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Point S enters American market

Tyre dealer network point S has announced its entrance into the American market at an official event on 1 November at the SEMA Show in Las Vegas, where the company is exhibiting for the first time. US collective The Independent Tire Dealers Group, LLC (ITDG) has signed a partnership with point S, stepping up the group’s international development onto a new continent. Following its entrance into Turkey earlier this month, the network is now present in 21 countries in Europe with over 2,000 depots.

2nd November 2011/by Tyrepress Editors

Amtel-Vredestein debt dispute to be heard on 26 October

A commercial court will hear on 26 October TIRE Invest's 42.256 million euro lawsuit against Holland's Amtel-Vredestein N.V., the court told the Russian Legal Information Agency (RAPSI). Nomos-Bank was the initial plaintiff, but reportedly assigned its claims to TIRE Invest last summer.

25th October 2011/by Tyrepress Editors

Cooper issues 159th consecutive quarterly dividend

Cooper Tire & Rubber Company has announced it will once again issue a quarterly dividend. This time the US-based tyre manufacturer is offering 10.5 cents per share on common stock, payable 30 December 2011, to stockholders of record at the close of business 2 December 2011. This will mark the 159th consecutive quarterly dividend paid by Cooper Tire & Rubber Company.

21st October 2011/by Tyrepress Editors

Longxing Chemical aiming to raise 400 million yuan in share issue

China’s Longxing Chemical Industry, which supplies carbon black and electricity to “major tyre makers” in the people’s republic is reportedly planning to raise 400 million yuan by issuing a maximum of 45 million shares at 9.26 yuan per share in a private placement.

19th October 2011/by Tyrepress Editors

Illinois developer buys former Cooper plant

The shuttered Cooper Tire & Rubber Co. tyre plant in Albany, Georgia, has been sold to an Illinois developer, according to Tire Review. No details of how much was paid have yet been released.

14th October 2011/by Tyrepress Editors

Credit agencies lower GITI Tire rating, Gajah Tunggal not affected

Credit agencies Fitch and Standard & Poor’s have altered their rating for GITI Tire Pte. Ltd. According to Fitch’s latest assessment, “GITI's liquidity is likely to remain strained over the next 12 months because of substantial cash outflows despite the refinancing of the company's notes.”

6th October 2011/by Tyrepress Editors

Three new products added to Nokian’s off-road portfolio

Nokian Heavy Tyres has introduced a trio of new off-road products, the TRI 2 Extreme Steel, Loader Grip 3 and Nordman Mine All-Steel Radial. The first two of these are intended for earthmoving applications while the Nordman, as its name suggests, is aimed at the mining sector.

29th September 2011/by Tyrepress Editors

P Zero Silver – Pirelli’s first F1 derived road tyre

Pirelli has launched its first Formula 1-derived UHP road tyre. This latest offering from the Italian tyre maker, the P Zero Silver, sits alongside the P Zero in Pirelli’s product portfolio and is intended to increase the company’s premium range and cater to the ever more differentiated needs of Pirelli’s top market segment – a segment that Pirelli aims to grow in all geographic areas. The P Zero Silver was officially unveiled in September at an event attended by, amongst others, Pirelli chairman and CEO Marco Tronchetti Provera, Pirelli Tyre CEO Francesco Gori, Team Ferrari technical director Stefano Domenicali and Team McLaren driver Jenson Button.

21st September 2011/by Tyrepress Editors

Hankook proclaims DTM influence in latest Ventus

The fruits of Hankook’s DTM involvement can now be seen by all – the Korean tyre maker has released its first ultra high performance tyre to employ engineering drawn from DTM racing technology, the Ventus S1 evo². This flagship of Hankook’s UHP portfolio is said to benefit from expertise the company has gained as exclusive tyre supplier to the DTM – Hankook states a “multitude of technical innovations and design features” has enabled its engineers to arrive at the “best balance” between wet and dry performance. The Ventus S1 evo² has also been developed to meet next year’s EU-labelling requirements.

20th September 2011/by Tyrepress Editors

Cooper Tire shares mark 52-week low

Company News, International News

Shares in Cooper Tire & Rubber Company hit a new 52-week low on Monday 12 September trading at $10.36, below the previous 52-week low of $10.50. According to a report at thestreet.com, Cooper Tire & Rubber has a market capitalisation of $696 million and shares were down 53.6 per cent year-to-date at the close of trading on Friday 9 September.

13th September 2011/by Tyrepress Editors

Double Coin, Michelin, Huayi JV finalized

The deal is done and a new tyre company has been born, thanks to the formalization of the proposed joint venture agreement between Groupe Michelin, Double Coin Holdings Ltd. and Shanghai Huayi (Group) Co. The newly minted Double Coin Group (Anhui) Warrior Tires Co. will produce Warrior brand passenger and light truck/SUV tyres, some of which will reach the North American market next year.

7th September 2011/by Tyrepress Editors

Hankook shares concerns over horsebox tyre maintenance

Hankook’s recent partnership with the Royal International Horse Show at Hickstead has revealed some worrying concerns over the tyre maintenance of horseboxes and trailers. According to the company, last year alone tyre failures accounted for approximately 30 per cent of all horsebox breakdowns at the roadside, many of which could probably have been avoided. In an effort to raise standards of tyre maintenance amongst the horse riding community, Hankook has published this advice:

30th August 2011/by Tyrepress Editors

Unbelievable speculation: Kumho to withdraw from China?

News that Kumho Tire would possibly need to relocate its factory out of Nanjing, in China’s Jiangsu Province, first broke some six weeks ago, and the Chinese officials have now confirmed their decision. Kumho received word from the Nanjing Environmental Protection Bureau on its decision that it, along with 172 other companies in Nanjing, must move elsewhere. Chinese media sources, such as those reported by gasgoo.com, state Kumho’s Nanjing factory has “long since” been marked by the municipal government as one of the city’s “most polluted factories,” although details of offences are not given. Orders to cease production at the plant have already been given.

24th August 2011/by Tyrepress Editors

Analysts cut Cooper price target, re-iterate “overweight rating”

The second quarter was tough, but look out for a rebound in the second half of 2011. That’s the view of Morgan Stanley analysts with reference to Cooper Tire’s dramatic recent share performance. Reducing the company’s price target from $30.00 to $27.00, the company re-iterated our overweight rating saying the tyre manufacturer shares offer “compelling value following [the] recent [stock] sell-off.”

19th August 2011/by Tyrepress Editors

Michelin signs tyre, service supply agreement with US truck service chain

Ambest Service Centers, a 68-outlet chain of truck repair and facilities in the US, has signed a deal with Michelin Americas Truck Tires to stock the tyre maker’s range of Michelin and BFGoodrich brand products and for Michelin to offer tyre and emergency road service at many Ambest locations.

19th August 2011/by Tyrepress Editors