Goodyear to raise prices for second time in 2017

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Akron, Ohio – For the second time this year, Goodyear will increase prices across of all its brands in the US and Canada.

In an email statement 4 April, the tire maker said it will increase prices by approximately 6% beginning 1 May. This is in addition to a previously announced price increase that took effect 1 Feb.

According to a company spokesperson, the rising costs of raw materials is a key factor driving the second price hike.

Raw materials costs have been a driving force that has…

Read the source article at European Rubber Journal

ITC decision leaves USW, retreaders reeling

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WASHINGTON (Feb. 24, 2017) — The United Steelworkers (USW) union and U.S. retreaders are reeling in the wake of the U.S. International Trade Commission’s (ITC) decision to not impose import duties on Chinese truck and bus tire imports.

The 3-2 ITC vote on Feb. 20 that the U.S. truck and bus tire industry has not suffered material injury because of Chinese imports means the U.S. Department of Commerce will not order U.S. Customs and Border Protection to collect antidumping and countervailing duties from Chinese truck and bus tire manufacturers and importers.

The USW union, which had petitioned the ITC for duties a year ago, expressed disappointment at the agency’s decision, as did represesentatives of the U.S. retreading industry, which supported elevated duties on Chinese truck/bus tires as a way to keep an important price differential between new Chinese tires and retreaded truck tires.

“Of all the stakeholders in this, retreaders are the ones who are hurt the most,” said Terry Westhafer, president of Verona, Va.-based retreading firm Central Tire Co.

Considering the fact that the Commerce Department had issued final antidumping and countervailing duties against Chinese tire makers in late January, Mr. Westhafer said it is hard to understand how the ITC failed to find material injury in this investigation.

Read the source article at Tire Business

Doublestar inks stock purchase agreement with Kumho creditors

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Seoul – Chinese tire maker Doublestar Tyre Co. has signed an agreement with Kumho Tire creditors for the purchase of a 42.01% majority stake in the South Korean tire company, according to local reports.

The 955 billion won (€778 million) deal was reportedly inked on 13 March and will also give Doublestar management rights.

According to Puls News, Doublestar has issued a press release promising to “respect independent operation and management” at the Korean company.

Read the source article at European Rubber Journal

Yokohama extending ‘BluEarth’ range

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GENEVA (March 8, 2017) — Yokohama Rubber Co. Ltd. is expanding the scope and range of its “BluEarth” fuel-efficient tire line and bringing back one of its “landmark” high-performance tire lines, the tire maker disclosed at the Geneva International Motor Show.

Starting this spring, Yokohama will add the BluEarth-Es ES32 touring line, expand availability of the BluEarth RV-02 CUV/SUV line and start taking orders for the BluEarth*Winter V90, the first winter tire to use the fuel-efficient technology of the firm’s “environmentally, human and socially friendly” global tire brand.

Yokohama’s BluEarth technology comprises a package of the four core performance traits of any tire — wet grip, wear resistance, durability and fuel efficiency — and employs the firm’s proprietary “nano-blend compound” that incorporates orange oil and other components to create a balance of high fuel efficiency, superior wet grip performance and wear resistance.

Read the source article at Tire Business

Nitian Mantri to replace Yogesh Mahansaria as CEO of ATG

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Yogesh Mahansaria is to step down as chief executive officer of the company he founded. Alliance Tire Group (ATG) has announced the appointment of Nitian Mantri as chief executive officer – designate, and states that he will “be taking over the reins” from Mahansaria over the coming few months.

Read the source article at Tyrepress

What’s going on with the sale of Kumho?

The sale of a controlling interest in Kumho Tires may or may not happen. The group of investment banks that own a 42 percent share of Kumho Tire voting stock decided last year they wanted to sell this share.

This began a flurry of rumors regarding who was and wasn’t bidding. Continental, Michelin and several Chinese firms have all been spoken about as bidders. In November there was a leak that a preferred bidder had been settled on. Qingdao Doublestar Tyre Co.’s bid may have been all for nothing. Traction News reached out to Kumho Tire about this recently.

Read the source article at Traction News

Strong yen brings down Bridgestone 2016 results

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Tokyo – Bridgestone Corp. has posted a sharp drop in earnings and revenue for 2016, as the Japanese yen gained strength and the cost of raw materials grew.

In its full-year financial statement on 17 Feb, the tire maker said its sales dropped 12% year-on-year to Yen3.3 trillion (€27.5 billion), with sales of tires showing a 13% decline to Yen2.7 trillion.

Bridgestone also registered an 8% decline in sales of diversified products to Yen585 billion.

Read the source article at European Rubber Journal

DOT issues 22 new tire factory codes in 2016

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WASHINGTON (Feb. 15, 2017) — The U.S. Department of Transportation issued 22 new DOT plant identification codes in the past year for tire factories worldwide, including 14 for plants in China.

Tire manufacturers wishing to sell tires intended for use on U.S. roadways must have a DOT code for each plant, and that code must be molded into the sidewalls of each such tire.

Of the new codes issued, only one—for Yokohama Tire Corp.’s truck tire plant in West Point, Miss.—is in North America.

Read the source article at Tire Business

Hankook’s Growth Strategy Based on the New Factory

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SAN JOSE DEL CABO, Mexico (Feb. 13, 2017) — Hankook Tire America Corp. plans to step up its North American marketing efforts in 2017 as part of a strategy to grow in a marketplace that looks to remain relatively flat.

One important reason for the 40-percent increase to the marketing budget is the opening in 2017 of the company’s first U.S. tire plant, but also from a global perspective the U.S. market is becoming more and more important to Hankook, according to Hankook Tire America President and Chief Operating Officer Hee Se Ahn.

“So we made a decision to increase our overall funding for the U.S.A. market,” he told Tire Business Feb. 11 during an interview at the company’s 2017 U.S./Canada Partner’s Day in San Jose del Cabo.

Hankook has aspirations to grow 15 percent globally in 2017, Mr. Ahn said, and the U.S. subsidiary is looking to achieve that same goal.

Read the source article at Tire Business

Hankook seeks “top-tier” position with new technology centre

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For the Technical Centres feature in the Jan/Feb issue of European Rubber Journal magazine, Shahrzad Pourriahi Hankook Tire executive Hyun Bum Cho at the of the company’s new Technodome research centre in South Korea in October

The recently opened Hankook Technodome research centre represents a significant step forward for Korean tire maker Hankook’s R&D infrastructure, according to Hyun Bum Cho, president and chief corporate strategy & finance officer of Hankook Tire Worldwide.

Read the source article at European Rubber Journal