11th CITExpo to be Largest Show Ever
Although there are still some three months until the opening of the 11th China International Tire Expo, the show’s organizer says the number of stands and floorspace booked already have set a new record. According to Wilko Fong, managing director of Reliable International Exhibition Services, more than 320 exhibitors at CITExpo 2013 will occupy 24,000
Brodsky on Docket for Upcoming ATRC in India
Harvey Brodsky, managing director of the Retread Tire Association, will be presenting at the Asian Tyre & Rubber Conference 2013, June 21-22 in Chennai, India.
Analyst Calls Apollo-Cooper Deal an ‘Overambitious Move’
In a report published June 13, financial services group LKP Securities opined that Apollo is making an “overambitious move” in its acquisition of Cooper, considering current global demand.
Conti Tweaks Horse Logo and Corporate Image
Continental has updated its logo and corporate image to “underline its change over the years from being a pure tiremaker to becoming one of the world’s largest suppliers for automotive technologies.”
Michelin Closing Colombia Production Operations
In response to what it describes as "more than a decade of substantial annual losses in Colombia," a situation it says "repeated investments have failed to stem," Groupe Michelin has decided to close its tire plant in Icollantas. The tiremaker singles out the unit’s insufficient size and other local economic factors as the reasons behind
Cooper Deal: Apollo Raising $2.1 Billion in Debt Via Bonds
Further details of Apollo’s acquisition of Cooper Tire & Rubber Co. have been published by Indian brokerage house Angel Broking. In its June 13 market outlook report, Angel Broking notes that Apollo Tyre’s acquisition of Cooper will be funded entirely through debt. Apollo, it elaborates, plans to form a new holding company in the Netherlands
TRIB MD Speaking at Asian Tyre & Rubber Conference
TRIB Managing Director David Stevens will be a featured speaker at the Asian Tyre & Rubber Conference, which is taking place June 21-22 in Chennai, India. Stevens will offer his presentation, "Overview of the Global Retreading Industry and Results from TRIB’s Chamber Fire Study," to attendees at Asia’s biggest tire and rubber conference.
Cooper Deal: Apollo Shares Fall 21% After Cooper Announcement
Shares in Apollo Tyres Ltd. plunged by up to 21% the day the company announced its purchase of Cooper Tire & Rubber Co. According to local news sources, it has been more than 20 years since Apollo’s share price fell this much. The negative sentiment is likely to related to the price Apollo has agreed
Even With Closings, Michelin Commits Capital Investment
Even as Groupe Michelin is tightening its European production and closing its plants in Columbia and Algeria, the tiremaker pledged an investment of some 800 million euros to capital improvements. Most of the focus will be on its plants and R&D operations in France, where investments are pegged between 2013 and 2019. This will include
Schaeffler to Cut Wheel Bearing Production in Germany
Schaeffler AG plans to phase out production of wheel bearings at its factory in Schweinfurt, Germany, eliminating 576 jobs because of high costs and tough competition. Manufacturing of the components at the plant will wind down over the next two to three years, according to a company spokesperson, who added the move comes after Schaeffler
Michelin to Cut Truck Tire Production at French Plant
Michelin announced plans to cut 730 jobs at its Joue-les-Tours, France, truck tire plant, where it plans to end production in 2015. At the same time, the tiremaker pledged to invest 800 million euros ($1.1 billion) in other French plants and offer early retirement or a choice of transfers to all Joue-les-Tours workers whose jobs
New JK Tyre Chairman Talks Global Expansion Plans
Raghupati Singhania, chairman and managing director of JK Tyre & Industries Ltd., said the company intends to continue exploring new markets, including Europe.