Across the Atlantic they are called tires, while over here we use a “Y” and say tyres. This tag provides the latest tyre business news emanating from the United States of America (USA), whichever way you spell it.
Indian tyre manufacturer GRL is best known for bicycle and two-wheel products, but at Tyrexpo Asia, the company is showcasing its recent strategic investment in off highway tyres. The company is manufacturing tyres covering agricultural, industrial and construction applications.
Chancellor George Osborne chose budget day to join the twittersphere, using his maiden post to say: "Today I'll present a Budget that tackles the economy's problems head on helping those who want to work hard & get on." But what is this likely to mean for those of us that are hard working?
Speaking as principal guest at the opening of Tyrexpo Asia 2013, the secretary-general of the International Rubber Study Group (IRSG) has predicted strong global demand for tyres through the coming decade. Dr Stephen Evans said that large scale Chinese and Indian car registration growth is projected to help increase the world’s vehicle pool by more than 50 per cent in the next decade. The ninth staging of the show opened in Singapore on 19 March, with more than 250 exhibitors in tyre, rubber, equipment, machinery and accessory suppliers participating.
It’s taken almost 49 years, but on 14 March Cooper Tire & Rubber’s Texarkana factory in the US state of Arkansas produced its 350 millionth tyre. The tyre maker says 7 million tyres are produced in Texarkana every year these days, giving the plant an annual output that’s a far cry from the early years; the first tyre was produced at the factory on 16 April 1964, and it took 24 years before the millionth tyre was manufactured.
Celebrating their 75th anniversary, staff at MAC Tools, the automotive division of Stanley Black & Decker, raised an impressive £4,100 through an auction in aid of BEN, the automotive industry charity. Tony Prueitt, UK Commercial Director of the Industrial & Automotive Division, invited Peter Cottle, BEN's Head of Business Development, to outline the charity's role for all franchisees attending their annual conference. Peter ensured everyone understood the breadth of support available to anyone who works, or has worked, in all automotive and related industries, as well as their dependents.
In the US, Bridgestone recently submitted four Bandag retread products to the Environmental Protection Agency (EPA) for SmartWay verification. Upon approval, Bridgestone will offer a total of seven SmartWay verified retreads following a number earlier approvals. Three Bandag retread products – the B710 FuelTech, B197 FuelTech, and B135 FuelTech – are already on the agency’s list of low rolling resistance retreads.
Reports from India suggest private equity firm KKR and Co. is in the last stage of talks to buy as much as an 80 per cent stake Alliance Tire Group. The latest news, which follows a couple of months of speculation about the deal, values the company at around US$600 million. According to livemint.com, KKR will buy out the stake currently held by another private equity firm, Warburg Pincus Llc, as well as the minority stake held by certain other stakeholders.
According to local news sources, Cooper Tire & Rubber has paused production at its Findlay factory in the US state of Ohio. The Toledo Blade reports that production has been idled since 2 March due to high inventories and the implementation of a software system. Tyre production is scheduled to recommence on 9 March.
Titan International’s Board of Directors has approved a quarterly cash dividend of US$.005 (one half cent) per common share for the first quarter of 2013. The cash dividend is payable Monday 15 April 2013 to stockholders of record on Thursday 28 March 2013.
During the SIMA show, Indian tyre maker BKT gave an update of the company’s recent performance. Highlights covered including the firm’s average annual growth rate – this remains at approximately 30 per cent. BKT also claims to currently hold five per cent of the global market share in the off-highway tyre sector in speciality segments such as agricultural machines and equipment, earthmovers, industrial vehicles, ATV and lawn & garden applications. The company says it aims to double this market share by the end of 2014; at this time it plans to achieve a turnover of US$1.36 million, and a turnover of $2 billion by 2020.
Yokohama Tire Corporation has announced what it calls key changes to its Consumer Sales division. These changes take effect immediately and include the addition of a new sales zone, along with several organisational changes. On the changes, Dan King, senior vice-president of sales and marketing for the Japanese company’s North American manufacturing and marketing arm, commented that “the geographical reorganisation offers the best utilisation of our resources and moves us closer to our dealers in order to better support them.”
Directors at Goodyear Tire & Rubber have declared a quarterly dividend of US$0.73 per share of mandatory convertible preferred stock. The dividend is payable 1 April 2013, to shareholders of record on 15 March 2013. The payout represents an annual rate of $2.9375 per share.
Chicane, has boosted its media relations team with the appointment of Chris Wakley as a consultant. Wakley brings with him 35 years of automotive media relations experience and will assist Chicane with further developing its media relations offerings to automotive businesses as well as to the agency’s existing client base.
When it was published at the start of the year Tyres & Accessories' January 2013 edition kick-started the back-to-work season with special features on motorcycle tyres and agricultural tyres in addition to all the regular news and analysis you can expect. Subscribers can view this in e-paper format by simply clicking more.
Nissan will fit Bridgestone’s Potenza S001 tyres to its new European market Nismo. The tyre manufacturer will supply wider 245/40R19 sizes on the front and 285/35R19 on the rear with a “tailor-made” compound. The tyre will respond to the V6 344-horsepower coupe’s cornering, sporty handling and power, Bridgestone says.
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