Cooper Tire Breaks Ground on Mississippi Distribution Center

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Cooper Tire & Rubber Co. recently broke ground on its distribution center in a business park that straddles the Tennessee-Mississippi border, according to The South Reporter.

At the groundbreaking, Mississippi Gov. Phil Bryant joined Cooper’s Bob Sager, the company’s director of North American supply chain, as well as other development officials in excitement about Cooper’s investment in the state.

Read the source article at Tire Review

Report: Michelin-licensed rubber JV to start operation in Q2 ‘18

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Jakarta – A Michelin-licensed synthetic rubber manufacturing plant in Indonesian is 93.5% complete and set to start production in spring, according to a news report.

The facility is to be operated by PT Synthetic Rubber Indonesia (SRI), a joint venture company of Michelin and PT Chandra Asri Petrochemical Tbk (CAP).

Read the source article at European Rubber Journal

Hedge fund Bridgewater makes $22 billion bet against European firms

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LONDON/FRANKFURT/NEW YORK (Reuters) – Bridgewater has shown its hand in Europe with a $22 billion bet against some of the continent’s biggest companies, filings reviewed by Reuters show, part of a bigger shift by the world’s largest hedge fund manager.

Although data was not available to show whether Bridgewater holds more European stocks than it “shorts” overall, an investor in the hedge fund firm’s Pure Alpha Major Markets strategy said that its position was slightly net “long” on Feb. 6.

Read the source article at Global Rubber Markets News

LyondellBasell Announces Entry into a Definitive Agreement to Acquire A. Schulman, Inc.

LyondellBasell (NYSE: LYB), one of the largest plastics, chemicals and refining companies in the world, and A. Schulman, Inc. (NASDAQ: SHLM), a leading global supplier of high-performance plastic compounds, composites and powders, today announced that they have entered into a definitive agreement under which LyondellBasell will acquire A. Schulman for a total consideration of $2.25 billion. The acquisition builds upon LyondellBasell’s existing platform in this space to create a premier Advanced Polymer Solutions business with broad geographic reach, leading technologies and a diverse product portfolio.

Read the source article at Stock Market Data Today

Bridgestone and Versalis form strategic partnership

Bridgestone Americas (Bridgestone) and Versalis are forming a strategic partnership to develop and deploy “a comprehensive technology package to commercialize guayule in the agricultural, sustainable-rubber and renewable-chemical sectors.”

Read the source article at Tyrepress

Tire maker Michelin posts higher 2017 profits, warns of currency hit

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PARIS (Reuters) – French tire maker Michelin reported higher profits for 2017 while warning of a likely hit from foreign exchange movements.

Net income rose 1.6 percent last year to 1.693 billion euros (1.52 billion pounds), the company said on Monday. Analysts polled by Inquiry Financial for Reuters had given a median net income forecast of 1.67 billion euros.

Read the source article at Stock Market Quotes and News

Cooper Tire Announces Offtake Agreement With Sailun Vietnam For Production Of TBR Tires

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Cooper Tire & Rubber Co. has entered into a multi-year manufacturing offtake agreement with Sailun Vietnam Co. Ltd. for the production of truck and bus radial (TBR) tires for global markets. The offtake agreement gives Cooper a third global source of TBR tire production to meet growing customer needs. Tires will be manufactured under the Roadmaster, Dean and Starfire brands.

Read the source article at Aftermarket News

Linglong revenue up 32% in 2017 to $2B-plus

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YANTAI, China — Linglong Group Co. Ltd.’s revenue jumped by nearly one-third this past year over 2016, according to a recent filing on the Shanghai Stock Exchange.

Read the source article at Tire Business

Goodyear suffers double-digit earnings drops, Q4 net loss

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Akron, Ohio — Goodyear suffered double-digit drops in segment operating income for the quarter and fiscal year ended 31 Dec and reported a tax-reform-related net loss for the quarter.

Goodyear cited elevated raw materials costs and the “unfavourable” impact of reduced production volumes on costs for the operating earnings declines, and said the fourth quarter loss was driven by a $299 million (€244 million) one-time, non-cash tax charge related to US tax reform.

Read the source article at European Rubber Journal

Hankook eyes continued sales growth, profits rebound in 2018

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SEOUL, South Korea—Hankook’s management expects profits to rebound in 2018 as the company focuses on increasing its sales of higher value-added products and diversifying its OE portfolio.

Read the source article at Rubber and Plastics News