Apollo Eyes New Plant, Possible Plantation Buy
According to a number of media reports, Apollo Tyres plans to build a greenfield tire in Eastern Europe within the next few years. "We are looking for a facility in Eastern Europe. It is only in the nascent stage right now," Apollo Tyres Chairman Onkar Kanwar said. "We are looking at geographies such as Eastern
Michelin Eyes Acquisitions to Continue Growth Push
After posting strong sales and net profit numbers of 2010, Groupe Michelin’s boss-to-be has set the company’s sights on possible acquisitions.Jean-Dominique Senard, named to become Michelin’s managing partner, said: “We’ve paid down our debt by half and our profits have rebounded from the severe 2009 economic downturn. We’re ready to move in Asia by takeover
Dealers, Drivers Need to Think of TPMS in Winter Tire Changeovers
It hasn’t been a typical winter. Snowstorms have been relentless. A blizzard affected one’third of the U.S., dumping two feet of the white stuff on Chicago and New York City. Even the Super Bowl wasn’t spared, providing a dramatic scene of maintenance crews shoveling the Cowboys Stadium retractable dome. Punxsutawney Phil predicted an early spring
Michelin Appoints Senard to Succeed Rollier as CEO
Michelin & Cie. named Jean-Dominique Senard to succeed Michel Rollier as chief executive officer. The tiremaker also pledged to make the position more accountable to investors. Senard will receive a renewable four-year contract, subject to extension by the supervisory board, Michelin said. The move breaks the position’s traditional lifelong mandate.
U.K. Motorists Support Winter Tire Laws
A survey carried out by car supermarket Motorpoint indicates a healthy level of support for mandatory winter tires in the U.K. More than 1,400 people responded to the online study and 46% expressed support for the introduction of legislation that would compel motorists to fit winter tires. Commenting on the subject, Motorpoint managing director David
Michelin to Raise Tire Prices in Europe
Faced with rising raw material costs, Michelin said it will increase prices in Europe across all tire ranges in the near future. The company’s passenger car and light truck tires will see a 5% average increase, which will be gradually applied between April 1 and June 1. For new and retreaded truck tires, the increase
Kumho Petrochemical to Sell Share in Kumho Tires
Kumho Petrochemical aims to exit the debt workout program it has undertaken for the past year by the end of 2011, and to help boost its economic viability, the Kumho Asiana division intends to sell the million or so shares it holds in Kumho Tires. "As part of a consistent move, we will sell all
Bridgestone to Raise Japan Prices in June
On Feb. 9, Bridgestone Corp. announced an additional price increase for the tires, tubes and flaps it sells in the Japanese replacement market. The latest increases are 8% for passenger, light truck and motorcycle tires, 15% for OTR tires, 10% for other kinds of tires, and 10% for tubes and flaps. These increases will take
Nokian Sees Strong Opportunity in 2011
A jaunty nautical appraisal of this year’s outlook greeted shareholders upon the release of Nokian Tyres’ 2010 financial statements. The man at the helm, president and CEO Kim Gran, stated that "a clear improvement in the drivers for demand in core business brought Nokian Tyres back to a strong growth track. The sails are now
Matador Sells Share in Ethiopian Tiremaker
Ethiopian newspaper Addis Fortune reports the sale of a majority share in the country’s sole tiremaker, Addis Tyre SC. According to "reliable sources" that spoke to the English language weekly, Matador AS has sold its 69% share in Addis Tyre to Horizon Plantations Ethiopia Plc. This completed purchase comes more than two years after the