ERJ Tire & Rubber Business Tracker

Sibur to considering IPO... Honeywell for China's largest  petchem complex... Michelin UK contract wins... Bridgestone wins Wanli IP duel... Yokohama adding 50% capacity in China... BMW's Bosch bottleneck... India NR production up... Daimler investigated...

June

5/6

Russian petrochemical supplier Sibur may consider an initial public offering (IPO) after launching production at its ZapSibNeftekhim project (ZapSib 2) in Tobolsk, Siberia in 2019, according news reports. Speaking to reporters on the fringe of the St Petersburg International Economic Forum, Leonid Mikhelson, Sibur's co-owner said his company was “looking at IPO in future”, a Reuters report said. "From my point of view, it would be right to do it after the start of ZapSib 2 due to the financial condition and comfort of investors," the Reuters report quoted him as saying.

4/6

Zhejiang Petrochemical will use four Honeywell UOP pressure swing adsorption units to supply high-purity hydrogen for its new refining and petchem complex in Zhoushan, Zhejiang Province. The complex, which will also Honeywell distributed control systems, will be the largest crude-to-chemicals complex in China and one of the largest in the world.

4/6

“Success in industry 4.0 is not [about having] the deepest pockets,” advises a new KPMG UK report. It found 56% of UK manufacturers excited by industry 4.0 but unsure about how to capitalise on it. “Manufacturers need to start being bolder in their vision, strategies and actions if they are to succeed,” said the firm.

4/6

Morecambe, UK haulier JM Gorry & Son has switched to a 100% Michelin policy after a trial set of Michelin Remix retreaded tyres outperformed competing brands’ new tires fitted to identical vehicles, said the tire maker. The family-run company, which previously fitted a mix of budget and premium brand tires, provides traction services with its fleet of 44 Volvo FH trucks.

4/6 Michelin has also announced that paper and corrugated packaging producer DS Smith is rolling out its trailer telematics programme across its entire 207-strong fleet, after reporting zero trailer tire-related breakdowns during a 40-unit, six-month pilot project. Effitrailer telematics units are being fitted to 207 single-deck SDC trailers curtainsiders as factory-fit original equipment, and delivered as part of a rolling 18-month fleet renewal.

2/6 Bridgestone has won a patent infringement lawsuit against Wanli Tire in China. The case in the Shanghai Intellectual Property Court concerned the Chinese company’s manufacture and sale of tires with tread patterns used in certain Bridgestone Dueler SUV tires. (ERJ report)

2/6 Also in China, Yokohama Rubber Co. aims to increase its production capacity for passenger-car tires there to 13.6 million units a year by 2020, said Nikkei. This would be about 50% above 2016 levels across its two Chinese plants: in Suzhou, Jiangsu Province, and Hangzhou, Zhejiang Province  

May

29/5

BMW has been forced to cut production after supplier Robert Bosch was unable to deliver enough steering parts for its 1-, 2-, 3- and 4-series models. BMW's plants in Leipzig and Munich, Germany, along with plants in Shenyang, China, and Rosslyn, South Africa, were hit.

26/5

The Indian Rubber Board has announced an up trend in natural rubber production in the country , as April showed an increase of 23.1% compared to the same period the year before. Production during April was 48,000 tonnes up from 39,000 tonnes in the previous April . If this trend continues, said the board, production of NR will reach 800,000 tonnes during the fiscal year.

24/5

German prosecutors have searched Daimler sites as part of an investigation into the company's false advertising and the possible manipulation of exhaust gas after-treatment in diesel cars, according to a 22 May Reuters report. Quoting the Stuttgart public prosecutor's office, the report said 23 prosecutors and about 230 police and state criminal authorities, were involved in searching 11 sites in the German states of Baden-Wuerttemberg, Berlin, Lower Saxony and Saxony.

24/5 Chinese automaker Zhejiang Geely Holding will buy a 49.9% stake in struggling carmaker Proton from Malaysian conglomerate DRB-Hicom. Geely will also acquire a majority share of 51% in UK sports automaker Lotus Cars from Proton, Geely said in a statement on 23 May.

19/5 In a recently published test conducted by Czech automobile club “Autoclub”, Continental's ContiPremiumContact 5 summer tire won the first place in the SUV tire test, the German tire-maker has announced. The experts tested 215/65 R 16 tires fitted to a VW Tiguan, looking at a total of 12 criteria. The test line-up included ten models from European, American and Asian tire brands. 

18/5 Russia has offered to barter up to 10 of its Sukhoi Su-35 fighter jets for natural rubber from Indonesia, the Jakarta Post reported earlier this week. However, the Indonesian government remains undecided about the proposed $600-million trade,  despite it being welcomed by Gapkindo (the Indonesian Rubber Company Association).

16/5 Renault said 90% of its factories were running normally on 15 May morning after the automaker had earlier halted production at sites in France and Romania to prevent the spread of ransomware. According to a report by ERJ sister publication Automotive News Europe, Renault stopped production at several sites on 13 May to prevent the spread of a global cyberattack that hit its computer systems the previous day. The UK plant of alliance partner Nissan in Sunderland, northeast England, was also affected.

16/5 Britain has refused to release details of its negotiations with Bentley Motors last year about a new investment decision ahead of Brexit, Reuters reported on 15 May. According to the Reuters report, the UK has claimed that any disclosure could harm the government's ability to get a good deal with the European Union. Bentley is expected to make a decision with regards to the production of future models at the start of 2018.

16/5 An explosion at a German factory operated by Schaeffler has left 13 injured, four of them seriously. According to a Reuters’ report, the explosion took place in the town of Eltmann, north of Nuremberg, where Schaeffler's lead plant for production of rolling bearing components for the company's FAG unit is located.

12/5 New York Governor Andrew Cuomo has announced a low-cost allocation of 1.5 megawatts of hydropower to Sumitomo Rubber USA to support an expansion at Sumitomo's tire manufacturing facility in Tonawanda, New York. The New York Power Authority Board of Trustees approved the allocation at its 2 May meeting, according to a press release from Cuomo's office.

12/5 Shin-Etsu Silicones of America Inc. has launched its newest high consistency rubber line, Sil-X-Shin silicone elastomers. The platinum, addition-cure series includes two distinct HCR extrusion versions: methyl vinyl and phenyl silicone, specifically engineered for extruded tubing and profiles, and designed for use in healthcare, beverage and architectural glazing applications.

12/5 Forbes magazine has named Groupe Michelin as one of “America’s Best Employers” for 2017. According to the Forbes ranking, Michlin is ranked first within the American automotive industry and 34th with the top 500 employers.

12/5 The Maryland legislature has passed a bill banning lead and mercury wheel weights, making it the eighth state to do so. The bill passed in April makes it illegal to use external wheel weights containing more than 0.1% of lead or mercury by weight beginning in 2020.

12/5 Daimler's Mercedes-Benz regained global premium-car leadership last year by outselling BMW for the first time since 2005, a feat it wouldn't have achieved without all its factories running at full capacity. Production chief Markus Schaefer makes sure Mercedes's output keeps pace with record demand. He spoke about the company's production expansion plans with Automotive News Europe Correspondent Christiaan Hetzner and Michael Gerster, a reporter with ERJ sister publication Automobilwoche.

12/5 Versalis is taking part in Chinaplas in Guanghzou, China, 16-19 may 2017, wherein it will be showcasing its technical approach in the automotive industry. In an short announcement, the petrochemical arm of Italian energy giant, ENI, said focus will be the product mix and its applications.

8/5 Bridgestone has been selected by Alfa Romeo to supply tires for its first premium mid-size SUV. According to a Bridgestone press release, the Dueler H/P Sport tire, engineered with run-flat technology (RFT) will be fitted on the all-new 2018 Alfa Romeo Stelvio. Authorities in the city of Hanover, Germany, have evacuated about 50,000 from their homes while defusing three World War II British bombs. According to a BBC report, a Continental AG tire plant was among the building evacuated on 7 May.

5/5 Indian tire maker MRF has reported Q4 profits down by almost a third year-on-year, mainly due to rising raw material costs. Net profit fell 32% on sales just 2% year-on-year for the three months to 31 March.

5/5 At Eaton Corp. Q1 net income increased 9% to $432m on stronger-than-expected sales. Sales inched up 1% to $4.8bn, with 2% of organic growth partially offset by a 1% decline from negative currency translation. The Dublin-based conglomerate had forecast a Q1 sales drop of 3%. Eaton's Hydraulics business grew sales by 7% to $587m, while operating profit jumped 46% $60m.

5/5 Dana Inc.'s Q1 net income rose 67% to $75m on new business with auto makers, greater demand for light trucks and improvement in various other business lines. The Ohio-based axle and powertrain supplier said higher sales were offset somewhat by higher transaction costs related to acquisitions

5/5 Bosnian supplier Prevent is not planning a full takeover of German rival Grammer, Prevent executive Christian Becker told German daily Handelsblatt. Automotive interiors maker Grammer had warned that the growing influence of Bosnia's Hastor family, which owns Prevent and has a more than 20% stake in Grammer, has impacted business with major carmakers.

5/5 French supplier Faurecia and Germany’s ZF are to jointly develop interior and safety technologies for self-driving cars, dubbing it the "cockpit of the future."Together, we can offer complete interior safety features to meet the future challenges which will allow the interior of the future to be safe, connected, versatile and predictive," Faurecia CEO Patrick Koller.

3/5  UK manufacturing returned to growth in April with its purchasing managers’ index (PMI) rising to a three year-year high at 57.3, according to head of industrial manufacturing at KPMG UK, Stephen Cooper. The PMI for the Eurozone reflected a similar story, with all but one of the eight nations recording highs. However, Cooper warned, the trend could change soon “as Brexit talks have the potential to muddy the waters.”

2/5 Kumho Asiana Group is seeking to block the use of Kumho logo by China-based Doublestar Tyre which is poised to buy a 42% majority share of the South Korean tire maker. Citing “an unnamed official from Kumho Asiana Group”, the Korean news agency Pulse said the group “would not relinquish Kumho trademark rights to Doublestar if Kumho Tire creditors fail to come up with new terms that it can accept.”

2/5 Shin-Etsu silicones business has posted a 2.5% growth in operating income to Yen42.5bn (€347m) in the fiscal year ended 31 March. This is while the business’ sales declined 4.5% to Yen179bn compared to the previous year. In Japan, said Shin-Etsu, shipments of product applications for cosmetics and on-board automotive “continued to do well”. Globally, general purpose products were affected in the first half of the year by sluggish market prices. Shipments of functional products for the US, China and South East Asia remained firm.

April

28/4

In Japan JSR posted a 3.3% rise in elastomer sales to Yen180bn for its fiscal 2017 ended 31 March. Elastomers’ operating income rose 11% to Yen8.3m helped by a market recovery and sales expansion in second-half. The company also said that the second phase of its SSBR plant in Thailand began full-scale operation.

Michelin has started replacing its heavy truck tire range in the UK and Ireland with launch of its “all-new X Multi” tire line-up at the CV show on 26 April. The “next-generation” tires are claimed to deliver 15-20% more mileage than the current Michelin X MultiWay 3D series, at no extra cost. They are available in four key fitments: 315/70 R 22.5 multi-position and drive tires and 385/55 R 22.5 steer and trailer tires.

26/4 China’s Triangle Tyre’s net profit dropped 2.6% year-on-year in the first quarter of 2017 to Yuan157 million (€21 million). The decline, said the company was due to force majeure factors, including natural disasters, impairment of assets and restructuring costs.

The Possehl Group, which owns rubber machinery major HF, has reported “record” results with 50% rise in earnings before tax to €242 million on €3.9 billion sales. In its annual statement published in February, the German conglomerate said all its business segments were profitable, particularly the construction segment, in which it had invested “heavily”.

Ivory Coast was the fifth largest supplier of natural rubber to China over the first two months of 2017, reports Africa Commod. While still some way behind leaders Thailand, Indonesia, Malaysia and Vietnam, the African country posted a 40% rise in sales to China in the first two months of 2017, including a 146% hike in February –  helped by lower prices for NR.

25/4

Michelin is employing up to 250 people at its French sites in Cholet and La Roche-sur-Yon, according to a report by the French news website ouest-france. A recruitment campaign, said the report, will start 25 April and see 150 employed at Cholet and 100 at La Roche-sur-Yon. The new members will be working in production and maintenance and will replace those who will retire in the near future.

Continental AG has outlined a new strategy for its Powertrain division, which will centre its focus on efficient combustion engine technology as well as hybrid and electric drive systems. Continental announced 25 March that as part of its new strategy and environmental campaign, it will spend an additional €300 million on its business with electric drives alone by 2021.

24 /4

Thailand, Indonesia and Malaysia are considering new curbs on natural rubber exports to stabilise falling prices, Malaysian news service The Star online has reported. The three countries’ International Tripartite Rubber Council last year agreed to to reduce exports by 700 kilotonnes. European butadiene spot prices plummeted Tuesday on bearish sentiment and the recent plunge in values in Asia, Platts has reported. While European domestic supply has been relatively tight during April amid the ongoing cracker maintenance season, the falls in Asia and the US have affected sentiment in Europe, sources said last week.

Liberia’s president Ellen Johnson-Sirleaf has suspended exports of unprocessed rubber from the country, Reuters reported 18 April. The move is intended to increase levels of NR processing in the West African country. In Bangkok, the Natural Rubber Policy Committee is to extend a 10-billion-baht loan programme for another year to help stabilise the rubber industry, Thailand’s Pattaya News has reported. During the meeting, Thai prime minister Gen Prayut instructed the committee to raise domestic demand for NR and cut export volumes. Thai NR consumption was targeted to reach 1.2 million tonnes/year.

20/4 GM said its factory in Venezuela has been "unexpectedly taken by the public authorities, preventing normal operations," and threatened vigorous legal action within and outside of the country to defend its rights. The plant shutdown took place amid political turmoil which contributed to a 92% collapse in car sales in March.

19/4 US retreaders remain concerned over competition from low-priced Chinese truck and bus tires, which they feel only will increase after the International Trade Commission voted 20 Feb not to impose countervailing and antidumping duties.  "If this situation persists, the Chinese will just open the spigots full blast,” warned one US retreader. The United Steelworkers union has filed a complaint with the US Court of International Trade seeking a review of the International Trade Commission's recent negative determination in the ITC's investigation of truck and bus tires from China.

17/4 Ceat is considering setting up a tire manufacturing plant and an IT “back-end set-up” in India’s Punjab, according to Money Control. Citing a tweet by Harsh Goenka, chairman of RPG Enterprises, makers of Ceat tires, the newspaper said Goenka has travelled to Punjab to woo investors. Also in India, The Economic Times has reported large gains for tire-makers’ stock as rubber prices fell to their lowest levels in 2017.

JK Tyre shares were up by nearly 8%, while CEAT, BKT and MRF also gained. Rubber prices have tumbled over 10 per cent since 1 Feb and are now around Rs139/kg said the report.

13/4 China’s Sinopec Corp. has said that a fire in a warehouse at its Maoming petrochemical and refining complex in southern China has not affected production, according to Reuters.  The fire broke out on 13 April in a synthetic rubber warehouse that the facility. The report did disclose details of the financial damage caused by the fire.

13/4 Yokohama Rubber will launch its first-ever brand of competitively priced passenger vehicle tires at European retail outlets in May, Nikkei has reported. Its newly acquired ATG’s agricultural tire brand will be extended to passenger car tires under a plan to double sales in the region within five years, said the Japanese news service.

A hearing on the Chapter 11 bankruptcy filing of East West Copolymer LLC was scheduled to be held this week before the US Bankruptcy Court for the Middle District of Louisiana. The manufacturer of SBR and nitrile rubber filed for Chapter 11 bankruptcy protection before the Middle District of Louisiana court 7 April.

Several amendments have been made to the proposed merger agreement between Dow and DuPont, and its subsequent separation into three independent, publicly traded companies. The companies have agreed to extend the merger date to 31 Aug, subject to regulatory approvals. The deal was originally expected to be finalised by the end of 2016.

Silicones major Momentive Performance Materials Inc. opened a new 20,000 square-foot R&D lab in Charlotte, N.C., to test and develop advanced compounds used in tire manufacturing. The company is investing about $3.5 million in the new lab, which will serve as a global hub for development of silane materials.

In the US, Bridgestone Americas Inc. is marking the 60th anniversary of its Bandag retreading business unit with a global campaign to " unite the Bandag brand globally and position retreads as an innovative, sustainable business solution for fleet customers of any size."

Wacker and the Brazilian silicone compounder STC Silicones have entered an agreement on the co-branding of ready-to-use silicone compounds, they announced 12 April. Under the deal, STC can promote silicone compounds made from Wacker raw materials, labelled ‘based on Elastosil’

Wenzel Industrie GmbH, part of the Marangoni Group, has won Jungheinrich’s ‘best supplier 2016’ award for its supply of industrial tires in Germany, Austria, Switzerland and Denmark. Marangoni Industrial Tyres S.r.l  supplies solid tires from its factories in Italy and Sri Lanka.

6/4 Asia butadiene prices continued to fall at $1,800/tonne CFR (cost and freight) northeast Asia on 24 March, according to a 5 April report by ICIS. This represented a 40% drop since early February when it hit $3,000/tonne peak. According to the report, the Asia BD price drop tracked the “plummeting Chinese domestic BD price”, and could fall further on full inventories and slack demand. Tire makers have announced price hikes in Japan due to higher raw materials’ costs.

According to a 6 April report by Yomiuri Shimbun, Bridgestone will be raising summer tire prices by 6% as of June. Yokohama will also apply a 6% price rise on summer tires as of April, while Toyo’s 5.5% rise on summer and winter tires will start as of May. Sumitomo Rubber Industries will also raise prices by 6% in June, while Nihon Michelin is considering the move. The prices are on average for passenger car tires.

March

30/3

Datwyler is to set up a new centre of expertise in its technical parts division in Manchester. It will centrally manage “product, supplier, purchasing, e-commerce and marketing” for Distrelec/Elfa brands, with a focus on maintenance, repair and operations as well as on automation. The centralisation will impact 90 jobs at four sites in Sweden, Germany, Switzerland and Italy.

29/03

Michelin plans to invest €60m in its metallic cord factory in Zalau, northwestern Romania, according to a local press report. Citing a Michelin press release, the report said the investment will increase output 50% to 60ktpa by 2019. Michelin Cord Zalau exports over 90% of its output to countries in Europe, America and Asia.

28/03

Nike, which includes polyurethane elastomer-based sole shoes within its sportswear and sports equipment portfolio, saw revenues rise 5% to $8.4bn in Q3 of its fiscal 2017. Over the three months to 28 Feb, footwear sales grew 5% year-on-year to $5.3bn. Over Q1-Q3, footwear sales reached $15.6bn compared to $14.8bn in the same period in 2016.

22/3 In Asia, SBR prices are expected to fall in April as a result of a drop in butadiene cost and softness in natural rubber prices, according to an ICIS report. Butadiene prices, said the report, dropped to $2,050/tonne CFR (cost and freight) in northeast Asia on 17 March, after hitting $3,000/tonne CFR there in February, ICIS data showed.

Apollo’s production facility Chennai, India will start supplying tires to VW in Europe in May, according to a report by the Hindustan Business Line. Quoting unit head John Devadason, the report said that the plant at Oragadam will also supply tires to Ford in Europe at a later stage.

Private equity firm Westbridge Capital has acquired a stake in tire maker Ceat for €26m, through open market transaction, according to a report by Deal Street Asia. The company made the purchase through its unit Jwalamukhi Investment Holdings, which has now bought 1.43 million shares or 3.54% stake in the tire maker.

16/3

Japanese carmaker Toyota has announced that it is investing over €270m upgrading its car plant at Burnaston, Derbyshire, UK. The investment, said the company, will allow production of vehicles using its new global manufacturing system.

7/3

Davao City, Philippines-based Phoenix Petroleum, Philippine Rubber Association and the country’s department of agriculture (DA) have signed an MoU to produce tires locally, Manila-based Business World Online reported 7 March.  The parties have agreed to invest in the Pilipinas Agila Tyre Manufacturing company, as well as conduct a feasibility study on the establishment of a factory in Mindanao, to produce up to four million rubber tires annually for passenger vehicles, cargo, small pick-ups and agricultural machineries.

Researchers at the Ohio State University have developed an alternative to carbon black filler for tires from food waste. The filler, which is patent-pending, involved tomato peel and eggshell grounds replacing part of the carbon black in the filler. The researchers chose tomato peels and eggshells from among 35 food waste options, as their durability and flexibility qualities were the most relevant to the rubber industry.

Goodyear has unveiled new concept tires equipped with artificial intelligence and vehicle-to-everything connectivity during the Geneva Motor Show, currently underway in the Swiss city. The technologies, said the company, will address the “evolving mobility ecosystem” which is moving towards driverless vehicles and shared mobility in urban centers.

Industrial tire and track producer Camso plans to raise prices on its range of its materials-handling and construction products by an average of 8%, effective 1 April.

February

26/2

The Standard Organisation of Nigeria (SON) has confiscated over €15m worth of substandard tires allegedly imported by two Chinese nationals and their collaborators, according to Daily Trust Nigeria.  Some two million units are now in a warehouse in Satellite Town, Lagos.

25/2

China’s Linglong Tire has donated 1 million bhat (€27,000) to the Thai government to help the flood-hit southern parts of country. According to Linglong, the donation was made on 3 Feb, during a press conference hosted by the Thai prime minister Prayut Chan-o-Cha.

24/2

Zeon Corp. has warned against “counterfeit Zeon products” in China. The company said it discovered, through independent research, that polymers branded Zeonex and Zeonor were being sold in China.

24/2

A two-month strike at JK Tyre, in India’s Banmor industrial sector, has ended according to a 24 Feb report by Free Press Journal.  A compromise, said the report, was made after “several rounds of discussion between management and strike workers, and now the work will start in the unit.” The strikes were over the laying off of 256 workers after the company shut down its bias tire unit.

21/2

Demand for UK-manufactured goods strengthened in the three months to February, according to a CBI survey of 471 firms. Total orders reached a two-year high, with the strengthening in demand led by the mechanical engineering and metal products sectors. Export orders remained stable, and above the long-run average.

15/2

Indonesian petrochemical producer Chandra Asri is planning on investing over €5.6bn in a number of projects through to 2021, VP corporate relations Suhat Miyarso told the Jakarta Globe. In the first phase of its investment plan, Chandra Asri plans to spend €140m this year to ramp up production capacity on a number of petrochemical products including butadiene.

14/2

Honeywell UOP has announced that it will supply process technology to China’s Zhejiang Petrochemical (ZPC) for a new integrated refining and petrochemical complex in Zhoushan, Zhejiang Province. The complex will have an Oleflex propane dehydrogenation unit. which will produce 600ktpa of polymer-grade propylene – a basic feedstock for plastics and synthetic rubber.

13/2

Spark Investment Management LLC has raised its stake in shares of Orion Engineered Carbons by 28.7% during the third quarter, business website Daily Quint has reported -  citing a company SEC filing. Additionally, said the report, Sit Investment Associates Inc. raised its position in Orion by 85.5% in the third quarter. Unconfirmed reports suggest that Orion is seeking new investors, but a company official at Tire Technology Expo in Hanover, Germany, declined to comment on this point to ERJ.

7/2 Thailand's government has approved measures worth $1bn to help farmers impacted by flooding. According to Reuters, floods across the south are expected to reduce the country’s rubber output by 7.6% this year.

Goodyear has posted an 8% decline in sales to $15.2bn reflecting the deconsolidation of its Venezuela operation and unfavourable currency moves. Operating income declined 2% to $2bn, again explained by deconsolidation in Venezuela.

Nynas has opened a new depot in the Indian western city of Hazira, in the state of Gujarat, to service industrial markets in northern and western parts of the country. The depot will be fully operational at the end of the first quarter of 2017.

Italy’s cables specialist Prysmian Group is expanding its European plants in Slatina, Romania and Presvov, Slovakia in a €43m project. According to Plasteurope news website, the two sites will reach “full run” in early 2017.

2/2 Kumho Petrochemical plans to “enhance” its synthetic rubber (SR) products and services, it said in a January advertorial in The Korea Times. Measures include diversifying business operations, delivering more eco-friendly and energy-efficient SR and strategic partnerships with global tire makers. Kumho also aims to boost its position as a supplier “of [rubber for] ultra-high-performance tires and Nd-BR in China”  - having recently doubled its Nd-BR capacity to 400ktpa.

Mostly thanks to its passenger car tire business unit, which covered 65% of the total group sales, Nokian’s 2016 full year results showed 2.3% growth in sales to €1.39bn and a nearly 5% rise in operating profit to €310m.

For its fiscal Q1/17, ended 31 Dec 2016, earnings in Cabot’s reinforcement materials segment increased by €13m year-on-year, on higher unit margins and demand in China. Volumes in Asia were flat compared to Q1/16 2016, 3% lower in EMEA, but 3% higher in the Americas. Overall, reinforcement material volumes grew 1% globally.

In its fiscal Q3, Apollo has registered a 17% rise in net sales to Rs34.35bn (€471.4m), with operating profit up 3% to Rs5.19bn. Net profit was up 6% at Rs2.96bn. Despite the rise in earnings, the Indian tire-maker said it was concerned about the impact of rising natural rubber prices in the months to come.

For earlier tacker items visit here.