Toyo Sells R&D Center Property as Relocation Progresses
As part of its previously announced plan to move its primary research and development center, Toyo Tire & Rubber Co. sold the facility to construction, real estate and engineering firm Haseko Corp. The land and approximately 24,300-square-foot building were sold for 4,335 million yen, well more than the listed book value of 132 million yen.
Yokohama Tire Sales Decline in 2Q
The Yokohama Rubber Co. announced a 0.6% decline to 209.billion yen in its tire operation sales from last year. Additionally, the tiremaker’s operating income decreased by 17.9%, to 13.9 billion yen. The company noted less demand for OE tires in Japan and escalating price competition as factors for decreased sales. Additionally, demand in Europe, China
Kanwar: ‘Joint Ventures Are Not in Our DNA’
Neeraj Kanwar, son of Apollo Tyres Chairman Onkar S. Kanwar, shed some light on the recent deal to take over U.S.-based Cooper Tire & Rubber Co.
Brazil Levies Anti-dumping Duties on Chinese Tires
Brazil has proposed a five-year anti-dumping duty on Chinese tires. Levied according to the weight of the tires, the duty will range from $1.08 to $2.17 per kilo. Brazil began investigating 13- and 14-inch Chinese tires last year. In addition to China, Brazil has is conducting investigations of passenger tires imported by other countries including
Apollo’s Kanwar: ‘A Multi-Polar World is What Awaits Us’
Apollo Tyres reported first quarter sales of $571.7 million and a net profit of $29.7 million. More interesting than the financial results, though, were comments made by Apollo Chairman Onkar Kanwar at the company’s annual general meeting yesterday. “During the last quarter, we announced the acquisition of U.S.-based Cooper Tire & Rubber Co.,” he noted
Apollo-Cooper Update: Union Leader Sees ‘No Future’
The strike at the Cooper Tire’s plant in China has been underway for more than two weeks, and union officials remain adamant the Apollo takeover shouldn’t take place.
Continental Revises Full-Year Earnings
Reporting its second quarter and first half results, Continental Executive Board chairman Dr. Elmar Degenhart cautioned that the stronger development seen in the second quarter shouldn’t be viewed as a turnaround; rather, sales developed better due to seasonal and technical factors. The European market – where Continental makes 55% of its sales – was described
A Different View on Auto Bild Chinese Tire Tests
China Daily newspaper on Aug. 5 published a story with its take on recent tests comparing the performance of branded tires produced in China vs. their counterparts produced in Europe and Japan. Auto Bild’s story did give decent marks to the Chinese-made versions of Michelin, Bridgestone, Pirelli, Yokohama and Goodyear tires, but was generally harsh
Brake Shoes Added to Bosch Aftermarket Lineup
Bosch has added Bosch Brake Shoes to its line of aftermarket braking products, which offers full line coverage of service brakes and parking brakes for domestic, Asian and European applications.
Recent Accident Spurs Another Look at Tire Aging Legislation
It hasn’t been a good month for global transport’s PR. A runaway train in Canada, followed by a train crash in Spain, a bus crash in Italy and the recent head-on railway collision in Switzerland broke decades-long fatality records in each area. Of course mass transport in the developed world has never been safer and
Apollo: Investment Focus on Serbia, China and Mexico
Apollo Tyres – which will add eight tire manufacturing plants across the globe after the completion of its $2.5 billion acquisition of Cooper Tire – will focus on expanding operations in Serbia, China and Mexico over the next few years, according to a report by the India Business Standard. Neeraj Kanwar, vice chairman and managing
Continental Posts Higher Income, Sales in First Half
Continental AG reported a 13.8% year-on-year improvement in first half net income, posting earnings per share of 5.71 euros, up from 2012’s 5.02 euros. In the first six months of 2013, consolidated sales were up 0.4% year-on-year to more than 16.5 billion euros, while EBIT was down 1.4% to a little over 1.6 billion euros