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Maxxis receives 2010 Ford Gold Award

At the Ford Motor Company’s annual World Excellence Awards, held on March 16, Cheng Shin Rubber was honoured by the vehicle manufacturer with a Gold Award, the highest recognition to Ford’s global suppliers. The Maxxis brand manufacturer was one of only 15 Gold Award recipients out of the 1,500 or so suppliers Ford obtains components from around the world and the only tyre maker amongst the 15. Wheel manufacturer Ronal also received a Gold Award, while Hayes Lemmerz was one of 26 Silver Award recipients.

25th March 2011/by Tyrepress Editors

Aeolus Tyre reports 50.8% drop in 2010 net profits

Aeolus Tyre posted a 50.77 per cent year-on-year drop in 2010 net profit to 153 million yuan, business news wires have reported citing a company filings. Earnings per share are said to have fallen 50.79 per cent to 0.41 yuan per share. The good news was that sales revenue rose 44.45 per cent year-on-year to 8.12 billion yuan, however this also means margins must have narrowed significantly.

14th March 2011/by Tyrepress Editors

Strike action may halt Hankook Hungary production

The Budapest Business Journal brings news of a potential wage related strike at Hankook’s plant in Hungary. Production apparently may come to a halt there “within days” following the establishment of a workers’ strike committee; the union representing employees at the South Korean manufacturer’s Rácalmás facility is reported as saying more than 1,700 Hankook workers there are now earning less than last year following the introduction of tax changes in January 2011. Talks with management over a potential pay increase have already begun, however the newspaper shares that Hankook Tire Magyarország Kft said a strike committee has been set up as an agreement over the size of the proposed pay rise “looked distant.”

3rd March 2011/by Tyrepress Editors

ISO 14001 certification, factory expansion for VMI Yantai

VMI Yantai has received its second ISO certification within the last 12 months following its certification according to ISO 14001 by Lloyds Register Company. The Chinese subsidiary of Dutch tyre and rubber machinery manufacturer VMI Holland BV notes that both certifications were achieved “in close cooperation” between VMI Yantai, VMI Holland and parent company TKH Group NV. “TKH takes its Corporate Social Responsibility very seriously,” reports a VMI Holland press statement. “VMI Yantai is also well aware of its social duty and has made corporate social responsibility one of its strategic priorities for the coming years.”

3rd March 2011/by Tyrepress Editors

Itochu's Kwik-Fit and Stapleton’s to be run as separate entities

Following the news that the Japanese conglomerate that own Stapleton’s Tyre Services has bought Kwik-Fit, Itochu has clarified that while the group is interested in “know-how” synergies between the businesses, they will continue to be run as completely separate entities.

3rd March 2011/by Tyrepress Editors

April launch for Yokohama BluEarth in Europe

Yokohama Rubber says its preparations for the 2010 European tyre label are to be strengthened through the April release of its BluEarth-1 range, which it says has achieved an ‘A’ grade rating – the highest possible – for fuel economy under the upcoming label’s expected classification system. The BluEarth-1 is the first of a series of BluEarth products that will be launched in Europe; the product family was first publicly previewed at January’s Tokyo Auto Show, where the top of the line BlueEarth-1 was displayed alongside the premium BluEarth RV-01 minivan tyre and the standard BluEarth AE-01.

2nd March 2011/by Tyrepress Editors

“No dull moment” in international wholesaling: S&H Tyres

Netherlands tyre wholesaler S&H Tyres was founded in 2002 by Simon Klapwijk and Henk van Dijk, who opened the tyre wholesale company in “a little village under the smoke of Rotterdam,” in S and H’s own words. Rotterdam’s status as one of the biggest container ports in the world is not insignificant; S&H has a logistics centre 20 minutes away from the port. It is this kind of proximity that gives S&H an advantage in moving with international tyre-buying trends, the company believes.

28th February 2011/by Tyrepress Editors

Guizhou Tyre’s 670 million yuan rights issue

Guizhou Tyre reportedly planed to raise 670 million yuan (£62.924 million; 74.624 million euros; US$102 million) through a rights issue of three shares for every 10 shares held at 6.86 yuan per share. According to Shanghai Securities News, which cited a company filing, the subscription period was 11 – 17 January 2011. The company has not yet released any details of the results of the issue.

21st February 2011/by Tyrepress Editors

Share offer for Azerbaijan tyre maker announced

Azerbaijan’s State Committee for Property Affairs is offering investors the chance to obtain a 96.98 per cent share in tyre maker JSC Azersin. According to the Azerbaijan Business Center, this package of shares is made up of a standard package offered for investment (85 per cent of shares) plus shares available after labour collective subscription. The share tender is open to both domestic and foreign investors. Bids for shares in the debt-ridden tyre maker are accepted until March 31.

21st February 2011/by Tyrepress Editors

JP Morgan increases Goodyear 2012 EPS, drops 2011 figure

Analysts at JP Morgan have increased their estimates for Goodyear Tire & Rubber's 2012 earning per share (EPS) and reduced 2011’s figure – mainly due to the impact of raw material prices. To reflect the impact of higher natural rubber prices, JP Morgan lowered its 2011 earnings per share projection to $0.50. However, 2012 has been revised up to $2.25. The estimates assume global volume growth of 4 per cent in 2011 and 2012 and a $374 million negative price/mix against raw material costs spread out in 2011.

14th February 2011/by Tyrepress Editors

Kumho Petrochemical to sell its share in Kumho Tires

Kumho Petrochemical aims to exit the debt workout programme it has undertaken for the past year by the end of 2011, and to help boost its economic viability the Kumho Asiana division intends to sell the million or so shares it holds in Kumho Tires. “As part of a consistent move, we will sell all stakes of Kumho Tire owned by us from July, to help strengthen financial soundness,” said Kumho Petrochemical chairman Park Chan-koo.

9th February 2011/by Tyrepress Editors

Matador sells share in Addis Tyre

Ethiopia based newspaper Addis Fortune reports the sale of a majority share in the country’s sole tyre maker, Addis Tyre SC. According to “reliable sources” that spoke to the English language weekly, Matador AS has sold its 69 per cent share in Addis Tyre to Horizon Plantations Ethiopia Plc. This purchase comes more than two years after a Memorandum of Understanding for the acquisition was signed – Addis Fortune notes that the share transfer was put on hold as the Ethiopian government owns the remaining 31 per cent of shares and therefore the country’s Privatisation and Public Enterprises Supervising Agency had right of first refusal on Addis Tyre.

8th February 2011/by Tyrepress Editors

Kumho creditors considering Daewoo share sale

Creditors of South Korea's Kumho Asiana Group, parent company of Kumho Tires, are said to be considering selling a 1.46 trillion won (₤818.8 million) stake in Daewoo Engineering & Construction Co Ltd held by the group's affiliates via a block trade. Group company Kumho Industrial Ltd holds 14.6 per cent of Daewoo Engineering & Construction and other units own the remainder, and the sale of a 24.7 per cent share in the contractor, as reported by Reuters, would join a number of other restructuring efforts aimed at aiding the cash-strapped company.

8th February 2011/by Tyrepress Editors

Maintaining pressure: what can we expect from the TPMS market in 2011?

Mandatory fitment of TPMS to new vehicles doesn’t kick in until 2012 officially however, due to the lead time necessary in producing 2012 model year vehicles, those same vehicles and the TPMS sensors they will be using are likely to already be in production. So, as we rapidly approach the mandatory introduction of tyre pressure monitoring systems (TPMS) later on this year and with aftermarket suppliers and service providers paying more attention to the subject than ever, the question now is what can we expect from the TPMS market this year?

1st February 2011/by Tyrepress Editors

Wealth Sea aiming for 20% Dunlop India share

Singapore based holding company Wealth Sea Pte Ltd has made an offer to acquire a 20 per cent stake in Dunlop India. The aim of this offer, which closes on February 7, is to acquire 1,43,96,575 shares in the company. Although Dunlop India is listed on the Bombay Stock Exchange it is controlled to a large extent by the Ruia Group; through the Ruia floated Wealth Sea the group intends to increase its ownership share.

31st January 2011/by Tyrepress Editors