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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

UK study to explore battery recycling and reuse opportunities

In September, six British companies will get underway with studies into the feasibility of recycling and reuse of batteries for low and ultra low carbon vehicles. The six firms – Axeon, Energy Cost Advisors Ltd, LiFeBATT Ltd, Narec, OXIS Energy Ltd and TRL will carry out seven studies between them (TRL will perform two studies) at a total cost of just over £670,000. It is anticipated the studies will take approximately 12 months to complete.

10th August 2011/by Tyrepress Editors

BKT reports Bhuj plant progress on schedule

Indian off-road tyre specialist BKT reports progress on construction work at its new factory in Bhuj, Gurarat state is “perfectly in line with schedules.” Work began on the greenfield facility last December and the company anticipates its completion in the third quarter of 2012.

10th August 2011/by Tyrepress Editors

Analysts highlight ‘difference in momentum’ between Continental and Michelin results

Company News, International News

Despite the fact that both Continental and Michelin reports second quarter/first half pre-tax profits (EBIT) broadly in line with expectations, financial analysts have highlighted the “difference in momentum” between the two firms’ results. According to Morgan Stanley, the intraday spread between the two stocks was 600 basis points when the results were announced on Friday 29 July.

“Although we think Michelin can surprise positively in the second half, in the shorter term Conti should outperform thanks to improving momentum in consensus earnings,” Morgan Stanley’s Edoardo Spina commented, explaining the differential.

1st August 2011/by Tyrepress Editors

GfK offers "cost-free opportunity" to truck tyre dealers

Many in the industry will be familiar with the work of GfK within the tyre market, producing regular reports on market size, market shares and trends, among other information. According to the old saying, "knowledge is power" and GfK (which stands for 'Growth from Knowledge') describes itself as 'a knowledge provider' and has been collecting, processing and analysing data on various markets since its foundation in 1937.

26th July 2011/by Tyrepress Editors

North American launch for Versado Eco

Toyo Tire USA has launched the Versado Eco range in North American markets. The new tyre is described as being an all-season, low rolling resistance luxury performance tyre designed for hybrids and other environmentally-friendly vehicles; Toyo says it has used a combination of innovative technology and environment-friendly materials to deliver low rolling resistance without sacrificing tread life, luxury or performance.

25th July 2011/by Tyrepress Editors

Kumho kicks off with Austrian football sponsorship

Austrian football team SK Rapid Wien has welcomed Kumho Tyres as its newest sponsor. Upon signing an agreement on July 15 the Vienna based club, which participates in the Austrian Bundesliga, stated that in Kumho it had found a prestigious sponsor. The three-year deal between Kumho and SK Rapid Wien gets underway immediately.

21st July 2011/by Tyrepress Editors

Pirelli responds to harsh winters with ‘01’ additions

In the July 2011 edition of ‘Truck’, Pirelli’s in-house magazine for the commercial vehicle sector, the Italian tyre maker comments that the winter of 2010-11 was one of the most severe in recent memory. The UK experienced snowfalls as early as November, it notes, causing such traffic disruptions that the Automobile Association describes the period as the most active in its 100-year history – the motoring association answered 200,000 calls for assistance on November 29 alone. In December the lowest temperatures since 1890 were reached.

14th July 2011/by Tyrepress Editors

Turn on the air con and save fuel, says Kwik Fit

Devastating news for the nation’s dogs was handed down by Kwik-Fit on July 8; the beloved practice of keeping cool in summer by winding down the car window – essential for tongue-lolling canines wishing to catch the breeze – may actually put a bigger dent in fuel consumption than turning on the air conditioning.

8th July 2011/by Tyrepress Editors

Conti tapping sales staff influence in the US

In an article published July 7, Bloomberg Business reports that Continental Tire the Americas spends around 15 per cent of its annual marketing budget influencing a group that holds significant clout with US consumers – tyre salespeople. Every year Conti invests around US$1 million inviting some 950 tyre salespeople to its proving ground in Uvalde, Texas in order to familiarise them with the company’s product and give them a good time into the bargain. And the tyre maker says these events pay off.

8th July 2011/by Tyrepress Editors

Korean tyre labelling “fits perfectly to the Lanxess strategy”

South Korea’s reported June 15 announcement regarding the introduction of voluntary tyre labelling before the end of this year and mandatory labelling a year later is being billed by Lanxess as a “huge success” for its global public affairs strategy. The German specialty chemicals firm shares that South Korea’s “Ministry of Knowledge Economy” has announced the commencement of a formal process for the implementation of a tyre labelling in the country with a “pre-notification” note. According to Lanxess the Korean government body plans to begin voluntary tyre labelling in November 2011 and introduce mandatory labelling in November 2012 – the month the EU tyre label becomes mandatory.

6th July 2011/by Tyrepress Editors

GKN selects Kirkby as UK partner

GKN, one of the world’s leading manufacturers of agricultural and off highway wheels, has chosen Kirkby Tyres as its UK partner for the OE and replacement markets in the UK and Ireland. Kirkby thus takes responsibility for distributing the company’s line-up, which ranges from 12 to 26-inch fitments. GKN is well known as a supplier to major OEM’s including JCB and many other leading trailer and implement manufacturers worldwide.

5th July 2011/by Tyrepress Editors

Sailun raises 1 billion yuan in IPO

Roughly a month ago Sailun’s corporate headquarters embarked on an initial public offering (IPO) of A shares, which is said to have raised around 1 billion yuan at the stock exchange. 98 million shares have been sold at around US$1 each, meaning the company now has access to three-digit millions for capital expenditure.

28th June 2011/by Tyrepress Editors