Tire Operations Buoy Continental
Continental AG’s adjusted EBIT is reportedly 15% (100 million euros) above estimates produced by Deutsche Bank. With net debt below 6.5 billion euros, impressed analysts commented "these better results are entirely attributable to the tire operations." The tire division contributes 28% of the group’s sales and 42% of adjusted EBIT, which reported a higher result
Kumho Looking to Sell Daewoo Share
Creditors of South Korea’s Kumho Asiana Group, parent company of Kumho Tire Co., are said to be considering selling a 1.46 trillion won stake in Daewoo Engineering & Construction Co. held by the group’s affiliates via a block trade. Group company Kumho Industrial Ltd. holds 14.6% of Daewoo Engineering & Construction and other units own
TGI Sets Peru Office
Tire Group International (TGI) is expanding its tire marketing and distribution in Latin America and the Caribbean by opening a new sales office in Lima, Peru. The sales office will be headed by Fredy Montoya Soriano, who has more than 35 years experience in the tire and automotive industries. “TGI has been successful in implementing
The Price Crisis Part IV: China Stretches Rubber Demand
China has announced that it would put a cap on new vehicle registration in Beijing. It is the price the country is paying for its rapid economic growth. The high demand for personal vehicles has resulted in urban gridlock. It also has led to the inevitable rise in demand for more tires. The result has
Do We Need a New Category System for Tires?
U.K. tire information community and news aggregator TyreReviews.com is suggesting "an easier, more consistent" way to help drivers select the tire best suited to their needs: a vastly increased number of categories into which tire types could be sorted. With the wide range of tires on the market currently describing themselves as "high performance," for
AIA Canada Signs on With CASIS
Forsaking that country’s Right to Repair efforts, the Automotive Industries Association of Canada (AIA Canada) has signed on to the Canadian Automotive Service Information Standard (CASIS), the voluntary agreement that supposedly guarantees access to automaker service information in Canada.The CASIS agreement is supported by the Canadian Vehicle Manufacturers Association, the Association of International Automobile Manufacturers
The Price Crisis Part III: Futures for Price Discovery
Indian tire manufacturers are still wary of the futures market in rubber and their skepticism has become stronger with rising prices and high duties on imports. But Anil Mishra, CEO of Ahmadabad-based National Multi-Commodity Exchange of India Ltd., the pioneer in electronic commodity trade, says many tiremakers are realizing futures’ advantagesThe Ahmadabad-based commodity bourse, National
TCIL Ready to Get Government Release
India’s Department of Disinvestment has begun the process of completely divesting the government’s stake in the Tyre Corporation of India (TCIL), the first outright sale of a public sector company to take place in India since 2003-04. The Economic Times comments that, should all go to plan, the divestment should be complete this year. Commenting
Lanxess Has New CFO After Surprise Resignation
At its Feb. 3 extraordinary meeting, the Lanxess AG Supervisory Board agreed to revoke the contract of chief financial officer and Board of Management member Matthias Zachert. This measure was taken at Zachert’s request, Lanxess reports. The 43-year-old served on the Lanxess Board of Management since 2004. Board of Management chairman Axel Heitmann said: “My
Sebring Now Michelin Home
Michelin is now the official tire of Sebring International Raceway, and Michelin North America’s latest UHP line will get prominent play at the track during the upcoming Twelve Hours of Sebring.Due for an April debut, the Michelin Pilot Super Sport will be featured on new signage around the Sebring track, which will be unveiled during