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Apollo Tyres to reduce over 500 jobs at Netherlands plant, focus on specific segments
New Delhi: Apollo Tyres on Tuesday said the management and workers at its Dutch plant have agreed to revamp the plant to meet the demand of some specific market segments, which will affect more than 500 jobs. The agreement will reduce the Enschede manufacturing plant by 528 All the jobs have been paved. Apollo Tyres said in a regulatory filing, “The management board and the works council (WC) of Apollolo Vredestein BV (AVBV), the Dutch subsidiary, have reached an agreement on the specialization of the Enschede plant and the negotiations are concluded.” Under the agreement, AVBV will retain 737 one positions (1,265 at the outset) and continue to focus on its high-value sector passenger car tires, early agriculture and Spacemaster tire production capacity. In March, the company announced that it would lay off 750 factory employees over the next two years in order to achieve a “sustainable business” and focus on producing high-value tires. The domestic...
ModestyRaman
55
May 30, 2024
JK Tyre crosses 2 crore units’ production milestone of trucks, bus radial tyres
The company recently introduced “smart tire” technology that monitors vital tire statistics, including pressure and temperature. NEW DELHI: JK Tires on Tuesday said that he is producing more than 20,000,000 tires for trucks and buses (TBR). JK Tire 2016 said in a statement that year August its ATV production exceeded Rs 1 billion. Raghupati Singhania, Chairman and Chairman, JK Tires “As pioneers and market leaders, we remain committed to fostering innovation and providing efficient, safe products and cost-effectiveness to our teaming customers,” he said while commenting on the achievement. He added that the company will continue to work to strengthen its position through technology, innovation and sustainable mobility solutions. The company recently introduced “Smart Tire” technology, which monitors basic tire statistics such as air pressure and temperature, and announced the launch of energy-saving “Fuel Efficiency TechnologyR...
MosesYoung
44
May 30, 2024
Apollo Tyres to cut capex by Rs 400 cr this fiscal to preserve cash flow
PTIApollo Tires It has also reduced capital expenditure investments. Apollo Tyres’ European subsidiary has decided to reduce capital expenditure (capex) by Rs 40 crore in the current fiscal due to the coronavirus pandemic, a senior official of the company said. Apollo Tires Gaurava Kumar “Considering the overall demand, we have indicated in 2020-211 that we have reduced our capex by Rs 4,010 crore in the year to ensure that there is no pressure on cash flow or liquidity. conference call with analysts. Earlier, the company had earmarked around Rs 14,000-150,000 crore of capex for its domestic operations for the current fiscal. Apollo Tyres also added that it cut down on capex investments in its European operations. “If I remember correctly, we were talking about a figure of Rs 1,400-1,500 crore in India. This year, the figure is 1,000-1, 1,000 crore rupees. Similarly, we have reduced our European business,” Kumar said. He pointed out that the com...
BrookField
66
May 30, 2024
Maxxis India partially resumes operations at its Sanand-based plant
Group photo of agency representatives NEW DELHI: Tire maker Magis India on Wednesday said some of its manufacturing plants in Sanand have resumed operations with limited employees. In a statement, Magis India said the manufacturer will operate in compliance with COVID-19 safety standards. On March 23, the company closed its plant for 42 days due to a coronavirus epidemic. “All activities will be conducted in accordance with government regulations and guidelines, and in compliance with the company’s highest safety and health standards for its employees,” said Junxuan Liu, director of the Magis India plant.” ‘
MarianOccam
53
May 30, 2024
Govt imposes curbs on import of certain pneumatic tyres
Until then, the import of these tires was allowed without any restrictions. NEW DELHI: The government on Friday imposed import restrictions on some new pneumatic tires for cars, buses, trucks and motorcycles to boost domestic manufacturing. Directorate General of Foreign Trade (DGFT) “The import policy on new pneumatic tires has been adjusted from liberal to restrictive,” the notification said The classification of the product as restricted means that importers will now have to obtain an import license or a permit from the DGFTT. Previously, there were no restrictions on the import of these tires. The decision is significant because domestic tire makers have been demanding restrictions on imports. The industry has repeatedly expressed concerns about increased tire imports from China and other countries. This restriction applies to touring, racing, scooter, porous polyurethane tubeless tires and bicycles. Imports of these tires are valued at $260.72 million...
KellySimpson
65
May 30, 2024
Restrictions on tyre imports to curb inflow from China, help domestic industry: ATMA
The agency government on Friday restricted the import of some new pneumatic tires for cars, buses, trucks and motorcycles. NEW DELHI: The Automotive Tyre Manufacturers Association (ATMA) on Wednesday said restricting imports of tires would pave the way for improved domestic production and boost exports besides ensuring employment opportunities. “Reckless import of tires is harmful to Indian tires.” Most of the imports, which are seen as an “industry nuisance”, come from China and account for more than 40 percent of truck and bus tires (TBRs) and passenger car tires (PCRs) exported to India from abroad. In the case of tractor tires, China accounts for three-fourths of the total imports. On Friday, China imposed import restrictions on some new pneumatic tires for cars, buses, trucks and motorcycles in a bid to boost domestic manufacturing. “The move boosted the slowdown in the automotive sector and COVID-19 As a result of these developments, the ...
XavieraPope
53
May 30, 2024
Bridgestone ties up with Microsoft to develop tyre damage detecting system
MCVP Microsoftfofofofoft Prakriya, General Manager, Azure Mobility Tara The Microsoft organization is working with mobile companies to support their transition to smart mobile services. Mumbai: Tire maker Bridgestone on Tuesday said it has partnered with Microsoft to develop a real-time tire damage detection system. Under the partnership, Bridgestone will use the Microsoft Connected Vehicle Platform (MCVP), which will reduce accidents caused by technical defects and also improve road safety. According to Bridgestone, tire damage accounts for about 30% of all accidents caused by technical defects. The company announced that the system uses the MCVP cloud framework and existing sensor data from the mounting hardware to provide real-time sensing of tire damage and uses the algorithm to detect events affecting the tire surface and bodywork. The system is now available to all MCVPP fleets and OEMs The partnership will enable Bridgestone to further develop solutions to meet the ...
AthenaOliver
43
May 30, 2024
Eyeing leadership position in domestic premium two-wheeler segment: Apollo Tyres
Getty Images Representational Photos New Delhi: Apollo Tyres on Wednesday said it is aiming to take a leading position in the domestic premium two-wheeler segment, which comprises mainly high-end bicycles. It is also set to offer high-end bias and steel radial tires for the international market, the company said. The premium segment accounts for nearly 20% of the two-wheeler market in India and is the fastest growing segment. “Our aim is to establish a strong foothold in the high-value, high-margin premium motorcycle tire market to cater to the top 20% of the motorcycle market in India, Europe and the US. We will also be able to provide a strong presence in the motorcycle tire market,” said Kanwar, Vice Chairman and Managing Director, Apollo Tyres, in a statement. He added that the company now has a global portfolio of premium bias and radial tires for the two-wheeler segment, which will be produced at its manufacturing facility in Baroda, Gujarat. Apollo ...
AsaLaurie
53
May 30, 2024
Tyre replacement market can recover and grow in FY-21: Anant Goenka, MD, Ceat Ltd
AgencyCeat on Wednesday posted a consolidated loss of Rs 348.8 million. For the first quarter of the current fiscal, revenues declined by more than 36% to Rs 11.23 billion. Mumbai: Tire manufacturer Ltd expects a significant increase in demand for replacement tires in the second quarter of the current fiscal. Anant Goenka, Managing Director, RPG Group of Companies, said6 Demand in this sector surged during the month. The figure is at-19 level and the coming quarters are likely to make up for6 the loss of sales due to the COVID-19 monthly quarterly blockade. “The market for higher-margin alternatives has returned to normal levels, if not above normal,” he said. Ceat derives 60 percent of its sales from alternative markets, with OEM sales accounting for 27 percent and exports accounting for about 13 percent. Goenka said, “We are in a much better position than we expected. April looked worse,” Goenka said. Most of the company’s six production si...
SaxonRoosevelt
80
May 30, 2024
Don’t see an early end to the ‘new normal’, yet the show must go on: Apollo Tyres CMD
Onkar S Kanwar and Neeraj Kanwar. NEW DELHI: Onkarr S Kanwar, chairman and managing director, Apollo Tyres, said the uncertainty created by the coronavirus pandemic will continue and he doesn’t see a premature end to the “new normal”. Given the bleak global outlook, including India and Europe, tire giant Apollo Tyres (Onkar S Kanwar) is focusing on employee safety, saving cash, re-engineering production, reducing all unavoidable costs in R&D and adopting a “cautious approach”. Continue to invest in electronics. Training, branding, etc. “FY20 was a tough year in every respect. While the automobile industry grew slowly in FY19, last year was a difficult year for the industry due to deterioration in consumer confidence. Kanwar, in his address to shareholders in the company’s 2019-20 In its annual report, Kanwar referred to the rising cost of Non-Banking Finance Companies (NBFCs) insurance, rising cost of ownership and liquidity crisis...
LindsayBobby
49
May 30, 2024
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