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

Apollo in black, NR prices pose concern

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Gurgaon, India – Apollo Tyres notched up higher sales and profits in the three months ending 31 Dec 2016, but it’s concerned about the impact of rising natural rubber prices in the months to come, the Indian tire company reported 1 Feb.

In its fiscal third quarter, the tire maker registered a 17% rise in net sales to Rs34.35 billion (€471.4 million), with operating profit showing a 3% rise to Rs5.19 billion. Net profit was up 6% at Rs2.96 billion.

Read the source article at European Rubber Journal

Tire maker Pirelli to halt Venezuela unit for two weeks

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The Venezuela division of tire maker Pirelli plans to halt its local operations for two weeks starting on Jan. 30 due to a lack of raw materials, the company said on Tuesday. Factories in Venezuela often have to reduce or halt operations as a result of chronic raw material shortages, caused primarily by exchange controls that leave companies unable to obtain dollars.

Read the source article at reuters.com

Global Tire Industry

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This report analyzes the worldwide markets for Tires in Thousand Units for the OEM and Replacement Categories by the following Segments: Passenger Cars, Trucks (Light Trucks, Medium/Heavy Trucks), Buses {Two-Wheelers, Aircraft, and Off-Road-Vehicles (Industrial & Utility Vehicles, & Farm Implements)}. The report provides separate comprehensive analytics for the US, CanadaJapanEuropeAsia-PacificMiddle East & Africa, and Latin America. Annual estimates and forecasts are provided for the period 2015 through 2022. 

Read the source article at PR Newswire

Online sales impacting way dealers do business

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With multiple tire manufacturers jumping on the e-commerce platform to sell tires directly to consumers, online tire sales have made their mark in the industry.

While some tire dealers met the new programs with hesitation, many have now found their footing as others struggle to compete.  

Though online tire sales are not expected to be the norm in the near future, both tire makers and dealers alike contacted by Tire Business said they believe the practice will continue to grow.

 

Tire makers move online

Entering 2017, Bridgestone Americas, Goodyear and Michelin North America have taken the lead in online tire sales initiatives.  

Goodyear was the first…

Read the source article at Tire Business

Major tire makers raising prices as materials go up

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Major tire makers raising prices as materials go up By Kuo Chia-erh / Staff reporter Major tire makers are planning to raise prices by between 8 and 12 percent next year on the back of soaring synthetic rubber and natural rubber prices. Federal Corp (泰豐輪胎) said in a Taiwan Stock Exchange filing that it would increase prices by between 9 and 12 percent, days after Nankang Rubber Tire Corp (南港輪胎) said it would increase prices by the same percentage, while Hwa Fong Rubber Industry Co (華豐橡膠) said it would hike prices by 8 to 10 percent. Global rubber prices soared 100 …

Read the source article at Taipei Times