Skip to main content
EVENT TRACKER
Keep track of rescheduled, canceled industry events with our COVID-affected event tracker - Powered by Snap Finance
Close
Sister Publication Links
  • Rubber & Plastics News
  • European Rubber Journal
tb-logo
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • OPINION
    • CORONAVIRUS
    • AUTO INDUSTRY
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • FACTORY FIXES
    • GOVERNMENT & LAW
    • INTERNATIONAL
    • MOTOR SPORTS
    • NEW PRODUCTS
    • RETAIL TIRES
    • SERVICE ZONE
    • SEMA/AAPEX
    • SMALL BUSINESS
    • TIRE MAKERS
    • SPONSORED CONTENT
    • Titan to offer free COVID-19 vaccines at Iowa facility
      Bridgestone hosts vaccination events for plant employees
      Cioffi: Will remote working be the new normal?
      Bridgestone Iowa plant navigates pandemic, demand
    • Conti adding dynamic driving simulator at German R&D center
      Yokohama gains OE fitments on BMW, Mercedes-AMG sport utilities
      SEMA picks site in Michigan for 2nd SEMA Garage
      Online retailer CARiD.com looks to triple size of tire/wheel installer network
    • Federal approved as 5th Formula Drift tire supplier
      Falken, Ohtsu tire prices rising May 1
      Telle Tire expands footprint with JBC Tire acquisition
      Video: Michelin looks to diversify for additional growth opportunities
    • Mitchell 1 enhances ADAS info access in TruckSeries software
      Apollo isn't planning U.S. plant — yet
      Tire Business livestream to focus on commercial tire industry
      Apollo lands: Tire maker brings commercial portfolio to N.A.
    • New York chipping in $3M+ toward Sumitomo factory expansion
      SBA extends and expands COVID-19 loan program
      Stimulus spending should help tire industry
      U.S. agro-science firm gets $1M grant to research sunflower latex
    • Nexen touting manufacturing quality milestone
      Japanese R&D cooperative claims breakthrough in sustainable butadiene sourcing
      Guizhou Tyre starts production at Vietnam plant
      Video: Michelin looks to diversify for additional growth opportunities
    • Federal approved as 5th Formula Drift tire supplier
      Maxxis offers discount to ChampCar competitors
      Michelin strikes supply deals with new Canadian racing series
      Bias-ply tires return to NASCAR Cup Series for Bristol dirt race
    • Bosch adds 22 aftermarket parts in Q1
      Snap-On introduces TreadReader handheld tire scanner
      Vogue Tyre introduces ‘biggest, boldest' red stripe tire
      Cooper adds Rugged Trek all-terrain to Discoverer LT/SUV tire line
    • Apollo isn't planning U.S. plant — yet
      Telle Tire expands footprint with JBC Tire acquisition
      Tire prices rising: Is it a sign of more to come?
      Bauer Built promotes pair to VP positions
    • Bosch adds 22 aftermarket parts in Q1
      Marinucci: Detailed instructions will save time
      Bartec introduces TPMS software updates
      Snap-On introduces TreadReader handheld tire scanner
    • SEMA picks site in Michigan for 2nd SEMA Garage
      SEMA touts expanded Las Vegas Convention Center ahead of 2021 expo
      TIA seeking nominations for Tire Industry Hall of Fame
      SEMA survey shows resilient auto aftermarket in 2020
    • SBA extends and expands COVID-19 loan program
      Stimulus spending should help tire industry
      Giti disputes report blasting tire maker for accepting PPP funds
      SEMA survey shows resilient auto aftermarket in 2020
    • Nexen touting manufacturing quality milestone
      Apollo isn't planning U.S. plant — yet
      Apollo lands: Tire maker brings commercial portfolio to N.A.
      Tire prices rising: Is it a sign of more to come?
    • Sponsored By Yokohama Tire Company
      7 questions to ask consumers when they need tires for a crossover SUV
      Sponsored By Yokohama Tire Company
      Stocking Tires for Crossover SUVs
      Sponsored By AppointmentPlus
      Three Important Lessons Learned for the Tire Business During a Pandemic
      Sponsored By Yokohama Tire Company
      7 questions to ask consumers when they need tires for a crossover SUV
  • SHOP FLOOR
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Video: Balancing Tire
      An introduction to wheel balancing
      Wheel weights: Balancing form with function
      Choosing the right balancing equipment
    • Video: Demounting
      An introduction to demounting, mounting and inflation
      Staying safe when demounting and mounting tires
      Demounting Equipment
    • Video: Safety
      Introduction: Creating a culture of safety
      Protecting your people with proper hygiene
      Making friends with OSHA
    • Video: Tire Repair
      An introduction to tire repair
      How to properly patch a puncture
      Tire repair: Shining a light on visual inspections
    • Video: TPMS Service
      An introduction to TPMS service
      The importance of proper relearn procedures
      Decoding sensor data for TPMS diagnosis
    • Video: Training
      Intro: Finding and training technicians
      Shop Floor: Scholarships
      Advantages of apprentice program partnerships
    • Video:Vehicle Lifting
      An introduction to lifts and lift safety
      Recommendations for using a jack
      Jack stands for commercial tire service
    • Video: Wheel Torque
      Introduction to proper wheel installation
      Torque check and recheck recommendations
      Using torque sticks to speed service times
  • Multimedia
    • VIDEOS
    • PHOTOS
    • PODCASTS
  • Events
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
  • Data
    • DATA STORE
  • Resources
    • DIRECTORY
    • CLASSIFIEDS
  • ADVERTISE
  • DIGITAL EDITION
  • Awards
    • Tire Dealer Humanitarian Award
MENU
Breadcrumb
  1. Home
October 25, 2004 02:00 AM

INTERNATIONAL

  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    Nokian gets loan for Russian plant

    LONDON-Nokian Tyres P.L.C. has negotiated a nine-year, $62 million loan with the European Bank for Reconstruction and Development (EBRD) and a syndicate of international banks to help it finance the construction of its plant near St. Petersburg, Russia.

    Nokian earlier had disclosed a budget of $63.5 million for the factory in Vsevolozhsk, Russia, which it expects will be producing tires in 2006. The 226,000-sq.-ft. plant should produce 1.5 million passenger tires in its first full year of production and grow steadily to 4 million units annually. Capacity will be expanded gradually, reaching 8 million units by 2016, Nokian said.

    The plant will make Nokian-branded passenger car tires, which will be sold primarily in the growing Russian market. In the initial phase, the facility will employ about 200, most of whom will be Russian.

    Four commercial banks are participating in the syndicate, taking $7.75 million each under an EBRD A/B-loan structure where EBRD remains the lender of record. The banks are Danske Bank A/S and HSH Nordbank A.G. of Denmark; Raiffeisen Zentralbank Österreich A.G. of Austria; and the Helsinki, Finland, branch of Calyon Bank, which is part of France's Credit Agricole Group.

    The EBRD was established in 1991 when communism was crumbling in central and eastern Europe and ex-Soviet countries needed support to nurture a new private sector. It uses investment tools to help build market economies and democracies in 27 countries from central Europe to central Asia.

    Conti forms JV with Chinese firm

    HANOVER, Germany-Continental A.G. has taken a first step toward its long-awaited move into tire manufacturing in China, signing a memorandum of understanding with Qingdao Doublestar Tire Industrial Co. Ltd. of Qingdao, China.

    The memorandum covers both companies' intention to establish a tire-manufacturing joint venture in spring 2005. Conti expects to be the majority partner, according to a statement from the company, and the two companies expect to expand tire capacity at Qingdao's existing location and to build a new plant to make passenger and light truck tires.

    Conti said it expects the name of the company to be along the lines of ``Continental Doublestar Co. Ltd.'' Hans-Joachim Nikolin, Conti's board member responsible for the project said, ``We have found Doublestar to be a company with a very good position in the market and are confident that an alliance can be created that is profitable for both parties.''

    ``We are full of confidence about the co-operation with Continental, and we are sure that this will lead to a common success,'' said Song Xin, board member of Doublestar Group, who is responsible for the project.

    Qingdao Doublestar Tire-previously known as Qingdao Huaqing Tyre Industrial Co. Ltd.-operates an 8-year-old plant in Qingdao with annual capacities of 1.5 million steel radial truck tires; 2 million bias heavy-duty tires; 2 million agricultural tires; and 4 million inner tubes.

    It was ranked 30th in the world in the most recent Tire Business Global Tire Top 75 with sales of more than $220 million. The company forecasts sales growth to more than $800 million by 2006, according to information posted on its Web site.

    It is part of Doublestar Group Corp., a trading enterprise with extensive holdings in the shoe and apparel industries.

    Bridgestone starts up Wuxi, China, plant

    SHANGHAI-Bridgestone Corp. has inaugurated production at its radial passenger tire plant in Wuxi, Jiangsu, China, and disclosed plans to build a steel tire cord plant in Shenyang, China, for making steel tire cord to support its growing tire production capacity there.

    The Wuxi plant, operated by Bridgestone (Wuxi) Tire Co. Ltd., represents an investment of $99 million and is Bridgestone's third in China, but the first wholly owned. Its other two plants, for passenger radials in Tianjin and truck and bus radials in Shenyang, were acquired.

    The new plant, covering 473,400 square feet and employing 590, will turn out 8,000 tires a day initially, the company said. It went on stream just 18 months after construction started. Wuxi is about 75 miles west of Shanghai.

    The company held an opening ceremony Sept. 24 with Shigeo Watanabe, Bridgestone chairman, CEO and president, and other Bridgestone executives and local dignitaries in attendance.

    In Shenyang, Bridgestone will invest $94.3 million over 12 months to build the steel tire cord plant. Bridgestone (Shenyang) Steel Cord Co. will operate the new plant, which should start production in October 2005. The plant should reach its designated daily capacity of 70 metric tons by year-end 2007, the company said, with 260 employees.

    The new plant, designed to make cord for radial truck tires, will be Bridgestone's sixth steel cord plant, operating alongside plants in Kuroiso and Saga, Japan, Clarksville, Tenn., Cagliari, Italy and Rayong, Thailand. It will dedicate most of its output to Bridgestone's nearby truck tire plant, Bridgestone (Shenyang) Tire Co. Ltd.

    Conti puts Russian venture on hold

    HANOVER, Germany-Continental A.G. has put its Russian tire joint venture with Moscow Tire on hold for the forseeable future due to a series of delays and problems.

    The latest delay concerns a comment from Russian government officials that appears to question the future of large-scale industrial operations in residential areas, notably in Moscow. Conti and Moscow Tire signed their joint venture letter of intent in September 2002.

    A spokesman for Continental said although there have been many delays in the project for a variety of reasons, each of them could have been overcome separately.

    The latest pronouncement from state authorities, however, appears to contradict assurances of continued long-term production given by the local Moscow authorities. It is this contradiction that has caused Conti to freeze all further activity on the project until these questions have been resolved, the spokesman said.

    As a consequence, Conti is engaged in serious discussions with its joint venture partner over the future of the operations at Moscow Tire.

    The spokesman said the risk is relatively limited. The maximum risk Conti is exposed to over this project is less than $12 million, the spokesman said. This would have no significant effect on Conti's financial figures, he added.

    Michelin eyes Polish expansion

    PARIS-Group Michelin has acquired an option on real estate adjacent to its Stomil-Olsztyn S.A. tire plant in Olsztyn, Poland, fueling speculation the tire maker is planning to add capacity to the plant or build an entirely new plant there.

    Michelin indicated recently that it has budgeted more than $275 million for some type of project in Poland and/or Hungary. A Michelin spokeswoman declined to comment specifically on the company's intentions for the acquired land.

    Media reports in Poland and Hungary said Michelin was in negotiations with government officials in both countries about locating a new tire plant there. Polish media reported Olsztyn city officials had made legal provisions to facilitate the implementation of a project.

    Michelin owns nearly 99 percent of the stock in Stomil-Olsztyn, having boosted it from about 70 percent in May 2003 with a $95 million purchase of shares from local shareholders.

    Michelin also has budgeted more than $60 million for expansion capacity in Romania this year and next.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    tb-logo
    Reader Services
    • Contact Us
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber & Plastics News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
      • OPINION
      • CORONAVIRUS
      • AUTO INDUSTRY
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • FACTORY FIXES
      • GOVERNMENT & LAW
      • INTERNATIONAL
      • MOTOR SPORTS
      • NEW PRODUCTS
      • RETAIL TIRES
      • SERVICE ZONE
      • SEMA/AAPEX
      • SMALL BUSINESS
      • TIRE MAKERS
      • SPONSORED CONTENT
    • SHOP FLOOR
      • BALANCING
      • DEMOUNTING
      • SAFETY
      • TIRE REPAIR
      • TPMS
      • TRAINING
      • VEHICLE LIFTING
      • WHEEL TORQUE
    • Multimedia
      • VIDEOS
      • PHOTOS
      • PODCASTS
    • Events
      • ASK THE EXPERT
      • LIVESTREAMS
      • WEBINARS
      • SEMA LIVESTREAMS
    • Data
      • DATA STORE
    • Resources
      • DIRECTORY
      • CLASSIFIEDS
    • ADVERTISE
    • DIGITAL EDITION
    • Awards
      • Tire Dealer Humanitarian Award