Tag: CEAT
Ceat aiming for greater European presence with UHP tyre range
Indian tyre maker Ceat Ltd. says it anticipates a greater presence in “Europe’s niche market segments” thanks to the recent addition of low profile 19- and 20-inch UHP tyres to its portfolio. Ceat mentions Germany as a market of particular interest for these products.
Ceat: Two more OE tyre approvals
Ceat tyres have been chosen as original equipment on two new models sold in the Indian market, the Hyundai Venue and the latest Suzuki Alto.
Ceat appoints Tolani VP of marketing
Amit Tolani has been appointed Ceat Ltd’s vice president – marketing. He is based at Ceat’s headquarters in Mumbai and takes on responsibility for leading the company’s marketing initiatives.
Ceat growing agri range in 2019
The Ceat agricultural tyre range will expand this year to cover high power tractor tyres, harvester tyres and steel belted flotation tyres. News of these new product lines was shared at the SIMA show in Paris yesterday, where Ceat Specialty Tyres also presented its recently-launched Farmax R85 series, R65 series and R70 series agricultural radial range, Floatmax radial flotation tyres and Farmax RC row crop radials.
Ceat’s Anant Goenka give ATRC keynote address
CEAT managing director Anant Goenka will deliver the keynote address at the 5th Asian Tyre & Rubber Conference 2019 (ATRC) on 20 June 2019. The two-day event organised by Asian Business Media, will be held at Hyatt Regency, Chennai on from 20-21 June.
Ceat signs India factory MoU
In a letter to BSE, Ceat Ltd. has confirmed entering into a Memorandum of Understanding (MoU) with the government of India’s Tamil Nadu state. The tyre maker told the stock exchange that the MoU for setting up a new greenfield facility covers an estimated investment of Rs 40 billion (£437 million) over a period of ten years. It adds that passenger car radials, commercial vehicle radials and two-wheeler tyres will be produced in the plant.
CEAT plans to invest US$500 million in new tyre factory
Indian tyre manufacturer Ceat is planning to invest around 40 billion rupees (£442.4 million; 499.8 million euros; $482 million) in the construction of a greenfield tyre manufacturing facility near Sriperumbudur, 40 kilometres west of Chennai. The Times of India reports that the Tamil Nadu cabinet met on Wednesday 27 June to “approve the new project and offered a structured incentive package for the unit, which when becomes operational in about a year, will directly employ 1,000 people”.
Ceat unveils new tractor tyres
Representatives from CEAT Ltd travelled to Europe in May showcase the company’s commercial and agricultural ranges at The Tire Cologne. These including the latest radial and cross-ply products, as well as a new release.
Ceat’s Goenka becomes chairman of India’s ATMA
Anant Goenka, managing director of Ceat Ltd., has been elected chairman of Indian tyre industry body the Automotive Tyre Manufacturers’ Association (ATMA). Rajeev Anand, chairman and managing director of Goodyear India Ltd., is the association’s new vice-chairman.
Ceat acquires land for new tyre plant
India’s Ceat Ltd. has acquired 163 acres (66 hectares) of land in Chennai for building a new factory. The deal was concluded by JLL India, the country’s largest real estate consultancy, who also negotiated associated incentives with the government of Tamil Nadu state.
Ceat Ltd: Profit drops 99%
Despite revenues remaining relatively stable, Ceat Limited endured a massive drop in net profit in the first quarter of its financial year. Consolidated net revenues declined 0.7 per cent year-on-year to Rs 14.6 billion (£175.2 million), while the Indian tyre maker reported a 70.4 per cent per cent decline in EBITA to Rs 580 million (£7.0 million) and shrinkage of the margin from 13.3 per cent to 4.0 per cent. Profit after tax plummeted 99.0 per cent from Rs 1.03 billion (£1.2 million) to Rs 10 million (£120,000).
Goenka reappointed as Ceat Ltd MD
The Board of Directors at Ceat Ltd. has reappointed Anant Goenka as the company’s managing director. His tenure has been extended for a period of five years, starting 1 April 2017.
Tyre makers bidding for India’s Falcon Tyres
Several leading Indian tyre makers are said to be bidding to acquire Falcon Tyres Ltd., the company that supplies the Dunlop tyre brand in Indian market. The Economic Times reports that Apollo Tyres, JK Tyre and Ceat Tyres are amongst the leading bidders.
OE brand pull-through lower in Indian tyre market
According to the JD Power 2017 India Original Equipment Tire Customer Satisfaction Index Study 34 per cent of customers in India cannot recall their tyre brand. Furthermore, only 58 per cent of these customers say they “definitely would” repurchase the original brand, as compared to 65 per cent of those customers who could identify their brand.
Ceat Bangladesh project confirmed
Indian manufacturer Ceat Tyres is establishing a tyre factory in Bangladesh, according to local news source BDNews24. The Mumbai-based parent company of Ceat, RPG Group, has reportedly signed a joint venture agreement with AK Khan to set up the plant with an initial investment of $67 million.