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Bridgestone Sustains 52% Operating Income Decrease

Bridgestone has announced its consolidated business and financial results for the fiscal year ended 31 December, 2008. The company commented in its report on the “challenging operating environment,” with its major markets in Asia, the USA and Europe declining over the course of the fourth quarter. This environment is illustrated by the worldwide 5 per cent decrease in tyre segment sales, down from 2,756 billion yen (20.54 billion pounds sterling; 1 GBP: 134 JPY) in 2007, to 2,629 billion yen (£20.05 billion), an effect in part, the company says, of the exchange impact of the stronger Japanese yen and a decline in unit sale. However, bottom line increases also hit hard, as Bridgestone tyre lost 52 per cent of its operating income; down to 92.7 billion yen in 2008 from 195 billion in 2007.

Bridgestone’s statement said that it “worked to maximise its sales momentum by introducing appealing new products worldwide, while at the same time improving and expanding strategic production sites around the world in support of respective product domains, particularly those that have been identified as strategic and important to the company’s future growth.” The fourth quarter’s decline in global automotive production and sluggish demand in the replacement market went some way to affecting the drop in sales in all three major markets.

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  4. Bridgestone Corporation Reports Sales and Earnings for Fiscal 2003

A focus on changing perceptions

Retreading has long been recognised by commercial fleet operators as a major means of saving on operating costs, yet in some quarters retreads are still seen as offering less than their new tyre equivalents. Putting a stop to these misperceptions through elevating public awareness of retreading’s economic and environmental benefits has been a major focus of the US based Tire Retread & Repair Information Bureau – more commonly known as TRIB – for almost four decades. Recently Tyres & Accessories spoke with TRIB managing director Harvey Brodsky about an industry that commercial vehicle operators simply cannot afford to ignore.

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Growth Continues in Many 4×4 Tyre Areas, says MTS/Southam

Micheldever/Southam reports having distributed three quarters of a million 4×4 tyres in the UK tyre market in 2008, a figure they say possibly makes the company the largest distributor of 4×4 tyres in Europe. Still the only UK wholesaler to operate a specialist 4×4 division (which is based at Southam), the MTS group offers next/same day delivery nationwide on all major brands including every OE fitment, a comprehensive range of quality budget 4×4 tyres from Enduro, and the market leading mid-range replacement brands including BFGoodrich, General, Kumho, Falken, Insa Turbo and Toyo.

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  1. Micheldever/Southam Sold Over 750,000 4×4 Tyres in 2009
  2. Kirkby Tyres Sees “Mid-Range” Growth
  3. Toyo Tires Agrees UK Distribution Terms with Micheldever and N.E. Wholesale
  4. Market view: MTS/Southam on 4×4 tyres

Pirelli Keeping its Options Open Over Continental Tyre Purchase

Pirelli is interested in “analysing” the possibility of a friendly deal with Continental AG for at least part of its tyre business, despite denying this only last week. Pirelli chairman, Marco Tronchetti Provera, made his soft offer of interest in the company in a video interview given to the Financial Times and published online today (20 February). When asked if Pirelli had any interest in Continental/Schaeffer Tronchetti Provera answered: “It’s too early to say. But if the price is right, if we are asked to be part of a transaction, it could be interesting to analyse it – but only if it’s a friendly transaction.”

Re-iterating the early stage of Pirelli’s interest in Continental, the company’s press office issued the following brief statement later that afternoon: “With regard to comments on possible Pirelli transactions on Continental, the company declares that no transaction has been defined even along general outlines. The company also points out that, consistent with the financial rigor foreseen by the guidelines of the recent 2009-2011 industrial plan, any possible future transaction of a strategic nature would not comport any recourse to the market.” However, while the press department’s statement may have played down Tronchetti Provera’s words, earlier in February Il Mondo claimed Pirelli executives had conducted – on separate occasions – meetings with JP Morgan, Deutsche Bank, Mediobanca and a number of advisers.

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Goodyear Committed To New Akron Headquarters

More than a year ago, Goodyear reached an agreement with the city of Akron, the state of Ohio and California developer IRG to build its headquarters near the current one, rather than re-locate elsewhere. The plan was on track until the end of 2008, when a credit squeeze halted IRG’s financing. Though the project is still in limbo, Goodyear has said it still plans to move forward.

“All the parties involved are still extremely confident and extremely committed to the program, but because of the credit crisis it has certainly slowed the progress of finalizing the agreement,” Goodyear spokesman Scott Bachman said. The agreement included 30 million dollars in state tax breaks for Goodyear that are contingent upon it maintaining an employment level of at least 2,900 in Akron – just 200 less than the tyre maker currently employs there.

Due to a downturn in demand for tyres, Goodyear recently announced it would cut nearly 7 per cent of its global workforce of about 75,000, but would not name specific facilities that would see job losses. (Tire Review/Akron)

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Kremenchug Wheel Plant Idles Production

Ukrainian cold-formed steel wheel maker JSC Kremenchug Wheel Plant has opted to suspended production between 12 February and 16 March. According to a report published at Russian news site, ityre.com, the company cited sharp declines in demand as the reason. Kremenchug Wheel Plant reportedly also intends to lay off 334 people. The latest move follows an earlier decision to reduce its working week from five to three days.

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Dneprogas Turns Off Dneproshina’s Gas

Ukranian gas-supply company Dneprogas has cut off the country’s second largest tyre maker’s gas supply. According to a report published at ityre.com, Dneproshina was disconnected from the mains on 17 February, due to the “absence of limits on gas supply.” A number of other small and medium-sized enterprises are also said to have been cut off for the same reason.

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New BTMA Chief Executive Named

After more than 12 years chief executive of the BTMA (and BRMA as it was known previously), John Dorken is retiring. His successor, Graham Willson, brings 30 years of industry experience to the association having worked in both vehicle construction and more recently in tyre manufacturing. Wilson will take up the position from 1 May 2009.

BTMA chairman, Mark Brickhill commented: “John has made a major contribution to the industry over the years and has guided the association through many changes. He was instrumental in setting up the Tyre Industry Federation which works to align all the industry’s stakeholders including the National Tyre Distributors Association and Tyre Recovery Association. We will miss his extensive knowledge and considerable expertise. However, I am excited by the appointment of Graham to this important mission. Graham joins us from Michelin and has previously helped the Association in obtaining relief from the climate change levy. Our industry faces great challenges at this time and the Association’s role has never been more important.”

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NETE Buys 15 HiQ Outlets

North Eastern Tyre and Exhausts bought fifteen HiQ-branded retail outlets for £3 million, apparently using cash reserves and bank credit to finance the acquisition. This news comes as the company published annual results which saw turnover rise by 7.7 per cent to £43 million. While like-for-like turnover (sales that don’t take into account new openings) are only expected to rise slightly in the coming 12 months, the new branches are expected to help the company achieve annual sales of £50 million this year.

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Fitch Relegates Michelin to BBB-

Fitch Ratings has downgraded Compagnie Generale des Etablissements Michelin Long-term Issuer Default Rating (IDR) and senior unsecured ratings to a BBB- rating from BBB. According to a statement detailing the news, Michelin’s “outlook for the long-term IDR is negative.” The downgrades are said to reflect “the further deterioration of Michelin’s financial profile beyond Fitch’s previous expectation amid the accelerating downturn in the global auto markets…” Noting that the group net leverage has increased 50 per cent (to 2.7x at full-year 2008 from 1.8x at full-year 2007), the agency said it “does not expect a marked improvement in the tyre manufacturer’s financial profile before 2010.”

The analysts put the deterioration down to the slump in tyre demand the market has experienced “particularly in the fourth quarter of 2008.” Fitch expects a further decline of the global tyre markets in the first half of 2009, primarily due to significant production cuts by vehicle manufacturers. “A key issue for management is adjusting its manufacturing capacity to reflect expected volumes in the future,” the agency said in its statement.

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Conti Automotive Appoints New Romanian R&D Head

As of February 1, research and development for Continental Automotive in Romania is being headed up by Dr. Christian von Albrichsfeld. The 12-year Conti veteran is coordinating the research and development activities of Continental in Romania at a national level in its Timisoara, Sibiu and Iasi sites. Dr. von Albrichsfeld has taken over this position from Christian Ruediger, who was in charge of the team in Romania for two years and finished his term in the position on January 31.

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Bridgestone Announces Temporary Closures at European Facilities

Bridgestone Europe has announced temporary closure of factories in the region following worsening market demand during December, January and February, especially in the OE tyre segment. According to Bridgestone, these temporary shutdowns will affect the bulk of its European facilities, including the company’s plants in Béthune, Bari, Bilbao, Burgos and Poznan. Only the Tatabánya factory in Hungary and the agricultural line at the Puente San Miguel plant in Spain have been exempted from this action, reports Gert Meylemans, senior manager at Bridgestone’s European Communications Office. These temporary closures are already being implemented, Meylemans adds, and employees affected by the closures are being continuously informed as circumstances change.

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Rhodia/Dow Corning Silica for NR Undergoing European Road Tests

When Tyres & Accessories met with representatives of Rhodia and Dow Corning at Tire Technology Expo 2008, they revealed that the fruit of their alliance to develop a silica/silane for use with natural rubber has already reached an advanced stage. The details of the project will be reported by T&A at length at a later date, however Rhodia’s global business director Peter Browning confirmed that two customers are already, somewhere in Europe, trialling truck tyres made with the silica/silane in a natural rubber compound.

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Hero Forza F278 Inks JMC Light Truck OE Contract

Federal’s second brand Hero has announced that Jiangling Motors has signed a deal to fit the Forza F278 light truck tyre in size 700/R16 10PR as original equipment on its commercial vehicles. The radial is built with a durable steel belt and stronger casing, designed to withstand higher loading capacity.

Initially introducing international advanced technology to the manufacturing of pick-up trucks in the mid-1980s, JMC has become one of the largest commercial vehicle enterprises in China, of which the market share of light truck reaches 28 per cent. Hero’s deal with JMC allows the brand to tap into this market potential, by placing the Forza F278 LTR so prominently.

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Kumho’s 4×4 Range Benefiting From Rally Raid Involvement

Although the event Kumho’s 18-inch Rally Raid tyre was developed for – the 2008 Lisbon-Dakar Rally – was ultimately cancelled, the tyre has since achieved success in a number of other competitive domains. And these victories are also in a way a victory for the Korean manufacturer, as no other tyre manufacturer produces an equivalent cover in this size. According to Kumho, the monster tyre with its enormous tread blocks is designed for optimum pace and durability over the sand and rock conditions that prevail on the world’s top Rally Raids. It employs the ultra-tough synthetic fibre ‘aramid’ (short for aromatic polyamide) in its construction for optimum weight and strength.

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