Singapore-based contract brand Firenza has opened its first tyre retail concept branch in Cairo, Egypt. This development is a joint venture between Firenza and its long-term Egyptian sales partner Ashfraco.
The 15th edition of the China International Tire Expo (CITExpo), and its second at the Shanghai World Expo Exhibition & Convention Center, opened its two-hall, 40,000sqm exhibition space at a time of uncertainty for the Chinese tyre industry – especially the aspirational medium and small sized companies the show tends to attract as exhibitors. Two factors that promise to change the shape of the industry provided a backdrop for the show: in Europe, the European Commission announced its intention to initiate an anti-dumping proceeding focusing on imports of truck and bus tyres originating in the People’s Republic, prompted by the “coalition against unfair tyres imports,” a group representing the interests of manufacturers accounting for more than 45 per cent of all new and retreaded truck and bus tyre production in the European Union. Meanwhile in China, the government’s crackdown on certain factories for environmental reasons looks likely to affect some tyre manufacturers’ pricing structure at best, and ability to continue to operate at worst. Tyres & Accessories spoke to one representative who suggested that some factories could struggle to meet demands as the availability of raw materials for tyre production is affected by the state mandated closures.
Singapore-based international contract tyre producer – Firenza are established in the UK and Europe as a supplier of value and mid-range truck and bus tyres. According to the company, the Firenza TBR range is manufactured within “leading international production facilities in China and Vietnam”.
Stamford Tyres (Hong Kong) Ltd., a subsidiary of Singapore-based Stamford Tyres Corporation Limited, has set up a wholly-owned subsidiary in China. The new company, Stamford Tyres Dongguan Co Ltd., was set up with a registered capital of US$1 million and will principally engage in the wholesale and distribution of tyres, wheels and automotive accessories.
The 15th edition of the China International Tire Expo has opened at the Shanghai World Expo Exhibition & Convention Center. Exhibitors at the show comprise a mix of growing tyre manufacturers from the Chinese market, international trading companies, wheel suppliers and others, while. In addition to Chinese industry players, Europe is represented by UK distributor Oak Tyres’ Davanti tyre brand, FM Tyres from the Netherlands, and Italian distributor Franco Gomme, while Singapore’s Stamford Tyres and Taiwan’s Nankang add to the international exhibitor base. The internationalism of the show is also reflected in the visitors arriving today from five continents.
Singapore-based tyre distributor Stamford Tyres Corporation Limited has reported a 213.6 percent year-on-year increase in net profit for the 2017 financial year, which ended on 30 April 2017; compared with 2015, net profit last year was up 376.5 per cent. This profit of S$8.1 million (£4.6 million) was accompanied by a gross margin of 26.2 per cent, up from 24.7 per cent in 2016 and 22.1 per cent in 2014. Total revenue for 2017 was $235.8 million (£133.1 million), 1.7 per cent lower than the previous year. Revenue derived from the distribution of tyres and wheels accounted for 87.2 per cent of total revenue while wheel manufacturing accounted for 12.8 per cent.
On 11 June, the PremiumContact 6 was launched into Singaporean shores. The PremiumContact 6 was launched in Europe in November 2016 and is designed to combines “comfort, precise steering response, maximum safety and good environmental properties”. To this end, the development engineers have come up with new compounds and a tyre design that borrows from Continental’s high-tech SportContact 6 tyre. The outcome is a product that delivers up to 15 per cent improvements in handling performance, rolling resistance, mileage and comfort compared to its predecessor.
Although Singapore-based contract tyre and wheel Supplier Stamford Tyres has exhibited at the Autopromotec show for many years, at the 2017 event the company broke with tradition and shared a booth with their established Italian partner – MC Wheels who are based in Villorba, Italy.
The recent Reifen 2016 in Essen, German was a “constructive” show for Singapore-based Stamford tyres. Larry Lee – vice president for international distribution at Stamford – pointed out that an all-new range of bus tyres for the mid-tier market sector were being launched for the first time in Europe plus a series of new wheel designs and colours from Stamford Sport Wheels (SSW) popular Euro Technik range will be showcased which are specifically produced for the European alloy wheel sector.
Singapore based tyre supplier Firenza will exhibit its full range of car and truck tyres, as well as its Stamford Sport Wheels (SSW) from Thailand. Firenza’s European market targeted ST-05A ultra-high performance tyre will lead the way in the car segment, alongside a multi-application SUV range (AT-186, HT-183 and ST-185), and the SV053 van and light truck tyre. Firenza’s truck products, including the SSR05A steer, SSM07 all position, and super-single range, will also be on the stand.
Singapore’s Stamford Tyres Corporation Ltd has reported a 32 per cent year-on-year increase in profit before tax for the third quarter of its 2016 financial year. The company’s profits in the three-month period ending 31 January 2016 amounted to S$1.6 million (£814,000), up from $1.2 million a year earlier. This rise in profit was achieved despite a 20 per cent drop in total group revenue to $60.3 million (£30.7 million). The quarter gross profit margin increased from 21.8 per cent to 25.2 per cent.