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Hankook Maintains Strong Sales Growth & Profit Margins in 2007

Hankook Tire’s claim to be one of the world’s fastest growing tyre manufacturers was given a boost today by the release of its 2007 results. The South Korean company posted global sales of KRW 3.2 trillion (£1.77 billion) in 2007, an 11.8 per cent year-on year increase. Profit margin dropped slightly to 8.1 per cent while consolidated operating profit increased 5.1 per cent to KRW 263.6 billion (£144 million). While this latest profit margin is down 0.6 per cent on that recorded in 2006, Hankook defends the still respectable figure by pointing out that the previous year’s – and the current – margin was the highest amongst all major tyre manufacturers, last year’s outstripping the nearest competitor by two points.

Other milestones of note for the company include European sales – in the fourth quarter these increased by 9 per cent on the previous year – along with year-on year UHP tyre sales across all global markets; these increased 10.5 per cent. Hankook’s CEO believes his company’s efforts to build upon both product and brand quality has been instrumental in all such positive results.

11th February 2008/by Tyrepress Editors

Spring Price Hike For Toyo Tire USA

Toyo Tire U.S.A. Corp. has announced that it will increase pricing on consumer and commercial products up to six per cent. The new prices are effective from March 1, 2008.

“Due to continued escalating increases in raw materials, energy, and transportation costs we must increase our prices on consumer and commercial tires,” said Steve Weinger, senior vice president, sales & marketing, Toyo Tire U.S.A. Corp. “We wish to thank our dealers for their continued support and assure them Toyo remains dedicated to providing the highest level of product quality and customer service.”

5th February 2008/by Tyrepress Editors

US OTR Tyre Manufacturer Unveils Ambitious Expansion Plans

Manufacturer of OTR tyres for the mining, construction and port handling industries, American Tire Corporation (ATC), has finalised the development plans for its new factory. It intends to place a total investment of US$500 million into the Washington based facility, a 130 acre site housing seven manufacturing plants, two warehouses, a distribution centre and a research and training building.

These ambitious plans were announced on February 3 and are intended to aid in the expansion of the company’s US operations and the development of a more “aggressive” growth strategy in the OTR tyre sector. According to a press release published on the PRWeb website, ATC will “build the most advanced tyre-building machines and vulcanising machines on site.” All related equipment, construction and raw materials will reportedly be procured via tender during the first half of this year. ATC is inviting tyre equipment and raw material manufacturers, along with construction companies, to submit offers before March 31.

4th February 2008/by Tyrepress Editors

TVS Projects 30% Growth, Hints at Future Greenfield Expansion

TVS Tyres expects to maintain a growth rate of 30 per cent in the Indian market, reports the company’s marketing general manager. Mr. M Sivasubramanian told India’s Business Standard newspaper that this projected growth has already been witnessed over the last three years, during which time the company has raised its production capacity from 600,000 to 900,000 tyres. He added that each year TVS Tyres is investing Rs 4 million (£51,800) in research and development.

Sivasubramanian also believes that the introduction of low cost cars, such as Tata’s long-awaited Nano, will not affect the two and three-wheel vehicle specialist’s sales. To the contrary, he commented, TVS project an increase in the demand for two wheeled vehicle tyres, in part due to the growing trend towards replacing tyres at shorter intervals than in previous years.

23rd January 2008/by Tyrepress Editors

Michelin: OE Customers Prepared to Pay Extra for “Green Tyres”

Analysts from the Société Générale report that Michelin representatives have, during a Roadshow event, expressed the opinion that OE manufacturers would be prepared to spend extra for environmentally friendly “green tyres.” The willingness to spend extra for such a product would no doubt be aided by CO2 emission reductions currently on the EU agenda; reductions of 120 to 130 grams per kilometre may in future be required.

Should Michelin’s predictions be correct, it will not only be the environment that benefits; while environmentally friendly tyres currently cost the consumer more to purchase, the manufacture of “green tyres” requires less raw materials, thus lowering production costs.

18th January 2008/by Tyrepress Editors

Lanxess Releases New Tyre Additive

Specialty chemicals group Lanxess has developed a new high-performance rubber additive. Known as Nanoprene, this material additive for tyre tread compound is reported to significantly reduce the rate of wear in a tyre. Lanxess adds that this reduction in wear achieved through the use of this additive does not in any way impact on rolling resistance or wet grip.

“Boosting tyre service life without losing other key tread properties was a major challenge for the rubber industry,” explains Nanoprene developer Professor Werner Obrecht, rubber expert at the Lanxess Technical Rubber Products (TRP) business unit. “Despite all the positive developments of the last 20 years, after travelling around 40,000 kilometres, the tread pattern is normally worn and new tyres are then needed. This is not only annoying for the customer, since the fine rubber particles created by the tyre wear ultimately end up in the environment.”

15th January 2008/by Tyrepress Editors

Michelin to Up Prices in Japanese Market

Michelin is set to raise prices in Japan across a range of products due to the rising cost of raw materials. The price of summer tyres for passenger and light trucks will increase by an average of 5 per cent, while truck and bus summer tyres will increase by an average of 7 per cent, according to a Michelin statement. The changes will take effect on 1 March 2008. The prices for industrial tyres will increase by 8 per cent, with agricultural tyre prices rising 3 per cent.

2nd January 2008/by Tyrepress Editors

Nexen Sets Price Increase

(Tire Review/Akron) Due to increases in raw materials and freight cost, Nexen Tire America said it will increase its prices as of January 1, 2008. Prices on Nexen’s passenger, performance and light truck/SUV tyres will increase by 2 to 7 per cent, depending on the line.

13th December 2007/by Tyrepress Editors

Bridgestone to Increase Prices in all European Markets

Bridgestone Europe has announced price increases for all tyre brands and categories in every European market. Passenger car, 4×4, and light commercial vehicle tyre prices will rise by between three and five per cent, while all other sectors will be subject to increases of between five and ten per cent. These price adjustments are scheduled to be implemented as of February 1, 2008.

12th December 2007/by Tyrepress Editors

Pirelli to Raise Prices in Several Export Markets

Pirelli Tyre reports that price increases of up to 10 per cent are planned for all passenger car, SUV and truck tyre lines sold in Middle East, Africa and Asia Pacific markets, effective as of January 1, 2008. The manufacturer states that the increases have been necessitated by continued increases in the cost of raw materials and energy.

5th December 2007/by Tyrepress Editors

Indag Rubber Branches Out

Indag Rubber Ltd. (IRL) was formed almost three decades ago as a joint venture between Indian company Khemka and US retreading giant Bandag and the JV pioneered the introduction of precured retreading in India in the mid 1980s. Last year the collaboration with Bandag ended and IRL has branched out into the international market with a new brand of procured treads called “Zoma”.

The Zoma range comprises more than 20 different patterns, designed for different applications and axle types and all are manufactured, says Indag, from the highest specification raw materials, including premium rubber polymers and high structure carbon black, using the latest technology.

3rd December 2007/by Tyrepress Editors

Marangoni Ready to Move Forward

The Marangoni Village the Italian tyre and retreading systems manufacturer constructed at last year’s Essen show was about more than just combining exhibition space. As far as the company’s management is concerned, this move symbolised the first step in a “redefinition of the Marangoni’s corporate strategy.” In other words, the company is re-doubling its efforts to focus on the synergies available to a group that runs as a “highly networked system” rather than a number of autonomous entities.

Looking at the how the company has expanding internationally over the years, retreading has always been a key part of the group’s business. In fact the company’s domestic Italian market is the only territory in the world where less than half of group sales (40 per cent – see chart for more details) come from retreading related operations. With Western Europe accounting for 34 per cent of total group turnover the half of this figure that is retreading related remains central to the company’s operation.

29th November 2007/by Tyrepress Editors

Rhodia to Increase Price of Silica and Other Products

Chemical manufacturer Rhodia, whose Rhodia Sileca enterprise produces silica for use in tyre manufacture, announced on November 22 impending worldwide price increases for its products. These increases will be in the range of 7 to 15 per cent, depending on product line.

The company reports in a statement that the price rises are a necessary measure: “Although Rhodia has put into place a number of action plans over the past few years to improve productivity and reduce costs, the price increases announced today are required to help respond to the dramatic and simultaneous rising costs of energy, raw materials and transport, and to defend Rhodia’s margins at a time when the demand for specialty chemicals is strengthening worldwide.”

26th November 2007/by Tyrepress Editors

Michelin to Feel the Effect of Rising Material Costs Next Year

Thomson Financial has reported comments made by Michelin CFO Jean-Dominique Senard to the effect that the increased prices now being paid for the raw materials used in tyre production will “have an impact” on the group’s 2008 results, although he added that it is too early to indicate the extent of this impact.

“The recent movements that we have experienced are going to have an impact and the question is how much,” said Senard. A clearer picture of the effect raw material prices have had will most likely be provided early next year when Michelin’s 2007 full year results are made public, he added. For 2007 the impact of rising raw materials upon annual results should be, Senard reports, around 60 million euros, give or take a few million.

20th November 2007/by Tyrepress Editors

Bridgestone to Launch Ecopia EP100 Fuel-Efficiency Tyre

Bridgestone is set to compete in terms of fuel efficiency with the launch of its new Ecopia EP100 passenger car tyre. According to the company, the tyres will boast “outstanding braking performance in wet conditions in level with the B’Style Ex tyre as well as a 30 per cent reduction in rolling resistance.” The tyre will go on sale from 1 April 2008 in 195/55R16, 185/65R15 and 195/65R15. There are said to be plans to expand this range in a stepwise manner. Prices are all set at the manufacturer’s recommended retail price.

5th November 2007/by Tyrepress Editors