Russia Archives - Page 49 of 71

If Only They Had Run-Flats

Nothing’s stranger than the truth…or so the saying goes. But would you believe that a flat tyre could have led to recent war between Georgia and Russia? According to The Telegraph, a flat tyre on a Russian diplomatic car did exactly that. When the diplomat the car in question was supposed to be carrying failed to arrive at peace talks in South Ossetia the day before fighting broke, it seems the two states passed the point of no return. Refusing to take his excuse at face value, the Georgian government feared the worst and began the pre-emptive shelling that “invited” the subsequent Russian invasion.

18th August 2008/by Tyrepress Editors

Organisers Expecting More Visitors for CITExpo 2008

Product News

Show organisers are expecting more visitors than ever when nearly 300 exhibitors present their tyre products at the 6th CITExpo, held at the Shanghai Everbright Convention and Exhibition Center on 17, 18 and 19 September 2008. Technology on show will include radial tyres, bias tyres, wheels/rims, tyre maintenance equipments, retread materials and equipments, tyre production material and equipment and other related products. According to CITExpo organisers, Reliable International Exhibition Services Co., Ltd., the two original exhibition halls have already been fully occupied by new and rebooking exhibitors, causing them to add Hall 1A to exhibition space.

Looking ahead, Reliable announced that the 7th CITExpo will be held in the same venue on 9, 10 and 11 September 2009. According to the organizer, they have already received more than 15 exhibitors’ bookings for the 2009 show. Those early bookings have committed a year in advance in order secure the best booth location for the future CITExpo show, the organisers explained.

13th August 2008/by Tyrepress Editors

Yokohama Results Show Strong Tyre Sales in Emerging Markets

Product News

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

Pirelli JV Factory to Supply AvtoVAZ

Product News

The announced joint venture tyre plant to be established by Pirelli and Russian Technologies will have an initial capacity of 4.2 million tyres, states Pirelli – and sources indicate that a large chunk of production will be supplied to Russian carmaker AvtoVAZ. The facility, to be built in a new industrial estate in northwest Togliatti, in Russia’s Samara region, will be located near the giant AvtoVAZ factory, which is majority controlled by Russian Technologies. The regional government plans to make the industrial estate a special economic zone, in which investors are granted tax concessions.

7th August 2008/by Tyrepress Editors

Pirelli Set to Build New Russian Plant

Product News

Pirelli signed a letter of intent with Russian Technologies in June to set up a joint venture building a new tyre-building facility in Tol’yatti, Russia. The deal is expected to be sealed on 7 August in Moscow for the building of the 1,500-job plant.

Early figures released to news sources suggest that the manufacturing plant will produce between 3 and 3.5 million car tyres alongside 700,000 truck tyres per anum. The joint venture projects an annual turnover of $100 million.

4th August 2008/by Tyrepress Editors

Sales Up, Operating Profit Down in Hankook’s Q2

Product News

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

Yokohama to Manufacture Tyres in Brazil, Russia

News

To meet growing demand in Russia and Brazil, Yokohama Rubber intends to begin manufacturing passenger car tyres in these two countries, with production commencing as early as 2010. Tyre supply in both markets is currently met with tyres manufactured in Japan and the Philippines, however a company spokesman reports that the combination of strong business prospects and the opportunity to avoid high import tariffs has led to the decision to set up local operations.

“It makes more sense to produce tyres there and sell them directly in the region,” he said. “We’ll keep shipping value-added products from Japan. The spokesman added that the facilities in Brazil and Russia will “start small and expand if and when sales increase.”

28th July 2008/by Tyrepress Editors

TiDiCi Partners with TyreCheck

News

CIS-based tyre retail specialists TiDiCi have selected the TyreCheck system for paperless electronic tyre service management. The initial implementation is scheduled to start in July, after which it will be rolled out to an additional 27 sites across Ukraine, Russia and Belarus. The implementation will manage an estimated 150,000 vehicle inspections a year. According to a company statement on the news, TyreCheck was chosen for its scalability and due to the fact that it is available in more than 10 different languages.

The TyreCheck platform combines mobile and web-based components. The TyreCheck Mobile component provides the tools needed at the tyre. These include inspections and the tracking of work at the tyre, plus tracking of tyres going on and off vehicles. The TyreCheck Web component provides the management and reporting functionality that is required to centralise the data.

23rd July 2008/by Tyrepress Editors

Russian 6-Month Tyre Production Stable

Product News

Russian passenger car tyre production has remained flat in the first half of 2008. Compared with January to June 2007, production fell 0.1 per cent to 13.8 million tyres, according to details of a Federal State Statistics Service report published by the Prime-Tass news agency. The same survey found that truck and bus tyre output fell 0.6 per cent to 5.56 million units in the same period. During 2007 as a whole car tyre output in Russia reportedly rose 6 per cent to 29.3 million units.

22nd July 2008/by Tyrepress Editors

Vredestein Aims for Icy Markets with New Arctrac

Premium, Product News

Last year’s Winter Tyre Review (T&A, September 2007) featured three Vredestein tyres designed to withstand cold weather. The Wintrac Xtreme and its SUV cousin, the Wintrac 4 Xtreme courted the difficult market of the safety and style-conscious, being winter tyres designed in aesthetic partnership with Giugiaro Design – the Italian design engineering firm. The Quatrac 3, on the other hand, had designs on those wishing for the safety features of a cold tyre, but didn’t want the hassle of changing tyres come the chilly season.

This year’s launch is a different animal: leaving aside the convenience and aesthetic concerns of other ranges, the Arctrac is for the committed winter tyre user in truly hostile conditions; a studded tyre with sturdy angular shoulders, whose natural territory is upon the very heavy frosts of countries surrounding the Arctic Circle, such as Canada, Russia and the Scandinavian nations.

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22nd July 2008/by Tyrepress Editors

Pirelli to Invest $100 million in Doubling China Tyre Capacity

Product News

Pirelli & C has announced that it will invest $100 million in expanding the capacity of its Chinese tyre production operation over the next two years. The investment is designed to double the company’s passenger car tyre production capacity by 2011, while also increasing truck tyre output. According to the Reuters news agency, the expanded capacity could double Pirelli’s share of China’s market to 10 per cent within five years.

The investment would mean Pirelli’s total Chinese tyre capacity would rise to 11 million passenger car and truck tyres and could help China become Pirelli’s second largest global market within five years, Reuters quoted Pirelli chairman, Marco Tronchetti Provera as saying.

10th July 2008/by Tyrepress Editors

Reifen 2008: New Vredestein Winter Tyres, Maloya Rebranded

Product News

Dutch manufacturer Vredestein utilised the opportunity of Reifen 2008 to exhibit their newest addition to Vredestein winter range, the Snowtrac 3. The tyre is the company’s follow-up to their highly-rated, award winning bestseller – the Snowtrac 2 – and uses a different tread compound to its predecessor that the company says will provide greater levels of grip in winter conditions. Additionally, the company officially launched its new studded winter tyre: the Arctrac, which Vredestein claims will “come into its own in heavy frost.” The company also announced the rebranding of its Swiss Vredestein Group member, Maloya, a move that aims to appeal to “a young, modern and dynamic target group.”

7th July 2008/by Tyrepress Editors

Sibur Buys Stock-Exchange Listed Amtel-Vredestein

Product News

What may appear to some a complicated transaction is actually very simple: The unlisted holding company Sibur Holding, having sold its Sibur Russian Tyre business to the stock-exchange listed Amtel-Vredestein and then acquired the majority of all outstanding Amtel-Vredestein shares, has been able to obtain a tyre business that remains registered with the London Stock Exchange.

2nd July 2008/by Tyrepress Editors

Pirelli Confirms Higher Targets Despite Weakening Car Sales

Product News

Comments given by Pirelli & C Spa chairman Marco Tronchetti Provera indicate that targets for company’s tyre business remain slightly higher despite declining car sales in Western Europe. Speaking to reporters on June 30, Mr. Tronchetti Provera said Pirelli is “working on growing where there is a sustained demand, to improve the profit mix and to reduce costs. Therefore we believe we can meet our targets.”

1st July 2008/by Tyrepress Editors

Amtel-Vredestein, Sibur Holding Deal will Create ‘Top 10 Tyre Producer’

Product News

Amtel-Vredestein has reached an agreement with Sibur Holding that will see it acquire Sibur Russian Tyres in exchange for 159.3 million new Amtel-Vredestein shares. Amtel-Vredestein will also carry out a $150 million share placement, and Sibur Holding has already agreed to acquire $50 million worth of these shares. As a result, Sibur Holding will own 70 per cent of the new expanded tyre operation. This deal, which values Sibur Russian Tyres at approximately US$318.6 million, promises to create “one of the leading diversified tyre producers in Europe and one of the top 10 tyre producers worldwide,” states Amtel-Vredestein.

The acquisition will give Amtel-Vredestein access to a $40 million line of funding from Sibur Russian Tyres. Media reports earlier in the year suggest Amtel needs roughly $20 million a month to keep raw materials flowing into the production process during the transition. As a result, the deal is expected to be completed in the second half of 2008.

Following the initial acquisition of Sibur Russian Tyres, the terms of the agreement call for Amtel-Vredestein to conduct a $150 million private share placement at a subscription price of not less than $1.89 per share. Sibur Holding has already agreed to purchase shares to the value of $50 million. Following a successful completion of this share issue, Sibur Holding will own 70 per cent of the new, larger tyre company and no less than 60.5 per cent of Amtel-Vredestein’s enlarged share capital as a result of the acquisition and placement. Sibur Russian Tyres chief executive Vadim Gurinov will head Amtel-Vredestein following the transaction.

Furthermore, Sibur Russian Tyres has agreed to provide Amtel-Vredestein with an interim funding facility of $40 million, subject to the agreement of the second company’s shareholders. The interim funding will be provided in two tranches; $20 million will be immediately available to Amtel-Vredestein upon signing a definitive agreement, and the balance available upon Amtel-Vredestein’s shareholders passing the required resolutions at the EGM. The amount raised through the interim funding is intended to enable Amtel-Vredestein to meet its liquidity requirements until completion of the acquisition and placement.

Amtel-Vredestein notes soberly that, in light of its difficult financial position, the transactions with Sibur Holding are “considered essential to the continued viability of Amtel-Vredestein as a going concern and, without the transactions, Amtel-Vredestein’s debt restructuring cannot succeed.”

“This is a significant achievement for Amtel-Vredestein and Sibur Russian Tyres and for their shareholders as well as all stakeholders,” commented Petr Zolotarev, CEO and chairman of the Amtel-Vredestein Executive Board. “The combination of the two businesses as well as the placement will provide the enlarged group with a stronger balance sheet and essential funding to continue operating as one of the leading global tyre manufacturers, creating at the same time one of the leading companies in the Russian market. Going forward, the enlarged group will benefit from greater economies of scale, enabling it to compete more efficiently. ”

Alexander Dyukov, chairman of the Boards of Sibur Holding and Sibur Russian Tyres, commented that “The transaction will create one of the top 10 tyre producers worldwide, and is in line with Sibur Holding’s strategy to increase the value of its tyre business.” Sibur Russian Tyres CEO Vadim Gurinov added “the Russian tyre market has a very high growth rate and the enlarged group will be very well positioned to benefit from the growth, finding itself in a win-win situation. In addition to leading positions in the truck and off-the-road tyre segments, the group gains the same positions in the passenger and light trucks tyre segments and becomes an undisputable market leader in Russia and the largest tyre manufacturer in Eastern Europe. Moreover, by this combination, we are able to reach additional synergies through acquiring an up-to-date research base, high-quality tyre brands and a wide European distribution network. From my point of view, this business combination provides us with great prospects and development opportunities.”

Russia’s economy is growing strongly, comments Amtel-Vredestein, adding that the enlarged group will be better positioned to benefit from this and compete effectively with foreign competitors. Furthermore, it states, “the parties are confident there is significant scope for realising synergies by combining the operations of the two companies in areas of manufacturing, research and development, administrative cost savings and a rationalisation of the capital investment programme.”

30th June 2008/by Tyrepress Editors

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