AKRON —Status quo reigned over the 2017 global tire rankings, even as the estimated value of the entire industry declined for a third straight year.
AKRON — The world’s leading tire makers committed more than $7.3 billion in the past year toward new plants and capacity expansions, a measurable drop from record spending of $10 billion-plus in 2015-16 but still ahead of the annualized average for the past decade.
The investment sum was buoyed by nearly $3.3 billion in spending on acquisitions, deals that involved companies with collective annual sales of more than $2.5 billion — including Qingdao Doublestar Tire Co. Ltd.’s still-pending $830 million bid to buy what amounts to a controlling interest in South Korea’s Kumho Tire Co. Inc.
… The global tire retreading market is expected to witness increase in investment from tire manufacturers. Fluctuation in raw material prices may act as a restraining factor and cause fluctuations in the market growth. Oil is a key raw material for tire retreading and hence, any fluctuations in oil prices is capable of causing fluctuations in retreading tire market growth. Another issue that the tire retreading market is facing is quality and reliability.
The global automotive tire socks market is expected to grow at a CAGR of around 7% during the forecast period, according to Technavio’s latest report. The global automotive tire socks market is expected to grow at a CAGR of around 7% during the forecast period, according to Technavio’s latest report. This Smart News Release features multimedia.
VIENTIANE (Vientiane Times/ANN) – Laos’ rubber exports have increased this year even though domestic farmers are still affected by low prices. In the first six months of the year, Laos earned almost US$45 million from rubber exports, an increase of 40.8 percent compared to the same period last year. The country earned US$40 million from rubber exports.
Kumho Asiana chairman Park Sam-koo may soon be back in the running to acquire a 42.01 per cent stake in Kumho Tire.
The South Korean tyre maker’s creditors met yesterday to discuss Qingdao Doublestar Tire’s official request for a 16.2 per cent discount. Main creditor Korea Development Bank and the other creditor banks will decide by the end of this week whether or not they’ll approve Doublestar new asking price of KRW 800 billion (£544.6 million) instead of the previously agreed KRW 955 billion.
LONDON — India’s antidumping body has established that the country’s tire manufacturers are being “injured” by imports from China and may impose antidumping duties of more than $450 per metric ton of pneumatic radial tires with rim sizes above 16 inches used on buses, lorries and trucks.
In a ruling published Aug. 1, the Indian commerce ministry’s investigation arm — Directorate General of Anti-dumping and Allied Sduties (DGAD) — concluded that domestic companies had suffered material injury due to the dumped imports of these tires from China.
(Reuters) – Goodyear Tire & Rubber Co (GT.O), the largest U.S. tire maker, reported lower-than-expected quarterly sales as demand for tires weakened, and slashed its full-year forecast for tire unit sales and segment operating income.
Shares of the company fell as much as 13 percent to $31.00 in early trading on Friday, marking their biggest intraday percentage drop in nine months.
“Our second quarter results reflect the impact of volatile raw material costs and an increasingly challenging competitive environment, particularly in the United States and Europe,” Chief Executive Richard Kramer said on Friday.
Seoul – Kumho Tire creditors, led by the Korea Development Bank (KDB), have announced that they will accept a proposal by chairman of Kumho Asiana Group Park Sam-koo to end a dispute over the sale of a 42.01% share of the tire company to China’s Qingdao Doublestar Tyre Co.
According to local press, the KDB announced on 26 July that creditors will accept the proposal by Park to pay 0.5% of sales as the trademark royalties for 20 years.
Akron, Ohio – Goodyear Tire & Rubber Co. has reduced its releases into the environment by 82% since 2010, according to the company’s CRS report.
Reporting on the company’s performance last year, the Akron-based tire-maker said in 2016 there were three reportable releases to the environment at its manufacturing operations, two of which were “quickly controlled with minimal or no impact to the environment.”