Triangle to upgrade PCR and TBR production with IPO funds
Following yesterday’s confirmation that Triangle is going ahead with the initial public offering (IPO) on the Shanghai stock exchange the company planned last year, the company has revealed a number of other key details.
Continue ReadingJK Tyre to consolidate, boost R&D activities
India’s JK Tyre reportedly intends to bring its research and development teams together into a new RS 1 billion (£11.4 million) centre at its Mysuru (Mysore) site. According to IANS, company chairman Dr Raghupathi Singhania disclosed yesterday that facilities “currently spread over different locations” will be “brought under one roof” in a “world-class” centre.
Continue ReadingMichelin breaks ground on Mexico tyre plant
Ground was broken and the first stone set in place for the new Michelin plant in Mexico at a ceremony held yesterday and attended by government dignitaries, key customers and company management. Construction of the plant in León – Michelin’s 69th factory globally and 21st in North America – is expected to begin immediately, with completion currently scheduled for late 2018.
Continue ReadingChinese imports a growing part of Korean tyre market
The Korea Tire Manufacturers Association (KTMA) reports that the total value of tyres imported into Korea reached US$511.48 million (561.6 billion won) in 2015, up 63.8 per cent from $312.27 million in 2010. Tyre imports in the first half of 2016 (January to June) also increased, growing 6.2 per cent year-on-year to $250.84 million.
Continue ReadingScholarship to honour outgoing Cooper Tire boss
The Cooper Tire & Rubber Foundation, the philanthropic arm of Cooper Tire & Rubber Company, has established a new scholarship in recognition of soon to retire chairman, chief executive officer and president Roy Armes. The fund is known as the Roy V. Armes scholarship and is designed to assist the children of Cooper employees in the USA who intend to read either business or engineering at an accredited four-year college or university. The first Armes scholarship will be awarded in 2017.
Continue ReadingTriangle IPO on for early September
The China Securities Regulatory Commission (CSRC) approved Triangle Tires’ most recent initial public offering (IPO) bid. Qingdao, Shandong Province-based tyre manufacturer Triangle was one of 13 firms to receive a CSRC go-ahead on Friday 19 August. The IPO is set to take place in Shanghai. An official IPO announcement is expected in September.
Continue ReadingGroundbreaking held for Bridgestone’s Joliette plant expansion
In addition to celebrating the 50th anniversary of the opening of its car and light truck tyre factory in Joliette, Canada, last Thursday Bridgestone Americas officially broke ground on expansion work at the plant. Upwards of CAD$300 million (£178.1 million) will be invested over a period of five years and will see the installation of new equipment installed at the Joliette site that will lift production capacity by 3,000 tyres per day to a total of 20,000 tyres a day by 2023.
Continue ReadingNokian becomes World Orienteering Championships title sponsor
The Nokian Tyres World Orienteering Championships, WOC, will begin on Saturday 20 August in Strömstad, Sweden and last until 27 August. There are over 400 participants from 46 countries. Nokian Tyres, the worlds northernmost tyre manufacturer, is the title sponsor for the championships.
Continue ReadingHungary plant – Apollo Tyres anticipates €300M investment by end of fiscal year
Apollo Tyres’ Enschede plant in the Netherlands has a 200 tonne per day capacity and currently operates at more than 90 per cent capacity utilisation, and to supplement output within the region the tyre maker is currently erecting a brand new factory in Hungary. During a conference call last week, Gaurav Kumar, chief financial officer at Apollo Tyres Ltd., confirmed that the company has planned a capital expenditure of €200 million for the project during the current financial year (1 April 2016 to 31 March 2017).
Continue ReadingIran’s TTS appointed exclusive agent for Linglong tyres
Shandong Linglong Tyre Co., Ltd reports that it has entered into a strategic partnership with Iranian company Tosse Tabdil Sina (TTS). The latter will act as exclusive agent for the Linglong brand in Iran and provide both original equipment and aftermarket customers with sales, marketing and aftersales service.
Continue ReadingCommercial dandelion production the goal of new Continental lab
A new research facility for industrialising the cultivation and processing of rubber harvested from Russian dandelions will be set up in Germany as part of Continental’s plan to bring tyres containing this rubber to market under the ‘Taraxagum’ brand name. On 12 August, the company presented plans to establish such a facility in Anklam, near the Baltic Sea island of Usedom. Continental will operate the Taraxagum Lab Anklam in collaboration with the IME Fraunhofer Institute, Julius Kühn Institute, Quedlinburg, and plant breeding specialist firm Eskusa GmbH.
Continue ReadingPirelli opens first P Zero World outlet
How do you reach the “most discerning” consumers within a market and become the “undisputed leader” in premium-tier products and services for this group? For Pirelli, the answer is to offer an entire “brand experience,” and the tyre maker is now putting this concept to the test in North America with the opening of its first P Zero World retail outlet.
Continue ReadingUSW comments on India OTR tyre determination
The United Steelworkers (USW) union has expressed its disappointment in the US Department of Commerce’s preliminary determination regarding the introduction of anti-dumping duties for OTR tyres imported from India. USW international president Leo W. Gerard notes that the Department of Commerce announced a negative preliminary determination for anti-dumping duties in response to the petition filed by the USW and Titan International earlier this year.
Continue ReadingMichelin patent infringement suit settled
Michelin North America shares that it has “reached favourable settlement agreements” with Atturo Tire Corporation and Svizz-One Corporation Ltd., regarding the patent infringement suit it filed in the US District Court in Greenville, South Carolina on 13 May. The specific terms of the settlement are confidential.
Continue ReadingRear view mirrors on the way out?
Japan has just approved a law allowing rear-facing cameras to replace mirrors on cars. Could this spell the end for car mirrors?
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