Goodyear to announce 2Q 2011 financial results
Goodyear’s Richard J. Kramer, chairman and chief executive officer, and Darren R. Wells, executive vice president and chief financial officer will participate in an investor conference call following the company’s second quarter 2011 financial results report. The report will be delivered before markets open on Thursday, 28 July, with the call following at 10:00 EST (15:00 GMT). The financial information will be posted on Goodyear’s investor relations website at around 9:45 EST. Goodyear also says that the call can be accessed on the website or via telephone by calling (706) 643-2869 before 9:55 on July 28. A taped replay will be available later that day by calling (404) 537-3406, Conference ID 83080825, and on the website.
Continue ReadingGITI arranging US$225 million loan
Six banks have reportedly agreed to support a Deutsche Bank-arranged US$225 million 3.5-year term loan for China’s GITI Tire. According to Thompson Reuters’ ifre.com website, unnamed banking sources shared the information with the publication. No details of what the loan is intended for have yet been released, but it looks likely to be a refinancing tool. GITI has not officially commented on the reports.
Continue ReadingRhein Chemie buys Wacker’s tyre release agents business
Rhein Chemie Rheinau GmbH has opted to expand its product range for into tyre release agents by acquiring this part of Wacker Chemie AG’s operations on 8 July 2011. The two parties agreed to keep the purchase price confidential. According to the companies, Wacker’s tyre release agents business achieved sales amounting to a mid single-digit million euro amount in 2010. The acquisition reportedly makes Rhein Chemie the world leading supplier of tyre release agents. Rhein Chemie is itself a wholly-owned subsidiary of Lanxess from Leverkusen, Germany.
Continue ReadingItochu: Kwik-Fit and Stapleton’s to remain separate
The Itochu Corporation has sought to re-iterate its position that its Kwik-Fit retail business and its Stapleton’s wholesale operation will be run as “entirely separate entities.” Answering questions raised widely within the market following the appointment of Stapleton’s MD Kenji Murai as Kwik-Fit head, an Itochu representative explained: “Subsequent to the recent departure of Kwik-Fit CEO Ian Fraser, Kenji Murai is temporarily leading both Stapleton’s and Kwik-Fit. This is an interim measure that was forced upon us. We can confirm that the two businesses will continue to be run individually and an announcement regarding the organisational structures of both companies will be made within the coming few weeks.”
Continue ReadingComment: A change will do you good?
As the July issue of Tyres & Accessories went to press, Kwik Fit Group announced the arrival of Stapleton's boss Kenji Murai as its new group head. Of course we are all aware of the fact that Itochu now owns both Stapleton’s and Kwik Fit (who could have missed all the coverage reporting the purchase from 2 March onwards?); and it is of course natural that a company will want to have their own people integrated into a business they have purchased (and congratulations and best wishes to the new boss); but there are at least two reasons why this news will raise some eyebrows.
Continue ReadingStapleton's MD Murai now in charge at Kwik Fit
Kwik Fit Group has announced the arrival of Stapleton's boss Kenji Murai. Itochu, which owns Stapleton's, completed its acquisition of the fast fit giant this week. Itochu also announced the departure of chief executive officer Ian Fraser and group finance director Michael Healy. Itochu stated: “We would like to thank Ian and Michael for their work in establishing Kwik Fit as the clear market leader and creating a very strong position. The company has substantially developed under their leadership and we wish them well for the future.
Continue ReadingInfinity Tyres sponsors England cricket at Lord’s
Infinity Tyres has announced that it is to sponsor the Lord’s One Day International between England and Sri Lanka in London on 3 July. The game is the third in the five-match ODI series following a crushing victory for England in the first at The Oval and tomorrow’s game (1 July) at Headingley. The brand will have a static publicity panel at the ground.
Continue ReadingGoodyear to webcast Deutsche Bank presentation
The Goodyear Tire & Rubber Company will broadcast its Deutsche Bank Securities Inc. Global Industrials and Basic Materials Conference on its investor relations website. The conference takes place in Chicago on Thursday, 16 June, where Darren R Wells, executive vice president and chief financial officer, will discuss the company’s strategies and field questions from analysts and investors.
Continue ReadingAnalysts: 1 in 9 firms in the UK tyre market could change hands
Nearly 10 per cent of UK tyre firms could change hands due to the disparity between cash-rich and debt-stricken firms in the market. According to analysts from Plimsoll Publishing, 1 in 9 companies in the UK Tyre Manufacturers & Distributors industry could change ownership as a result of the current economic climate. Their prediction is that, with a surprising number of “cash rich” competitors waiting in the wings, the market could be set for a prolonged period of consolidation.
Continue ReadingGoodyear declares preferred stock dividend
Directors of The Goodyear Tire & Rubber Company today declared a quarterly dividend of 74.25 cents per share of mandatory convertible preferred stock. The dividend is payable 1 July, 2011, to shareholders of record on June 15, 2011. The payout represents an annual rate of $2.9375 per share.
Continue ReadingGoodyear Redeems $350 Million in Senior Notes
The Goodyear Tire & Rubber Company has announced that it has completed its previously announced redemption of $350 million in senior notes due 2016. A statement from the company continues: “Following its successful mandatory convertible preferred stock offering in March, Goodyear exercised its right to redeem $350 million in aggregate principal amount of its outstanding 10.500% senior notes due 2016. The redemption price was 110.5 per cent of the principal amount of the notes redeemed, plus accrued and unpaid interest to, but excluding, May 27, 2011. The redemption will result in savings to annualized interest expense of approximately $40 million, of which about $23 million will be realized in 2011.”
Continue ReadingConti supports football, wary of things that ‘negatively affect World Cup’
While Fifa president Sep Blatter looks likely to have steered himself to a fourth term at the helm of the good ship football, there is growing disquiet amongst world football key sponsors following allegations of corruption in the association’s World Cup and even presidential selection processes. Despite Blatter’s claims that “I am the captain of this ship and we are weathering the storm” one by one the leading sponsors have been voicing their own views. With this in mind Tyres & Accessories asked World Cup 2014 sponsor Continental for its take on the situation. The answer came in the form of an intricately worded statement that came out in clear support of football and the kind of sponsorship support the tyre and automotive manufacturer has invested heavily in up till now, but also hinted at the firm’s unhappiness with the current controversy. While Conti highlighted the fact that is has been “supporting professional soccer for more than 15 years with passion and engagement” the manufacturer also said it “cannot approve of anything that negatively affects the reputation of professional soccer, the World Cup 2014 or the characteristics of this sport.”
Continue ReadingLassa Tyres signs Bolton Wanderers partnership
Turkey-based manufacturer Lassa Tyres has finalised a partnership agreement with Barclays Premier League football team Bolton Wanderers for next season. Turkey’s Brisa Bridgestone Sabanci, which manufactures Lassa tyres is the country’s number one tyre producer, and the seventh largest in Europe. The company said Bolton’s position as a successful and established member of the top tier of English football – next season will be the eleventh consecutive year that the club will compete in the Premier League – was a major attraction for the brand. The partnership was brokered by London based Samson Sport Consultancy, who have also secured contracts for Lassa Tyres in their other key markets.
Continue ReadingMichelin adds material saving technology to fuel saving emphasis at Challenge Bibendum
Governments have G8 summits, economists have the World Economic Forum in Davos – for those with an interest in mobility development there's Challenge Bibendum. The 11th Michelin-sponsored forum has grown from an opportunity to present wonderfully creative ideas to the point that the technology on-show at this year's event (held in Berlin for the second time, from 18 – 22 May) are closer than ever to the production technology of tomorrow. True, some of the wackier concepts like free-mind and thought assisted driving that could be seen may still be some way off, and there were a number of prototypes that are more illustration that innovation, but the majority of technology demonstrated at Michelin's window on the roads of future is either 2 – 3 or 5 – 7 years from actually hitting the market.
Continue ReadingAnalysts: Bullish Pirelli meets expectations
During a recent roadshow with financial analysts Pirelli & C Spa chairman Marco Tronchetti Provera told the market watchers that the tyre industry is benefitting from an unprecedented combination of favourable conditions. Morgan Stanley analysts agreed, explaining that the Italian tyremaker’s upbeat comments support the bank’s thesis and “overweight” rating: “Pirelli remains an attractive second derivative play on booming premium car demand, offering unmatched premium tyre and emerging market exposure.”
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