Corporate News
Tire Rack to expand HQ
US tyre distributor The Tire Rack plans to break ground this week on a 130,000 sq ft expansion to its South Bend, Indiana, headquarters, reports Tire Review. The expansion project will add warehouse and office space to the site, which already measures 532,000 sq ft.
Pirelli aiming to be "global premium leader" by 2015
Following the publication of positive nine-month figures yesterday (8 November), Pirelli chairmain Marco Tronchetti Provera today released details of the manufacturer's goals between now and 2015. The headlining statement of intent is the desire to be "global premium leader" (following a so-called "local by local" strategy) by 2015. And in order to achieve this Pirelli is increasing capital investment up to a value of 2.2...
Pirelli: all nine-month indicators improved
Pirelli & C. SpA has reported that in the nine months ending 30 September 2011, the tyre manufacturing group saw "all economic indicators improved over the period," with revenues growing by 17.9 per cent to 4,265.8 million euros and profitability - understood as the ratio of the operating result to sales - by 10.6 per cent.
Analysts: Hankook share sale is Michelin “cashing in on failed partnership”
Following the announcement that Michelin is selling its 9.98 per cent share of Hankook, financial analysts have shared their view that the move amounts to “cashing in on a failed partnership.” Morgan Stanley's suggestion is that the Hankook shareholding ended up being a mere financial investment after attempts to cooperate more broadly “repeatedly failed.” Michelin built its stake in Hankook between 2003 and 2008 and reportedly tried...
Analysts: Good results Nokian to have neutral share impact
Financial analysts at Morgan Stanley described Nokian's recent third quarter financials as “a good set of results”, with sales and pre-tax profits (EBIT) ahead of consensus. As a result the the consensus is that these provide a positive outlook for the fourth quarter of 2011. However the investor's note also said that growth in order intake is levelling off.
Analysts: Pirelli to announce new ambitious targets
The day before Pirelli announces its latest financial results, financial analyst are predicting that the tyre manufacturer is planning to announce new, more ambitious fiscal goals. Pointing out their view that Pirelli's premium strategy will allow it to grow faster than its peers through to 2015, Morgan Stanley suggested the Milan-based would unveil a 2013/14 margin target of 12 per cent or more:
Continental results beat expectations...just about
Financial analysts responded warmly to Continental’s third quarter earnings results, but added a note of caution too, with Morgan Stanley stating: “probably not enough to keep the share moving up.” The investor’s note pointed out that revenues are 5 per cent ahead of the street, EBIT beat consensus by 4 per cent and margin of 9.7 per cent is “just shy of the 9.6 per cent expected.”
Michelin reaffirms 8% 2011 sales growth
Michelin’s third quarter financial report for 2011 has shown total net sales of 5.1 billion euros and nine-month total sales of 15.2 billion euros, figures that represent positive changes of 10.6 per cent and 17.3 per cent for their respective periods. Sales volumes were up 9.3 per cent, allowing the French giant to proclaim its results “solid” and to reaffirm “that growth in sales volumes should trend towards eight per cent by year...
Degenhart targeting above-average growth in India for Conti
Continental AG chief Elmar Degenhart has said the company will target above-average profitable growth in BRIC countries, especially in China and other Asian countries, Tire Review reports. In a recent visit to India, Degenhart, executive board chairman, stated that BRIC countries are at the centre of focus for the company‘s growth strategy.
Goodyear third quarter figures show strong performance
The Goodyear Tire & Rubber Company has carded an all-time record for quarterly sales and earnings in the third quarter, going past the $6 billion mark in sales for the first time. “I’m very pleased with our performace,” said Richard J. Kramer, chairman and chief executive officer. “Our third quarter results are another step on the path toward our 2013 targets and especially meaningful given the challenging market conditions in much of...
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Market view: MTS/Southam on 4x4 tyres
Micheldever Tyre Services distributed in excess of 800,000 4x4 tyres in the UK tyre market in 2011, especially through its Southam division which has a history specialising in the 4x4 sector. According to the company, this makes Southam “probably... -
Nokian Rotiiva AT summer tyre for SUVs
Nokian has introduced its new Rotiiva AT (All Terrain) summer tyre for SUVs into its core European markets. The tyre, says Nokian is excellent on asphalt or gravel, but also performs well in lighter off-road conditions. The sturdy structure and... -
Delphi talks technology with Tyres & Accessories
At the start of 2012 Tyres & Accessories contacted leading automotive and aftermarket supplier Delphi with a view to getting this firm’s perspective on the increasingly important diagnostics side of the garage work. Paul Chaundy, service... -
CLAAS awards Mitas for innovations
In January Claas awarded tyre maker Mitas with the Claas Supplier of the Year Award 2011 for Innovation for Mitas’ CHO tyre. “Mitas won the award from among 900 serial part suppliers,” said Jens Steinhardt, Mitas’ key account manager. Bosch... -
Micheldever launches General Tire Eurovan 2
Micheldever/Southam Tyres has added the new General Eurovan 2 to the General Tire product range. This means the new van range covers 88 per cent of the UK van sector. According to the company, the new Eurovan 2 is optimised to European road conditions... -
Hankook donates tyres to African Charity Project
Hankook Tyre UK recently supplied 12 all-terrain Dynapro MT RT03 tyres which were fitted to two Land Rover Defenders in support of the Bhubesi Pride Project. The Bhubesi Pride Project is part of an initiative which involves a team of qualified... -
January motorcycle sales up 6.3%
The latest new motorcycle and scooter figures show sales overall were up 6.3 per cent compared with January 2011. Under 50cc scooter sales were up 1.3 per cent in January, while over 50cc motorcycle sales increased 7.4 per cent. -
Bandvulc Key Dealer Conference discusses plans for 2012
The Bandvulc Group recently held its annual BTC Key Service Partner Conference at its head office in Ivybridge, Devon, some four years since it was last been used as the venue. According to the company, the event was very well attended with the key... -
Heuver to market Aeolus passenger car tyres in Europe
In 2012 Aeolus Tyres will enter the European passenger car tyre market in partnership with Netherlands-based Heuver Tyrewholesale. Although Aeolus will be entering the passenger car market for the first time, the company reports that it was certainly... -
Infinity promotes 2012 marketing strategy
Infinity has announced plans to expand and customise its DNA campaign to fit the national markets where it operates. The company describes its new campaign as featuring “iconic monuments re-interpreted using an Infinity Tyre.” In addition Infinity...
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Michelin claims strategic validation in 2011 financial report
Michelin announced its full financial year report for 2011 today, its board claiming a vindication of its strategy in the process. The company produced “extraordinary results” according to chief financial officer Marc Henry, who presented the... -
Parts Alliance calls for support of automotive training
Automotive business group, The Parts Alliance used the event of National Apprentice Week (6-13 February) to call for the UK automotive aftermarket to increase its support of training and apprenticeships. “The best investment our industry can commit... -
Global growth an ongoing objective at Treadsetters
With current trading partnerships in over 30 countries around the world, Telford-based Treadsetters has established a niche for itself as an international business service provider and wholesaler of tyres and steel wheels. The company bases its... -
Michelin’s Rollier to retire mid-year
In February 2011 Michel Rollier announced he didn’t intend to complete his current term of office as managing general partner and chairman of Michelin, as he would be 72 years old when his tenure ended. Rollier, now 67, has decided to retire from... -
Pirelli supports Mercedes-Benz Driving Academy
With impeccable timing during the current cold snap, Pirelli and the Mercedes-Benz Driving Academy have got together to help learner drivers become more aware of the risks of hazardous driving conditions. Pirelli has supplied the Mercedes-Benz... -
A growing manufacturer in a growing market - Pirelli's truck business
Ugo Forner, senior vice president of Pirelli’s truck business unit, shares an insight into a sector of the world’s fifth largest tyre maker that is sometimes concealed in the shadow of the company’s sporting ambitions (such as Formula 1) and its... -
MOT decision positive for motorists, says HiQ
The HiQ fast fit chain has applauded the Government’s decision to back down on plans to change MOT test frequency – a measure it said would “hit the pockets of motorists harder than ever.” HiQ says Transport Secretary Justine Greening’s... -
Trelleborg prepares for JV with organisational changes
Swedish company Trelleborg has announced a number of organisational changes in preparation for the start of a light and heavy vehicle anti-vibration solutions joint venture with Germany’s Freudenberg & Co. KG. Trelleborg says the changes will... -
Nokian profit up 82% in 2011
Despite the biting chill of the Finnish winter, the team at Nokian Tyres has surely been warmed by the company’s performance results for the 2011 financial year, which were released on 8 February. During the twelve month period group net sales rose... -
ANRPC: 2011 production up 6.4%
The Association of Natural Rubber Producing Countries (ANRPC) reports that Q1 2012 Production Growth is expected to marginally increase by 0.3 per cent. During 2011ANRPC's total production rose 6.7 per cent to 10.127 million tons, faster than the...
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Stamford’s Firenza continues to develop light commercial size range
Now well established in the UK and European market sectors, the Firenza SV053 light truck and van tyre, manufactured by Singapore based Stamford Tyre International, offers a pattern designed using Japanese technology, the company says. Rob Henderson,... -
Sailun’s Commercio light commercial pattern “well received” in Europe
Sailun’s specialist light truck and commercial tyre pattern is called the Commercio – available in 16 sizes, the range is available through Sailun’s expanding European distributor network. The company’s European managing director, Martin West... -
Michelin claims strategic validation in 2011 financial report
Michelin announced its full financial year report for 2011 today, its board claiming a vindication of its strategy in the process. The company produced “extraordinary results” according to chief financial officer Marc Henry, who presented the... -
Avon deploys new tyre for British GT Championship
The Avon brand, manufactured by Cooper Tire & Rubber Company Europe Ltd, has unveiled the fourth generation of its GT racing tyre since it took over as sole supplier and title sponsor of the series in 2006. Avon Tyres Motorsport technical manager,... -
Market view: MTS/Southam on 4x4 tyres
Micheldever Tyre Services distributed in excess of 800,000 4x4 tyres in the UK tyre market in 2011, especially through its Southam division which has a history specialising in the 4x4 sector. According to the company, this makes Southam “probably... -
Parts Alliance calls for support of automotive training
Automotive business group, The Parts Alliance used the event of National Apprentice Week (6-13 February) to call for the UK automotive aftermarket to increase its support of training and apprenticeships. “The best investment our industry can commit... -
Alcoa sales manager UK and Ireland sales manager
Alcoa Wheel Products has appointed a new UK and Ireland sales manager. According to the company, new recruit Chris Edwards brings 15 years of experience in the transport and automotive industry. -
Global growth an ongoing objective at Treadsetters
With current trading partnerships in over 30 countries around the world, Telford-based Treadsetters has established a niche for itself as an international business service provider and wholesaler of tyres and steel wheels. The company bases its... -
Petrol sales plummet 1 billion less barrels sold in 2011
Petrol sales fell significantly during the first three quarters of 2011, according to research conducted by motoring association the AA. And this was no drip drip. On the contrary the AA figures suggest that motorists bought 2.4 billion fewer litres... -
Sonoco appoints former Michelin man
Global packaging company Sonoco has elected former Michelin North America president and chairman James M. Micali its independent lead director. Amongst other duties, in his new role Micali will preside at executive sessions of the company’s...
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Report: Cheng Shin, Kenda earnings to grow fast in 1Q 2012
Taiwan-based tyre makers including Cheng Shin Rubber Ind. Co. and Kenda Rubber Industrial Co., are expected to see substantial growth in earnings in the first quarter of 2012 due to declines in raw material prices, particularly natural rubber. Furthermore, according to Taiwan Economic News, the European sovereign debt crisis means tyre manufacturers have slashed inventories to get rid of the risk in the prices of stocked goods. -
Hankook establishes new subsidiary in Poland
Hankook Tire has established an additional subsidiary in Europe. The opening of the company’s Polish branch in Warsaw is in keeping with the growing demand for Hankook tyres in the European markets. “Thanks to our new subsidiary in Poland we are now also able to provide full service to our partners and customers in the 6th largest tyre market in the European Union. This is in-line with Hankook’s strategy of close market and customer... -
New trade deal will aid US doing tyre business with South Korea
TIA says that the renewed free trade deal with South Korea is a good deal for the U.S. tyre market. President Obama signed the renewal of the U.S. Generalized System of Preferences (GSP), which was part of a trade pact originally agreed to between the U.S. and South Korea in 2007 – Korean-United States Free Trade Agreement. -
Tyre hijackers arrested
The Malay Mail reports that four armed intruders forced their way into a used-tyre factory in the township of Bandar Bukit Puchong, Malaysia, overpowering a security guard, who was bound and gagged, before driving off with a trailer loaded with 319 tyres. -
Pakistani tyre maker still under pressure from ‘smuggling’
Years of under-invoicing and rampant cross-border smuggling are still putting pressure on domestic tyre suppliers in Pakistan. So what’s the solution? Raid tyre markets in big cities instead of trying to stop smuggling along the long Pakistan-Afghanistan border, says General Tyre Pakistan chief executive Mohammad Shahid Hussain. -
Michelin extends with Ceva in Thailand
Michelin Thailand has renewed its logistics contract with Ceva for three years, to handle inbound tyres from Michelin’s production plants into warehouse facilities in three main locations across Thailand; Laemchabang, Nongkea and Nongree. -
Bulgarian police target pothole tyre puncturers
Bulgarian traffic police are making renewed efforts to tackle the reckless puncturing of tyres caused by criminals placing spikes in potholes. Police sources said that the recent examples have been deliberated set up to cause rapid deflations or blow-outs. According to the Sofia news agency, which cited private TV channel bTV, the tip-off to this crime was given by a Polish family, who complained to traffic authorities after narrowly escaping a... -
Cooper refuses comment on Trayal investment reports
Cooper has refused to comment on multiple Serbian news reports quoting Serbian finance secretary Miodrag Djidic as saying that Cooper Tire is interested in acquiring Trayal’s automobile tyre plant. When questioned on the subject, a Cooper Tire Europe spokesperson told Tyres & Accessories that’ the company’s “corporate policy is not to comment on rumour or speculation.” -
Pakistan sales champion Panther aiming to improve exports
Under the leadership of Mian Iftikhar Ahmed, the dedicated team Mian Tyre & Rubber Company Limited (MTRCL), which sells the Panther brand of tyres, has won the Pakistan export trophy for the last eight consecutive years. Now, the flagship business of Iftikhar Group of Companies, a leading tyre and tube manufacturing group in Pakistan is aiming to increase exports still further. According to the company, the Panther trade name has developed a... -
Bridgestone to invest in Costa Rica production and services
Two planned investments will increase Bridgestone’s presence in Costa Rica: The local subsidiary of Bridgestone Americas Tire Operations (BATO), Bridgestone de Costa Rica, has announced the company’s new Financial Shared Services Center for the Latin American Region is to be located in the Central American country. Bridgestone also confirmed it will invest US$70 million in its La Ribera de Belen tyre factory in Heredia province over the next...
QUESTION OF THE MONTH
Is the European tyre market ready for tyre labelling when it is introduced in November 2012?
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