BUDAPEST, Hungary—Hankook Tire Co. Ltd. is moving ahead with the third phase of the company’s expansion of its plant in Racalmas, Hungary. The South Korean tire manufacturer said it is committing $400 million over two years to boost capacity for car and light truck tires at the site by 42 percent. The new project will increase the company’s investment in the factory to more than $1.1 billion. The expansion will boost annual capacity to 17…
Pirelli SpA wants to grow faster in the Asian markets, and is now seeking “industrial partnerships” toward that end, according to Reuters reports. Pirelli Chairman Marco Tronchetti Provera was quoted on June 8 as saying, “We’re looking at how we can grow the most quickly in Asia, for example at an industrial partnership along the lines of what we did (with motorcycle tires) in Indonesia.” Despite this, he said no talks were currently under way….
May 29, 2013 Apollo Tyres today announced a transaction with Sumitomo Rubber Industries (SRI), by which SRI takes over Apollo Tyres South Africa (ATSA) including the Ladysmith passenger car tyre plant. Apollo will retain the Durban plant which manufactures Truck & Bus Radial (TBR) tyres and Off Highway tyres (OHT) used in the mining and construction industries. Speaking on this development, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “This partnership with SRI is a…
About 85% of natural rubber is produced by smallholders, whose decision to plant new trees and tap depends on the opportunity cost and hence adequate long-term growth of the natural rubber supply calls for positive action to achieve natural rubber sustainability. As the world increases momentum towards sustainability and corporate social responsibility, all players in the rubber industry value chain are rapidly focusing their attention onto the application of sustainability principles and the global supply…
KUCHING: The rubber glove industry is expected to remain resilient moving forward backed by ongoing demand, the possible increase in the cases of H7N9 bird flu virus China and the defensive and captive earnings stream nature of the industry. Outlining this, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) said the just concluded results season of the first quarter of 2013 (1Q13) as reported by public-listed Malaysian rubber glove companies was within expectations….
KUALA LUMPUR: Hartalega Holdings Bhd saw its fourth quarter net profit ended March 2013 expand by 25 per cent to RM62.42 million from RM50.06 million a year ago. Its fourth quarter revenue rose 12.3 per cent to RM269.77 million from a year ago. The strong performance bouyed earnings per share to 8.52 sen from 6.87 sen. In its statement to the stock exchange yesterday, Hartalega said the board has declared an interim dividend of 3.5…
PHUKET: Thailand is bidding to become the official global hub of the rubber industry, and believes that with cooperation from other Asean countries it can drive the growth of the industry worldwide. The bid was launched at the three-day Asean Rubber Conference held recently at the Hilton Phuket Arcadia Resort and Spa, which also heard some controversial proposals for the future of the rubber industry when the Asean Economic Community (AEC) comes into being in…
Construction has been completed on Toyo Tire & Rubber Co.’s new passenger and light truck tire manufacturing plant in Malaysia. Some 350 people attended the opening ceremony, including Ambassador Shigeru Nakamura of the Embassy of Japan in Malaysia, the secretary general of Ministry of International Trade & Industry, state and local officials, and those involved in the plant’s construction. “At Toyo Tyre Malaysia (TTM), we have implemented our proprietary A.T.O.M. tire production system elemental technology,”…
Despite significant drops in first quarter sales and profitability, Nokian used the publication of its latest financial results as an opportunity to rebuff negativity relating to its exposure to the Russian market. In the first quarter of 2013 Nokian Tyres Group’s net sales decreased by 13.3 per cent to 333.1 million euros (1Q 2012: 384.3 million euros). Operating profit fell even more sharply, dropping 27 per cent to 76.3 million (1Q 2012: 105 million euros)….
The first quarter of 2013 appears to have been a “brutto trimestre” for Pirelli & C. SpA, with the Italian firm’s net profit dropping 41.7 per cent year-on-year between 1 January and 31 March. It was, in Pirelli’s words, a period “characterised by an economic scenario still strongly influenced by the crisis affecting Europe, where the demand for goods and services continues to shrink.” Consolidated revenues on 31 March 2013 stood at 1,536.3 million euros,…
