Michelin releases latest market figures
On 5 September Michelin updated its tyre market statistics, and reported a four per cent year-on-year upswing in Europe’s (including Russia and Turkey) original equipment passenger car tyre market for July 2012. Year-to-date, however, the segment market is still down three per cent. A six per cent decline was reported for Europe’s replacement market passenger car tyre business. Replacement sales are down ten per cent year-to-date.
Continue ReadingRaw material prices drive up Giti Tire Corp profits in H1 2012
For the first half of the 2012 financial year, Giti Tire Corporation has reported revenue of RMB 2.06 billion (£205.0 million), a year-on-year decrease of 7.0 per cent. The Giti Tire Pte. Ltd. subsidiary says this decline was a combined effect mainly attributable to decrease in sales volume and increase of average selling price. Lower sales mainly reflected a slowdown in China related to the construction and property sectors, coupled with measures undertaken by the Chinese government to restrict credit availability. The export market decrease was largely brought about by the financial crisis in European markets, Giti Tire Corporation added.
Continue ReadingMercedes-Benz Axors on Pirelli route
The route between Pirelli’s UK facilities in Burton-on-Trent and Carlisle is well trodden by Derby-based haulier ATL, and the company has just put three of its newest vehicle acquisitions to work on the company’s most arduous contract. The Mercedes-Benz Axor 2543 tractor units are consistently fully laden and rack up 8,600km a week carrying raw materials and finished tyres between Pirelli’s locations.
Continue ReadingS&P lifts Gajah Tunggal’s debt rating
Standard & Poor’s has upgraded Indonesian tyre maker PT Gajah Tunggal Tbk’s debt rating from ‘B’ to ‘B+’. Explaining its decision to do so, the financial services company observes that Gajah Tunggal’s competitive cost position and leading share in the Indonesian tyre market temper any weaknesses that may arise from the company’s “aggressive” capital structure, limited financial flexibility and the cyclical and cost competitive nature of the tyre industry.
Continue ReadingPolish chemical firm supplying SSBR, ESBR to Goodyear
On 23 August Polish chemical manufacturer Synthos SA informed the Warsaw Stock Exchange it has signed a supply deal with Goodyear Tire & Rubber. The agreement is valid until 31 December 2012 and covers the supply of solution styrene butadiene rubber and emulsion styrene butadiene rubber. The contract is valued at approximately PLN 3.74 billion (£709 million); the price to be paid is based upon a formula that takes into account the market price of raw materials.
Continue ReadingCommercial vehicle tyres and the label
The history of the EU tyre label is closely connected with the passenger car tyre segment. The criteria that led to standardised test procedures for fuel efficiency/rolling resistance, wet grip and external rolling noise primarily focused on the passenger car segment, and summer passenger car tyres in particular. Despite this, the label doesn’t just apply to C1, or passenger car tyres that are produced from 1 July 2012 (DOT 2712), but also to light commercial vehicle tyres (C2) and truck tyres (C3). Retreaded tyres, which account for a large percentage of Europe’s truck tyre market, are one of a number of exemptions to the labelling legislation.
Continue ReadingEnforcement and European tyre labelling
With just three months to go before the mandatory implementation of labelling in November 2012, there are still many questions to answer about exactly who will be enforcing the law and what the penalties will be.
Continue ReadingNexen Tire sales, profit increases in Q2
During the second quarter of 2012 Nexen Tire achieved net sales of KRW 433.3 billion (£242.8 million), the Korean tyre maker reports. This result represents year-on-year growth of 29.8 per cent. Gross profit, at KRW 118.6 billion (£66.4 million), was up 49.2 per cent year-on-year and a margin of 27.4 per cent was reached. Operating profit amounted to KRW 51.8 billion (£29.0 million), up 90.1 per cent year-on-year, and a margin of 12.0 per cent was achieved. Ordinary profit came to KRW 42.7 billion (£23.9 million), 51.8 per cent higher than in the corresponding quarter of 2011. EBITDA, at KRW 72.3 billion (£40.5), was up 62.2 per cent year-on-year and had a margin of 16.7 per cent.
Continue ReadingTyre labelling 101
From 1 November 2012, every new tyre manufactured since July will be legally required have a tyre label. And what’s more the information contained on the label must be presented – physically or electronically – to the consumer at the point of sale. So what better place to start this month’s in-depth labelling special than to take a look at the much vaunted itself and introduce its main features and some of the discussions relating to it?
Continue ReadingMichelin invests in TyreCheck provider
The Irish Independent reports Michelin has acquired an interest in Irish firm Async Technologies, Ltd., provider of the TyreCheck range of hardware and software solutions, for 2 million euros. The newspaper writes that new filings with Ireland’s Companies Registration Office show Async Technologies to have recently finalised a 2 million euro investment from the French tyre maker, who received 27,185 Async shares in return. The Irish Independent notes that these shares, valued at 74.57 euros each, give Michelin a “significant stake” in Async Technologies.
Continue ReadingCES accepts ‘significant investment’ to fuel growth
CES (UK) Ltd, one of the country’s leading distributors of car parts, has announced that it has accepted “significant investment” in order to accelerate plans to expand its current network and further strengthen its position in the UK automotive aftermarket. Founders Howard Warren and Charles Colton will continue to support the CES strategy for growth whilst, the existing board of directors, led by managing director Steve McCann, will continue to manage the company operations.
Continue ReadingParts Alliance growing while CES (UK) Ltd accelerates expansion
CES (UK) has announced new investment in order to expand more rapidly. According to the companies involved, this strategic move will “accelerate plans to increase The Parts Alliance network and further strengthen [its] position in the UK automotive aftermarket.” CES (UK) remains a key member of The Parts Alliance.
Continue ReadingGiTi Tire’s rapid growth in the UK truck tyre segment
Unlike the passenger car tyre side of the business, which had been established and built up over several years before GiTi opened up its UK operation, the truck tyre segment had to be established from virtually nothing. Now the company claims a unit market share that puts it close to third in the UK.
Continue ReadingThe label’s coming, but will it deliver what consumers need?
Regulation (EC) No 1222/2009 of the European Parliament and of the Council of 25 November 2009 on the labelling of tyres with respect to fuel efficiency and other essential parameters – to give our new label legislation its full and proper name – comes into force in just a few months. The EU has agreed upon a system of rating tyres using three performance parameters, and almost every new passenger car, light commercial vehicle and truck tyre (C1, C2 and C3 tyres) sold in Europe will come with this rating. But even before its mandatory implementation, murmurs of label scepticism can be heard. Generally, these comments hinge on the label’s limitations, and whether these will hinder consumers from purchasing the tyre best suited to their needs.
Continue ReadingStarco to rollout new IT platform
The nature of business communication has changed profoundly over the half century since Starco was founded, both in terms of technology and how the workplace as a whole has evolved. Like many long-established businesses, Starco has progressed from the world of the typewriter and the fax to a world in which communication and the availability of information has become the most essential business operating parameter. During the last few years the company has operated legacy systems dedicated to separate administrative, communication and sales functions, but now Starco says it has recognised that implementing a unified online IT platform is essential for the company’s global development.
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