News from Notch Consulting, Inc.

March 26, 2020

Hankook will halt production at plants in Tennessee and Hungary

Filed under: Coronavirus/COVID-19, General, Tires — Notch @ 3:31 pm

In response to the coronavirus outbreak, Hankook Tire and Technology Co., ltd. will idle production at plants in Clarksville, Tenn. and Raclamas, Hungary on March 30.  Warehouses will continue operation supported by plants in Asia.

March 25, 2020

Orion withdraws guidance for 2020 financial performance

Filed under: Carbon Black, Coronavirus/COVID-19, General, Uncategorized — Notch @ 6:00 am

On March 23, Orion Engineered Carbon filed an 8-K report with the SEC announcing that it was withdrawing its full-year 2020 guidance issued on February 20, 2020. The move came in response to the “ongoing uncertainty surrounding the duration, magnitude and geographic reach of COVID-19.” The company also announced several actions to maintain and strengthen its financial flexibility, including bolstering its cash position to approximately $100 million and suspending its dividend. Orion plans to provide an update as to the estimated financial impacts of COVID-19 during the company’s first quarter earning conference call in May 2020, to the extent that available information permits.

March 24, 2020

Overview of tire industry closures

Filed under: General, Rubber, Tires — Notch @ 10:05 pm

Rubber & Plastics News has published a good overview of the many plant closure announcements in the tire industry over the last few weeks.

A number of announcements were added yesterday: both Cooper Tire and Bridgestone are adjusting tire production in Europe. Not all of the news is negative, however, as Titan is keeping its plants running to support the agricultural and food sectors. Apollo Tyres is halting production of passenger car tires in Europe but will continue to produce ag tires.

PM of India announces 21-day lockdown

Filed under: General — Notch @ 8:20 pm

PM Narendra Modi has announced that the entire country of India is under strict lockdown for 21 days.  The lockdown, which begins at midnight tonight, is a response to the coronavirus pandemic.  PM Modi emphasized that the lockdown is necessary in order to stop the spread of the virus.

Recovered Carbon Black conference postponed

Filed under: Conferences, General, Tires — Notch @ 6:58 pm

The Recovered Carbon Black conference scheduled for May 12-14 in Berlin has been postponed.  You can find updates on their website here.  Once a new plan has been confirmed, participants will be contacted.  Contact Smithers for further information.

 

March 20, 2020

Bridgestone suspending production in North & South America

Filed under: Carbon Black, General, Rubber Chemicals, Tires — Notch @ 2:55 pm

Bridgestone Americas is suspending production at its 15 factories in North and South America beginning March 21. All facilities plan to resume normal operations on or before April 12. The company will continue to monitor the situation closely and adjust response plans and activities as necessary. Bridgestone said it has sufficient inventory to meet current demand. The temporary shutdown also will help to align supply to projected demand.

 

Pirelli suspending production in Georgia and Romania

Filed under: Carbon Black, General, Rubber, Rubber Chemicals, Silica, Tires — Notch @ 2:17 pm

Pirelli Tire North America plans to suspend operations at its factory in Rome, Georgia due to concerns about the coronavirus. Pirelli plans to scale back production for one week beginning March 22 and then suspend production for one week beginning March 29. The factory will be cleaned and sanitized while closed. The week of curtailed production will allow the plant to meet demand while operating with fewer employees present. The reduced production also corresponds to reduced demand. Capacity at the Rome plant is 400,000 PC tires per year.

Pirelli also announced on Thursday that it as suspending production at its plant in Slatina, Romania from March 23-31.

March 19, 2020

Detroit 3 to close all North American Plants

Filed under: Auto, General, Tires — Notch @ 1:18 pm

In an effort to keep workers safe and healthy amid COVID-19 outbreak, General Motors and Ford Motor Co. will close North American plants until at least March 30, and Fiat Chrysler Automobiles will begin slowing production through the end of the month.

Goodyear suspends production at European, North and South American plants

Filed under: Carbon Black, General, Rubber, Rubber Chemicals, Silica, Tires — Notch @ 1:17 pm

In an effort to halt the spread of COVID-19, as well as response to related market decline, Goodyear is suspending production at its North and South American tire, retread and chemical plants through at least April 3. The decision affects 13 factories in Brazil, Canada, Chile, Colombia, Mexico, Peru, and the United States. Some 17,000 workers will be affected. Goodyear is also suspending operations at its European tire and retread plants beginning around March 20th and continuing through at least April 3.  Goodyear operates 11 tire plants in Europe, located in France, Germany, Luxembourg, Netherlands, Poland, and Slovenia. The move affects some 12,000 workers.

March 18, 2020

Denka revises fiscal year outlook after rubber sales drop

Filed under: General, Rubber, Rubber Chemicals — Notch @ 2:16 pm

Japanese chemicals company Denka Corp. expects significant sales decline of its chloroprene rubber for the fiscal year 2019, due in large part to the U.S.-China trade war and the weak global economy.  Plunges in raw material prices also caused downward revision of sales prices of stryene-based products, and Denka expects the decline in CR sales to continue.  Denka asserts that the U.S.-China trade dispute, coupled with the current Coronovirus outbreak, is causing uncertainty for the future global outlook and recovery could take time.

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