutadiene rubber) manufacturer TSRC Corporation plans to establish facilities in India and Vietnam. TSRC president W.H. Tu said the company is considering setting up factories in these two countries as both possess a booming automotive industry but lack an upstream raw material supply of SBR and BR. In addition, TSRC is also studying the feasibility of establishing a plant in the Middle East due to regional advantage of low-price raw materials for the production of SBR and BR.

24th July 2008/by Tyrepress Editors

Apollo First Quarter Revenues up 15%

Apollo Tyres Ltd has reported that it achieved consolidated first quarter revenues of 13.2 billion rupees (£155 million), up 15 per cent from 11.5 billion rupees during the same period last year. During the same period, consolidated net post tax profit grew 7.3 per cent to 586.6 million rupees (£6.87 million).

Commenting on the results, Onkar S Kanwar, chairman & managing director, Apollo Tyres Ltd, said: “These are probably one of the most challenging times we have faced as a company.”

18th July 2008/by Tyrepress Editors

Continental Puts European Tyre Prices Up 5%

Continental AG has announced that it will increase its European passenger car and light truck tyre prices (across of all brands) by 5 per cent. According to a company statement, the price hike comes in response to offset rising raw materials and energy costs and will take effect on 1 October. Continental increased prices by between 3 and 4 per cent in June.

In the UK, Continental Tyre Group will be increasing its prices a month earlier on 1 September, a move the company describes as being in line with the UK market strategy. The UK price rise will be in line with the wider European increase – 5 per cent across all passenger, van and 4×4 tyres and all Continental group brands. Continental is reportedly in the process of notifying customers this week.

14th July 2008/by Tyrepress Editors

Continental Shares Plummet, Michelin’s drop

Shares in Continental AG have fallen by the most significant margin in seven years – 11 September 2001 – in Frankfurt, leading to the downgrading of the stock by Merrill Lynch. The decline of up to 8.1 per cent today, report financial news sources, sees the stock plummet to 53.65 euros. For the year, Continental’s stock is down 40 per cent, its value now down at 8.7 billion euros. The fall comes as a result of a variety of challenges to automotive stocks including the rapid ascent of raw materials costs and the decline in demand from traditional markets.

Concurrently, French competitor Michelin faced a similarly difficult day on the markets, with shares declining by 5.9 per cent in Paris. Overall, Bloomberg’s Europe Auto Parts & Equipment Index – including the two manufacturers – is down in 2008 by 31 per cent, having included the not inconsiderable hit from today’s declines for its two biggest members, being down 4 per cent for the day.

11th July 2008/by Tyrepress Editors

Good Times At Goodway Rubber

Goodway Rubber has been enjoying some good times over the past few years and the message from Group CEO Mr. Tai Boon Wee is that the company’s business grew by 33 per cent in 2007.

Ms Alison Wong has recently been appointed Chief Operating Officer, having overseen what are described as “unprecedented sales” during her last two years as Managing Director. The current high price of oil is impacting negatively on all sectors of industry – notably transportation and logistics, but Alison Wong, quoted in the Goodway corporate magazine Khronicle, suggests that retreading is one way to ease this pressure. She says: “Retreading is cost-efficient as a reusable resource and value for money. We can turn this threat into an opportunity with our established reputation for premium quality retreads that consistently deliver high performance, durability and safety.”

8th July 2008/by Tyrepress Editors