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Apollo Tyres to invest euro 500 million in Eastern Europe
KOCHI: Apollo Tyres is considering investing 5 investing more than 40 billion euros I rupees) to set up factories in Eastern Europe to enhance its global presence. The company is yet to confirm the exact location, “We are still in discussions with the countries in the region”, Nerajj Kanwar, Vice Chairman and Managing Director The plant is expected to be operational within three years. The Gurgaon-based company, which failed in its attempt to buy the US-based Cooper Tire & Rubber Company for $100 million last year in a 25-cent emergence, is expanding organically and is not considering any acquisitions at the moment. While the Eastern European plant is the first outside India, the company is expanding its production capacity in Chennai and investing in off-road tire (OTR) wait products, which are growing in demand in the global market. The proposed European plant has the capacity to produce 550 home million passenger car radials and 675, 0000 large commercial ra...
BonnieSophy
51
May 29, 2024
Apollo Tyres enters Kuwait, second country in Middle East
ET Motor Vehicle Bureau. NEW DELHI: In a bid to increase sales and visibility in this high-growth market, leading tire giant Apollo Tyres has made further inroads into the Kuwaiti market with the opening of its first branded retail store in the country. The store, named Apollollo Zone, is designed to provide customers with an enhanced retail experience and a better feel for the brands and products on display, including passenger car, 4×4 and light truck tires. Apollollool Zone is located on high-end Canada Street in Kuwait and is operated by Federal General Trades and Contractors. Commenting on the inauguration, Satish Sharma, President, Asia Pacific, Apollo Tyres Limited, said: “We see great potential across the Middle East, including Kuwait, witnessing growth in premium and mid-range vehicles. It is carving out a niche in the Kuwaiti market by producing tires for passenger cars in the range of 75,000 to 85,000 per month. Like the branded retail stores opening i...
PaddyTuttle
61
May 29, 2024
Specialty chemicals give tyre maker SRF a power spin
SRF It is a refrigerant and tire window cloth manufacturer that has managed to emerge from its struggles as a dynamic intermediate chemicals manufacturer with niche areas of expertise. Once the company ends its reliance on carbon credits, it will be able to realize a better market valuation, even if it means lower profitability. The company’s plan clearly identifies the direction of growth. Between fiscal 2006 and fiscal 2013, SRF generated carbon credits by replacing refrigerant production with more environmentally friendly products, thereby increasing annual revenues. In addition to the prolonged stagnation of refrigerant production, the revenue stream is unclear. The company’s other major business is nylon curtain fabric (NTCF) led to a decline in the company’s market capitalization. However, with the growth of SRF. Investment in specialty chemicals is improving. Rajendra, an SRF official, said, “So far, we have invested Rs 120 crore in Dahej and c...
QueenaBaker
47
May 29, 2024
Apollo Tyres to set-up eco-friendly football pitches
LONDON: Headquartered in Gurgaon, Apollo Tyres has partnered with Manchester United, one of Europe’s most popular soccer clubs, to build environmentally friendly soccer stadiums around the world, including India, and encourage new talent through engagement with local communities. The promo titled “Promo Title” Go the Distance was produced at Gren Fields in the Netherlands. According to London newspaper Asian Lite, the stadium will be constructed using 100% recycled rubber. The first Apollo United ‘Go the Distance’ Community Stadium opens next to the North Stand at Old Trafford in Manchester. More stadiums will soon be opened around the world, including in cricket-mad India. Jonathan Rigby, Chief Marketing Officer, Apollo Tyres Limited “This demonstration has been specifically designed to address three key challenges including control, agility and accuracy.” “This is a key performance aspect of Apollo Tire’s product...
BernardWood
48
May 29, 2024
Tyre stocks riding boom in auto sector; CEAT, Apollo, MRF, Goodyear top bets
By D K Aggarwal It is a known fact that the performance of the tire industry is directly related to the performance of the automobile industry. Recent car sales figures show that the automobile industry is recovering. This will lead to increased order inflow from CEATT, Apollo Tires, MRF and Godyear India tire manufacturers. Tire manufacturers are benefiting from lower rubber prices, lower raw material prices and increased volumes as automotive demand recovers. Moreover, alternative markets are also showing good business. Hence, the future outlook for the sector is positive. Rubber is a key raw material for tire companies and its prices have been declining over the last four years. They have come down from the highs of the rupee. As of 2011, as of December 2011, it was Rs. 23,700 per 100 kilograms Rs. 13,320 per 100 kilograms. When contacted by the management of CEAT, a strong player in the industry, it is expected that raw material prices will remain stable for the next 6 ...
CoralOnions
48
May 29, 2024
Yokohama Tyres opens its first YCN in Kerala
ET Motor Vehicle Bureau. Kerala (Trichur) : Yokohama India has opened its first Yokohama Club Network (YCN) store in Kerala. The company has partnered with M///M/. S Tire Plaza has opened a YCN store in Trichur, Kerala’s premier highway cooperation. YCN is a specialized network based on the global concept of providing a world-class tire buying experience at Yokohama’s development points of sale. Yokohama India currently has more than 650 locations in India including 22 Yokohama Club Network (YCN) outlets. Yokohama India plans to double the national reach of YCN by the end of 2014. The global tire giant currently has a 2% market share in India. market share in India. While tubular tires still hold a significant share of the overall passenger car lunch market, Yokohama India competes only in the tubeless tire market. Takashi Fujino, Managing Director, Yokohama India “With the rapid shift in the market from tubular tires to tubeless tires, Yokohama India ...
DylanLowell
53
May 29, 2024
Apollo Tyres to invest 442.2 mn euros for new plant in Hungary
NEW DELHI: Apollo Tyres plans to invest €442.2 million (about Rs. 34.5 billion) in Hungary to set up a new plant in India, with investment support from the Hungarian government and approval from the European Commission. The project will see an investment of 442.2 million euros and is expected to create more than 975 jobs. The project will take place in Gyngyshalsz in northern Hungary, the European Commission said in a statement. Apollo Tyres received 95.7 million euros in local investment support for the construction of the tire factory, the European Commission said. It added that the aid for Gyngyshalsz (northern Hungary) was in line with EU state aid rules. “The Commission found that the support provided by Hungary would favor regional development and limit distortions of competition.” Commenting on the development, Joaqun Almunia, Vice-President of the Commission responsible for competition policy, said: “The Apollo Hungary investment program is expecte...
VivianBeck
53
May 29, 2024
Tyre industry to grow by 8% in FY2014-15: ICRA
ET Motor Vehicle Bureau. New Delhi: Ratings agency ICRA expects the Indian tire industry to grow at a compound annual growth rate (CAGR) of 11%-12% over the next three years (2014-17), with revenues reaching Rs. 623 billion in 2016-2017. The size of the domestic tire industry is expected to grow by 8% from 2014 to 2015 to reach ₹20 billion. Domestic sales grew by 6% to $493 billion, although falling raw material prices forced tire companies to shift profits to alternative markets. “The decline in natural rubber (NR) crude oil prices may provide some benefits to consumers, but inflationary pressures on advertising, employees and other consumer goods have increased significantly in some countries over the past two years. Despite the pressures, ICRA expects the company’s operating margins to remain at 13-14% in 2014-15 The sharp decline in natural rubber prices has impacted margins. Subrata Ray, Senior Vice President and Co-Head of Valuation, Corporate Division, I...
MaureenTerry
71
May 29, 2024
Apollo Tyres appoints Mathias Heimann to head European Operations
NEW DELHI: Apollo Tyres today appointed Mathias Heimann as CEO of Apollo Vrestein Europe and America. Announcing the news, Kanwar, Vice Chairman and Managing Director, Apollo Tyres Limited, said: “Mathias’ vast experience in the tire industry and multicultural environment will be extremely valuable to Apollo as we consolidate and prepare for our current operations in Europe. Focus on Eastern Europe to announce the next phase of growth with a greenfield plant. Mathias will be based at the European operations headquarters in Enschede, the Netherlands. Commenting on his appointment, Mathias said: “With Apollo’s investment in manufacturing capacity at the Enschede plant, expansion across Europe, and significant investment in branding and marketing, I will be working with the team to rapidly expand our presence in the marketplace and capitalize on new opportunities.” B.V. Mathias (48) is from Germany and has more than 20 years of experience in s...
MyronCronin
52
May 29, 2024
Tyre Makers in Rough Patch
Takashi: Indian tire makers are yet to offer these advantages. The fall in natural rubber prices has also been transferred to consumers. Some admit they have transferred benefits on a small scale, but others say rising prices have prevented them from doing so. Over the past year, natural rubber prices in the domestic market have fallen 34% to Rs 123 per kilogram, the lowest in the past five years. Prices fell in the international market due to oversupply and weak demand in China. During the same period, global rubber prices plunged 38%. Since natural rubber is the main raw material for tires, the most important question is whether manufacturers will reduce tire prices. Satish Sharma, President, Asia Pacific, Middle East and North Africa, Apollo Tyres “In order to adapt to the changes in raw material prices and the competitive nature of our markets, we have made several small price reductions.” The adjusted prices are not very visible due to the sluggish sal...
BruceReynolds
52
May 29, 2024
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