The government should look seriously into the grievances of rubber farmers who have been complaining about low prices over the last five years. True, the price of rubber, like most other commodities, such as palm oil, cacao and coal, is mainly influenced by global supply and demand, especially for Indonesia, which, as the world’s second…
Kuala Lumpur – Natural rubber prices recovered from a dip in late July, thanks to favourable market fundamentals and supply deficit, the Association of Natural Rubber Producing Countries (ANRPC) has reported.
In its latest release on trends and statistics in August, the association said global NR production reached 8.038 million tonnes within the first eight months of the year. Consumption was estimated at 8.544 million tonnes.
MILAN (Reuters) – Italian tyremaker Pirelli, bought by state-owned China National Chemical (ChemChina) two years ago, will sell up to 40 percent of its equity capital in an initial public offering as it plans to return to the Milan stock exchange in October.
The relisting of the world’s fifth-largest tyremaker will test demand for a streamlined firm that focuses on high-end consumer tyres, after the company’s less profitable truck and industrial tyre business was folded into a unit of ChemChina[CNNCC.UL].
A confidential study prepared by analysts at Banca IMI, one of the global coordinators for the IPO, valued the group’s equity at between 7.6 billion and 8.7 billion euros ($9 billion – 10.4 billion).
Hyogo, Japan – July 28, 2017 – Toyo Tire & Rubber Co., Ltd. (President & CEO: Takashi Shimizu, hereinafter “TTR”) has announced that, at the meeting of the Board of Directors held today, it was resolved to divest a major part of its Chemical Industrial Products business (excluding seismic isolation rubber for Construction),which is currently consolidated under TTR’s DiverTech Business Segment (hereinafter referred to as the “Divested Business”).
Aug 4 (Reuters) – Cooper Tire & Rubber Co * Cooper Tire & Rubber Company reports second quarter 2017 results * Q2 earnings per share $0.85 * Q2 sales $721 million versus i/b/e/s view $767.8 million * Q2 earnings per share view $0.74 — Thomson Reuters I/B/E/S * Qtrly consolidated unit volume decreased 0.5 percent compared with a year ago * Cooper Tire & Rubber Co – unit volume in u.s. Is expected to be in line with industry for second half of 2017 * Cooper Tire & Rubber Co – for full year 2017, unit volume growth is expected in international segment and …
Gurgaon, India – Apollo Tyres Ltd. suffered double-digit declines in operating and net income for the quarter ended June 30 on a slight dip in sales.
Apollo’s operating income for the fiscal 2018 first quarter fell 50.3% to $43.8 million on a 1-percent dip in sales to $505.9 million. Net income slid 72% to $13.7 million.
MILAN — Pirelli is set to place 30 to 40 percent of its shares in an initial public offering expected to be wrapped up in early October, two sources close to the matter said, as the Italian tyre maker readies a return to the bourse under new ownership.
The world’s fifth largest tyre maker was delisted from the Milan stock market in 2015, where its shares had traded since 1922, following a mandatory offer launched by an investment vehicle controlled by China National Chemical Corp (ChemChina).
Pirelli is expected to make a file its listing request with market regulator Consob these days, one of the sources said.
“The idea is to conclude the IPO either in late September or early October, it’s a pretty tight schedule,” the source said, adding that the final timing will depend on Pirelli securing all the necessary regulatory approvals.
Pirelli is eyeing a listing start on Oct. 4, the person added, confirming a date cited in Italian media.
Continental AG (CTTAY) shares fell Thursday after the first-half performance of its ContiTech division and stagnating margins in its automotive business left investors disappointed.
The world’s second largest maker of car parts reported sales of €22.2 billion ($25.4 billion) for the six months to June 30, up 10% on the same period one year ago, before raising its full-year revenue forecast by just more than 1% to €44 billion.
However, the bottom line and group margin contracted slightly after the company was hit by higher raw materials prices in its tires division, the largest unit of the group.
(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.
BASF registered considerable revenue growth in the April-June second quarter of 2017. Sales rose by 12 per cent to €16.3 billion compared to Q2 2016. This was mainly due to higher prices and volumes. Amid higher raw material costs, the company raised sales prices by 7 per cent; this was mainly driven by higher prices in the chemicals segment. Sales volumes increased by three per cent.