Corporate News
Cooper Pays Out Quarterly Dividend
Cooper Tire & Rubber Company has announced a quarterly dividend of 10.5 cents per share on common stock, payable 30 September, 2010, to stockholders of record at the close of business 2 September, 2010. This will mark the 154th consecutive quarterly dividend paid by Cooper Tire & Rubber Company.
Toyo Reports 53 billion yen of Net Sales, Profits Back in Black
Toyo Tire & Rubber Co., Ltd., has reported that it has returned to first quarter profitability with an operating income of 2,612 million yen compared with an operating loss of 3,054 million yen in the first quarter of 2009. Net income faired less well but showed the company returned to the black by this measurement too, with 743 million yen in the first quarter of 2010 compared with a net loss of 2,620 million yen for the same period in 2009....
Michelin Upgraded to ‘Buy’ Following Better than Expected Results
Analysts at Deutsche Bank have upgraded their rating for Michelin shares to “Buy” following first half 2010 financial results that were better than expected. The results published on 30 July show that revenues were up 17 per cent, mostly driven by volume growth of 15 per cent. According to the analysts, this was “by far the main earnings driver” since raw material price increases had no negative impact on first half results due to a lag...
Stamford Tyres Probing Markets for Increased Penetration following “Foundational” FY2010
Stamford Tyres is a business of two major halves. Firstly it runs a distribution business in nine countries including its home nation of Singapore; secondly it is the manufacturer of its SSW brand of wheels and the owner of its outsourced manufactured Sumo Firenza proprietary brand tyres, which it displayed in Europe recently at Essen 2010. “We help the plants with technical assistance, with our own designs for products, and we own our own...
Reasonable First Half Growth for Goodyear in EMEA, North America
Goodyear has experienced a reasonable second quarter of this financial year in the Europe, Middle East and Africa segment, where second quarter sales increased 5 per cent to $1.5 billion. This was primarily due to a 6 per cent increase in tyre unit volume and strong price/mix performance, according to the company. In worldwide results, the company’s sales were $4.5 billion, up 15 per cent from 2009. Second quarter sales reflect the $304 million...
Pirelli Second Quarter 20% Ahead of Analysts’ Consensus
Financial analysts have described Pirelli Spa’s second quarter 2010 results as a “symbolic quarter” after the group, led by its tyre sales, posted results roughly 20 per cent ahead of analysts expectations and unexpectedly increased its 2010 earnings targets. The group increased its sales targets to 4.8 - 4.9 billion euros (from 4.6-4.7 billion) and is targeting EBIT margins 7 per cent versus 6.5 per cent previously.
Pirelli Reports Reports Strong 1H, Ups Targets
Pirelli Spa has reported that the firm closed the first half of 2010 with revenues of 2,426.5 million euros (1H 2009: 2,026.2 million euros), up 19.8 per cent. Pre-tax profits (EBIT) grew 62.8 per cent to 193.4 million euros (2009: 118.8 million euros). Net income of continuing operations more than doubled to 80.8 million euros, compared with 30.3 million euros in the first half of 2009. Such was the success of the tyre business in the first half,...
Cooper to Restate 2009, 1Q 2010 Financials
Cooper Tire & Rubber Co. announced that it will restate its earnings for 2009 and for 2010’s first quarter due to a “material weakness” in the company’s internal financial reporting, Tire Review reports. As a result, at least for full year 2009, Cooper’s net profit will improve, the company reported. How the restatement will impact first quarter 2010 results is unknown.
Hankook Results Counter ‘Lacklustre’ Analyst Expectations
Hankook recent record second quarter results contradict the negative predictions of some financial analysts that when Hankook Tire kicks off the second quarter earnings season for auto/auto part makers on 20 July, it will set the tone for a “lacklustre” set of results from the likes of Hankook, Kumho and Nexen. In an investor’s note dated 1 July 2010, Deutsche Bank research analyst Sanjeev Rana had commented: “We expect tyre makers such as...
Dunlop Aircraft Tyres Celebrates Centenary with Book, Film Launch
Last night saw the celebration of Dunlop Aircraft Tyres’ Centenary take place in earnest following an open day and a visit to the company’s Fort Dunlop plant by The Duke of York, with the launch of a new commemorative book, the premiere of a film by artist Angus Boulton commissioned to celebrate the centenary and the introduction of a new corporate video. The venue for the prestigious occasion was The Wapping Project, London’s last Hydraulic...
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DfT to investigate hubs following MWS research
Following research by Motor Wheel Service last month that showed commercial wheels sustaining undetected damage when fitted to non-standard hubs, the Department for Transport has stated that it will undertake independent testing to verify the... -
Trelleborg extends TM100 range
Trelleborg Wheel Systems has added two new sizes to its TM100 tyre range designed for row-crop applications - the 380/90R50 151A8 (151B) and 380/90R54 158A8 (158B). As a result the Trelleborg TM100 range is now available in 11 sizes from 32 to 54... -
Commuter bikes offer only good news as two-wheel registrations dip 3.5%
The latest motorcycle and scooter registration figures show sales overall were down 3.5 per cent last month compared with April 2011. Under 50cc scooter sales were down the most (9.6%) in April, while over 50cc motorcycle decreased by 2.5 per cent.... -
High performance tyres, high performance service
High performance cars require high performance tyres - obviously. What’s not quite as obvious is that today’s tough market conditions are sharpening the motorist’s eye for real value and service - especially in the more discerning and therefore... -
DAF selects Goodyear low rolling resistance tyres
DAF has selected Goodyear Marathon + low rolling resistance tyres for standard equipment on its latest Advanced Transport Efficiency (ATe) trucks. According to the tyre manufacturer, the news comes as a result of the partnership between the two... -
High speed comfort from Firenza
The Firenza high performance brand has steadily grown within this competitive sector and is now a popular choice with discerning drivers who insist on a combination of speed, comfort and safety at a realistic price level. The company reports that its... -
Michelin expands CerexBib line-up
Two new sizes have joined Michelin’s CerexBib agricultural tyre range, and the French manufacturer says these additions will address the “emerging needs of entrepreneurs, farmers and grain producers.” The latest CerexBib fitments are IF 800/70 R... -
First overseas Pro-Align award winner announced
Fastlane Ltd in Malta has been awarded Pro-Align’s Alignment Centre of the Month for April – the first time the accolade has been awarded outside of the UK. Paul Beaurain, managing director, Pro-Align, said: “Fastlane is resolute about being the... -
GT Radial launches truck retread at “successful” CV Show
GT Radial launched its new truck products the GSR220 steer tyre and the GDL617 drive tyre from its stand at the 2012 Commercial Vehicle Show at the Birmingham NEC, but it was the company’s Ree Tread tyre – its first commercial retread tyre –... -
New Ecsta Le Sport – designed for top European marques
Kumho’s new Ecsta LE Sport KU39 is an asymmetric ultra high performance tyre designed for Europe’s top car marques; the manufacturer reports the tyre was developed using the latest KADAS prediction tools and on Europe’s most demanding test...
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Institution of Mechanical Engineers welcomes Vauxhall decision
Philippa Oldham, head of transport and manufacturing at the Institution of Mechanical Engineers, welcomed Vauxhall’s decision on the new Astra production. “This is welcome news for Merseyside, and for UK manufacturing as a whole. The UK car... -
Kwik Fit doubles apprentice intake to 320 in 2012
Kwik Fit has announced that it will take on 320 apprentices in 2012, more than double the company’s intake of 120 in 2011. The firm will offer the two year schemes to 16-18 year olds in locations throughout the UK. The announcement coincided with... -
New Vauxhall Astra to be produced in UK; £125m invested
Vauxhall has confirmed that production of its new Astra model will take place at its Ellesmere Port, Cheshire manufacturing plant – the lead plant of two in Europe building the model. The decision was made after Vauxhall’s workforce signed a new... -
Toyo tyres OE on new Mazda CX-5
Toyo Proxes R36 tyres have been chosen as original equipment for the new Mazda CX-5 compact SUV. The 225/55 R19 99V Proxes R36 are said to complement the Skyactiv technology introduced on the Mazda CX-5. Skyactiv technology, which is described as a... -
Bridgestone says Russian Dandelions may be sustainable source of Natural Rubber
Bridgestone Corporation reports that recent research conducted by its Bridgestone Americas operations may indicate that the Russian Dandelion can become a commercially viable, renewable source of high-quality, tyre-grade rubber. -
Thornleigh fleet gets a Hankook makeover
Thornleigh Freight has announced it is overhauling the look of some of its vehicles, turning them into a striking Hankook branded fleet. Thornleigh Freight has worked with Hankook for over 10 years and has recently signed a new contract to store and... -
ATS Euromaster rewarded for van fleet service development
Birmingham-based ATS Euromaster has been presented with the Innovation Award for the second year in succession at the Van Fleet World Honours 2012. The company was commended by the publication for its “highly progressive approach” to van fleet... -
NDI appoints TRS Tyre and Wheel Ltd as New Zealand distributor
Nordisk Dæk Import A/S (NDI) has appointed New Zealand’s TRS Tyre and Wheel Ltd as its AP+ Dual Wheels distributor in the region. The decision took effect in May 2012. According to NDI, the company’s AP+ Dual Wheels are a “resounding success”... -
Point S UK reflects on successful 2011, seeks new members
Over 70 Point S UK members, staff and suppliers gathered in Solihull yesterday to reflect on the independent retail network’s development in 2011 and plans for 2012. At the end of 2011 Point S UK had 45 members and 125 points of sale. And although... -
Lanxess confirms FY forecast; EU label expected to stimulate business
At the company’s Annual Stockholders’ Meeting on 15 May, Lanxess CEO Axel C. Heitmann stated that the specialty chemicals firm remains on course for growth in 2012. “We will continue to pursue our successful strategy of focusing on dynamic...
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Infinity at CV Show with UK distributor RH Claydon
Infinity Tyres’ truck products were recently displayed at the Commercial Vehicle Show at the NEC, Birmingham. The manufacturer said that the brand’s presence on the stand was a measure of its support of the UK market and its authorised UK and... -
Tyres & Accessories April 2012
All the news, features and reviews you expect from Tyres & Accessories are available for subscribers to view in e-magazine format. Simply click more to read the April edition, which includes features on the forthcoming Reifen Messe Essen, TPMS and... -
Michelin publishes online truck tyre labelling guide
Michelin has launched a dedicated truck tyre labelling information module on its website. The site aims to present all the information fleet operators need to know about the legislation, including why it is being introduced, what tyres it covers, an... -
Institution of Mechanical Engineers welcomes Vauxhall decision
Philippa Oldham, head of transport and manufacturing at the Institution of Mechanical Engineers, welcomed Vauxhall’s decision on the new Astra production. “This is welcome news for Merseyside, and for UK manufacturing as a whole. The UK car... -
New models drive new car sales in Europe - JATO
Following the European Automobile Manufacturers' Association report on passenger car registrations, market research company JATO Dynamic has added its new car sales analysis for the region. The headline figures are declines of 6.1 per cent in... -
Kwik Fit doubles apprentice intake to 320 in 2012
Kwik Fit has announced that it will take on 320 apprentices in 2012, more than double the company’s intake of 120 in 2011. The firm will offer the two year schemes to 16-18 year olds in locations throughout the UK. The announcement coincided with... -
New Vauxhall Astra to be produced in UK; £125m invested
Vauxhall has confirmed that production of its new Astra model will take place at its Ellesmere Port, Cheshire manufacturing plant – the lead plant of two in Europe building the model. The decision was made after Vauxhall’s workforce signed a new... -
DfT to investigate hubs following MWS research
Following research by Motor Wheel Service last month that showed commercial wheels sustaining undetected damage when fitted to non-standard hubs, the Department for Transport has stated that it will undertake independent testing to verify the... -
Barry Hill celebrates 40 years at Kings Road Tyres
Kings Road Tyres’ group credit control manager, Barry Hill, recently celebrated the achievement of completing 40 years unbroken service with the company. Hill joined KRT at the Southampton location in 1972 and spent 34 years at the centre before a... -
Toyo tyres OE on new Mazda CX-5
Toyo Proxes R36 tyres have been chosen as original equipment for the new Mazda CX-5 compact SUV. The 225/55 R19 99V Proxes R36 are said to complement the Skyactiv technology introduced on the Mazda CX-5. Skyactiv technology, which is described as a...
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Lassa producer Brisa investing US$117.5 million to expand tyre capacity in 2012
Brisa, the company producing Lassa brand tyres in a joint venture between Bridgestone and the Sabanci Group, has announced it will invest US$117.5 million expanding its tyre manufacturing units in Izmit, Turkey. The investment figure exceeds the $110 million of investment that was reported at the start of April. -
Nexen increases Italian market focus
Hot on the heels of the news that growing Korean tyre manufacturer Nexen has secured OE supply to Fiat, the firm has revealed details of its plans to expand in the well-known marques domestic Italian market. With a replacement market potential of over 30 million tyres a year in the passenger car segment, Nexen has suggested Italy is one of its key countries for expansion in Europe. -
Yokohama Tire Corporation debuts Mexico website
Yokohama Tire Corporation has launched a new Spanish-language website for Mexico. “The website is designed to meet the needs of our growing customer base in Mexico,” said John Cooney, Yokohama's director of export. “It has been customised with many of the features found on our English-language website in the US, including an interactive dealer locator, interactive product ‘hot spots’ and downloadable bulletins in Spanish. These... -
Gentipak to produce motorcycle tyres
Comments made in Pakistan’s Express Tribune indicate the General Tyre and Rubber Company of Pakistan, also known as Gentipak, plans to enter the motorcycle tyre market in mid 2012. The Karachi-based tyre maker, which produces passenger car radials under the General and Euro brand names and cross-ply tyres for light trucks, trucks and agricultural vehicles, recently invested Rs500 million (£3.5 million) expanding its production facility and... -
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.
- Hankook acknowledges employees’ long service
- Toyo tyres OE on new Mazda CX-5
- Bridgestone says Russian Dandelions may be sustainable source of Natural Rubber
- High performance tyres, high performance service
- DAF selects Goodyear low rolling resistance tyres
- Linglong to exhibit expanded Green-Max range at Reifen 2012
- Point S UK reflects on successful 2011, seeks new members
- New Vauxhall Astra to be produced in UK; £125m invested
- Commuter bikes offer only good news as two-wheel registrations dip 3.5%
- ATS Euromaster rewarded for van fleet service development
QUESTION OF THE MONTH
Following the early release of UK's worst offender, is tyre dumping legislation toothless?
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