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New Delhi, Mar 5 () Apollo Tyres on Thursday said it will cut 750 jobs at its plant in the Netherlands over a period of two years in order to have a "sustainable business" and focus on producing only high-value tyres. The home-grown tyre major had acquired Vredestein Banden BV (VBBV) for an undisclosed sum in 2009 from Russia's bankrupt largest tyre manufacturer Amtel-Vredestein NV. Apollo Vredestein BV (AVBV) had a meeting with its employees to discuss the future of the plant in Enschede and the company's plans to build a more sustainable business in the Netherlands, Apollo Tyres said in a statement. AVBV intends to specialise the production in Enschede to a level where only high-performance Vredestein tyres will be produced at a profitable level, it added. "Aligning the plant to the intended specialised and sustainable production level, will unfortunately result in AVBV having to reduce its workforce in the Netherlands by around 750 full-time employees, over a period of 24 months," Apollo Tyres said. Explaining the rationale behind the step, the company said: "Within the current operating environment certain tyre sizes can no longer continue being produced in Enschede at a sustainable and competitive level. The company therefore intends to specialise the plant towards high-value tyres and to secure a sustainable future in the Netherlands." "The operating environment for AVBV and the entire tyre industry has changed significantly over the last few years," Apollo Vredestein President Benoit Rivallantof said. Despite large investments made in recent years in modernising the plant, the factory employees' dedication and continuous efforts to make the site economically viable has proved ineffective against the accelerated market transformation and has required a strategic adaption of the site to secure it has a sustainable future in the long run, he added. "After a deep analysis of the profitability and sustainability of the products currently produced in the Enschede Plant, we regrettably could not arrive at a different conclusion," Rivallantof said. The company is aware that its employees and their families will face a great deal of uncertainty as a result of this difficult decision, he added. "As a responsible employer we will comply with all statutory obligations towards our employees. We will regularly inform our employees about developments within this process and offer them all necessary support and assistance," Rivallantof said. The strategic aim is to specialise the Enschede plant to an extent where AVBV will only produce agricultural tyres and high value niche segment passenger car tyres with a short production run, the tyre maker said. The plant in Enschede will become the centre of excellence for quality, innovation and production agility, it added. MSS RKL ABM

Apollo Tyres to cut 750 jobs at Netherlands plant

New Delhi, Mar 24 () Apollo Tyres on Tuesday said it has suspended production at its plants till March 31 in view of the lockdown in many states to contain the coronavirus pandemic. "The operations at our plants in the states of Kerala (at Kalamassery and Perambra), Gujarat (Limda) and Tamil Nadu (Chennai) are shut down till March 31, 2020," the company said in a regulatory filing. Further, the employees and other staff in various offices have been instructed to work from home, it added. The expected financial impact of the above is not ascertainable at this stage and the duration of this shutdown will depend upon directives to be further issued by the respective government authorities in this regard, it said. Similarly, Ceat said it has suspended manufacturing operations till such regulatory advisories prevail. The company is taking all recommended precautions and preventive measures to ensure health and safety of its employees and to contain the spread of coronavirus, including implementation of the work from home policy for all its offices, it added. MSS RVK

Coronavirus impact: Apollo Tyres, Ceat suspend manufacturing operations

New Delhi, Apr 1 () Apollo Tyres on Wednesday said it has extended shutdown of its plants in Kerala, Gujarat and Tamil Nadu till April 14 due to the ongoing nationwide lockdown imposed to curb the spread of coronavirus pandemic. On March 24, the company said in view of the lockdown, operations at its plants in Kerala (at Kalamassery and Perambra), Gujarat (at Limda) and Tamil Nadu (at Chennai) were shut down till March 31, 2020. "The Indian government had announced a nationwide lockdown for 21 days from March 25, 2020 to stem the proliferation of COVID-19. In view of the said government directive, subject to any exemption given by the state government authorities during this period, the operations at our aforementioned plants will continue to shut down till April 14, 2020," Apollo Tyres said in a regulatory filing. Further, the company said,"our overseas plant in Europe (at Hungary) is also closed due to the outbreak of COVID-19." The employees and other staff in various offices continue to work from home, it added. "The expected financial impact of the above is not ascertainable at this stage. The duration of this shutdown will depend upon directives to be further issued by the respective government authorities in this regard," Apollo Tyres said. It will continue to closely monitor the situation and take appropriate action on the resumption of its operations as per regulatory guidance, the company added. RKL RKL ANUANU

Lockdown: Apollo Tyres extend shutdown of plants till April 14

New Delhi, Mar 20 () <keyword id="46602" type="COMPANY" weightage="20" keywordseo="Apollo-Tyres">Apollo Tyres</keyword> on Friday said its <keyword id="6364480" type="UNKNOWN" weightage="20" keywordseo="chairman">Chairman</keyword> <keyword id="316833" type="PERSON" weightage="20" keywordseo="Onkar-S-Kanwar">Onkar S Kanwar</keyword>, Vice Chairman <keyword id="161261" type="PERSON" weightage="20" keywordseo="Neeraj-Kanwar">Neeraj Kanwar</keyword> and other senior management personnel will take pay cuts, amid slowing demand due to the coronavirus pandemic. "Chairman and Managing Director Onkar S Kanwar and Vice Chairman and MD Neeraj Kanwar...announced a 25 per cent reduction in their salary during these tough, testing times," Apollo Tyres said in a filing to the BSE. Furthermore, the senior management has taken a voluntary reduction of 15 per cent in salary in a show of solidarity due to the rapidly deteriorating market conditions caused by the COVID-19 pandemic. Apollo Tyres has a diversified and multinational presence and the pay cuts will affect all senior management at the global level. Coronavirus is impacting sales and profitability across the automotive industry as anticipation builds that the worst is yet to come with COVID-19, the filing said. "This is an incredibly difficult time for our employees and their families. We are in unchartered waters but as 'One Family' we will work together and make the necessary sacrifices to steer Apollo Tyres in the right direction, to overcome this period," Onkar S Kanwar said. "We are experiencing slowing demand and disrupted supply chains due to COVID-19. We are working on further measures which we will provide updates on, as we make final decisions," he added.

Apollo Tyres top management takes a pay cut as Corona batters the auto sector

New Delhi, Feb 26 () Apollo Tyres on Wednesday said private equity firm Warburg Pincus will invest Rs 1,080 crore (around USD 150 million) in the company. The company's board on Wednesday has approved an issuance of compulsorily convertible preference shares in the company worth Rs 1,080 crore to an affiliate of Warburg Pincus, Apollo Tyres Ltd said in a statement. The investment represents a primary capital infusion into the company and is subject to shareholder and regulatory approvals, it added. "Their (Warburg Pincus) investment is a strong vote of confidence in our business, management team and growth prospects. I believe the company will benefit from the backing of a large financial investor of their pedigree and our partnership will further strengthen Apollo Tyres' board and governance," Apollo Tyres Chairman and Managing Director Onkar S Kanwar said. Commenting on the development, Warburg Pincus India Managing Director Vishal Mahadevia said, "We see a compelling growth story in Apollo Tyres and believe the company is well-positioned to build upon the strong leadership position it has carved out within the industry." Warburg Pincus is excited to partner with the management team of Apollo Tyres in this journey and looks forward to supporting them during the next phase of the company's growth, he added. Shares of Apollo Tyres on Wednesday closed 3.59 per cent lower at Rs 148.85 apiece on the BSE. MSSRVK

Warbug Pincus to invest Rs 1,080 cr in Apollo Tyres

New Delhi, Feb 5 () Apollo Tyres on Wednesday reported a 12.09 per cent decline in consolidated net profit to Rs 173.85 crore for the quarter ended on December 31, 2019, mainly due to sluggish demand from original equipment manufacturers. The company had posted a net profit of Rs 197.95 crore for the corresponding period of 2018-19, Apollo Tyres said in a BSE filing. Consolidated net sales declined to Rs 4,347.16 crore for the quarter under consideration as against Rs 4,655.36 crore for the same period year ago. "The last few quarters have really been challenging, in terms of demand, especially from the original equipment (OE) segment. Despite our good show quarter-on-quarter in the replacement segment in India, overall performance has got impacted due to the sluggishness in demand from OEMs," Apollo Tyres Chairman Onkar S Kanwar said. With green shoots of recovery visible in India, "we are hopeful of closing this fiscal on a positive note," he added. Shares of Apollo Tyres were trading at Rs 164.50 per scrip on the BSE, up 1.86 per cent over previous close. AKT RUJ

Apollo Tyres Q3 net profit declines 12 pc to Rs 174 cr

<keyword id="334749" type="General" weightage="50" keywordseo="icici-securities-ltd" source="Orion">ICICI Securities Ltd</keyword> on Wednesday said it is one-year forward Nifty target is 19,425 with a sectoral bias towards banks, capital goods/infrastructure and automobiles. It has suggested investors to avoid sectors like information technology (IT), oil and gas and metals as they have more global exposure. The company has recommended Axis Bank, City Union Bank, Apollo Tyres, Eicher Motors, Coforge, Lemon Tree Hotels, Healthcare Global Enterprises, Laurus Labs, Container Corp, and Havells India stocks as its Muhurat 2022 picks. In a report, <keyword id="46909" type="General" weightage="100" keywordseo="icici-securities" source="Orion">ICICI Securities</keyword> said the year 2022 has been marked by volatility on account of a wide variety of global new flows ranging from geopolitical issues, higher inflation (mainly food and energy), and hawkish action of central banks. This has led to a decline in global equities, mainly in the US and <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>. However, India has relatively outperformed global peers in terms of all economic parameters (capex spend, discretionary consumption, robust pick-up in banking activity, etc), the report notes. The same is reflected across Indian equity markets. "Going ahead, we believe Corporate India will likely deliver earnings growth in excess of 15 per cent over the next two years given the current economic milieu and provide a plethora of investing opportunities in Indian markets," ICICI Securities said. However, sticky global inflation will keep central banks hawkish and India will be no exception. Similar implications for global liquidity flows may create medium-term volatility in Indian markets. However, if such a scenario materialises, then the same will be a strong opportunity to take exposure to Indian equities, the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/financial-data-of-over-9-mn-cardholders-leaked-including-from-sbi-researchers/articleshow/94814538.cms">Financial data of over 9 mn cardholders leaked, including from SBI: Researchers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/these-are-the-5g-bands-supported-by-airtel-and-jio/articleshow/94814497.cms">These are the 5G bands supported by Airtel and Jio – make sure your phone has them</a>

You Searched For "apollo tyres" and got 7 results

Apollo Tyres to cut 750 jobs at Netherlands plant

PTI

Coronavirus impact: Apollo Tyres, Ceat suspend manufacturing operations

PTI

Lockdown: Apollo Tyres extend shutdown of plants till April 14

PTI

Apollo Tyres top management takes a pay cut as Corona batters the auto sector

PTI

Warbug Pincus to invest Rs 1,080 cr in Apollo Tyres

PTI

Apollo Tyres Q3 net profit declines 12 pc to Rs 174 cr

PTI

Avoid sectors having global exposure like IT, oil, gas: ICICI Securities

IANS

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