Pirelli/Rosneft deal unchanged – Tronchetti Provera
Marco Tronchetti Provera does not expect Western Sanctions against Russia to have any impact on Rosneft’s acquisition of a 13 per cent shareholding in Pirelli. Reuters reports that the Pirelli chairman and CEO told journalists on the sideline of an event that “the timetable of the deal is confirmed, nothing has changed.”
Continue Reading241 jobs as Schrader invests £56M in N Ireland TPMS facilities
Schrader has announced an investment of £56 million-plus, creating 241 new jobs at its Carrickfergus and Antrim TPMS facilities. The major investment will see the company expand its production facilities over the next three years. It is also undertaking five research and development projects, and a major staff training programme to equip its engineers with the latest design and production techniques.
Continue ReadingCooper Q1 revenue, operating profit down year-on-year
As Cooper Tire & Rubber enters its centennial year, the US tyre maker has reported first quarter operating profit slightly below the record result achieved last year. On the back of net sales of US$796 million, 7.5 per cent lower than a year earlier, Cooper achieved a quarter operating profit of $81 million, 16.5 per cent down on the first quarter 2013 operating profit, which was the highest ever in the company’s 100-year history. Operating profit was 10.2 per cent of net sales. The company reported net income attributable to Cooper Tire & Rubber Company of $0.71 per share, or $45 million, in the first quarter. This compares with $56 million, or $0.87 per share, for the same period last year.
Continue ReadingKenda expanding European focus with German market launch, developing tyres for our region
Taiwanese tyre maker Kenda intends to strengthen its passenger car tyre business in Europe, and has named the German market as a particular focus. To support its efforts, the company has opened a European headquarters in northern Germany and as of 1 September 2013 employed former GITI Tire passenger car tyre marketing director Michael Andre as its marketing and sales manager for automotive tyres.
Continue ReadingSlight dip for Hankook in Q1 2014
Revenue and operating profit at Hankook Tire was marginally lower year-on-year in the first quarter of 2014, the company reported on 30 April. Global sales revenue amounted to KRW 1.675 trillion (£958.9 million) between 1 January and 31 March, 0.3 per cent lower than the revenue achieved in the first quarter of 2013. Operating profit in Q1 2014 was KRW 260.1 billion (£148.9 million), 0.7 per cent less than a year earlier. Operating profit to sales ratio was 15.5 per cent.
Continue ReadingUp to a million shares to be acquired in Michelin buyback
Michelin says it has implemented a partial share buyback scheme and under this will acquire up to one million Compagnie Générale des Établissements Michelin shares. The company says it has “called on the assistance of an Investment Services Provider to meet certain objectives” of the share buyback programme authorised at Michelin’s Annual Shareholders Meeting on 17 May 2013.
Continue ReadingContinental to take full ownership of emissions JV
Continental has announced its intention to purchase the outstanding shares in the 50/50 Emitec Gesellschaft für Emissionstechnologie mbH joint venture it operates with partner, Worcestershire-based GKN plc. Once the acquisition of the 50 per cent share currently held by GKN is complete, the business will be integrated into Continental’s Powertrain division. With the acquisition of Emitec and the deal’s approval, Continental will emerge as a supplier of exhaust aftertreatment systems. Continental has not stated the price it will pay for the remaining share in Emitec.
Continue ReadingToyo announces personnel, organisational changes
As reported on 28 April, as of the start of May Toyo Tire Europe president Naoki Gonsui will also become president of Toyo Tire Deutschland. Toyo has announced a further personnel change taking effect 1 May: Kiyohito Hasumi, currently president of Toyo Tire Canada, will take on the additional role of president, Nitto Tire Canada.
Continue ReadingGoodyear posts Q1 results, confirms targets
While Goodyear Tire & Rubber has expressed satisfaction with the US$373 segment operating income earned in the first quarter of 2014, chairman and CEO Richard Kramer acknowledged the effect of ‘headwinds’ in emerging markets during the three-month period, particularly the impact of Venezuela on the company’s Latin America business. Segment operating income was up 24 per cent year-on-year and had a margin of 8.3 per cent; this is the fourth consecutive quarter where SOI margin has exceeded eight per cent.
Continue ReadingContinental lifts 2014 EBIT outlook
After what it says was “a successful start to the new year,” Continental Corporation has raised its adjusted EBIT outlook. “For fiscal 2014 we intend to comfortably achieve an adjusted EBIT margin of 10.5 per cent instead of the originally advised 10.0 per cent,” announced Continental CEO Dr. Elmar Degenhart at last Friday’s Annual Shareholders’ Meeting.
Continue ReadingToyo opens new sales subsidiary as part of European restructuring
At present, Toyo Tire & Rubber is restructuring its Toyo Tire Europe GmbH subsidiary, with the aim of operating it as a holding company that will manage the tyre maker’s sales subsidiaries within Europe. Toyo says the restructuring will promote cohesive pricing policies and integrated marketing, optimal distribution and more agile management. As part of this, on 1 May Toyo Tire Europe will hand over sales activities for the German and Austrian markets to a new sales subsidiary, Toyo Tire Deutschland GmbH. This new subsidiary will have responsibilities similar to those held by Toyo Tyre (UK) Ltd and the company’s other national sales organisations. It will be located at the same address as Toyo Tire Europe and Naoki Gonsui will serve as president of both operations.
Continue ReadingAnalysts: Michelin 1Q figures below consensus
Following the publication of Michelin’s first quarter 2014 revenues, which show a 2.4 per cent drop in group sales, market analysts have responded by pointing out that the 4.758 billion euro figure fell just short of the 4.765 billion euro average of expectations. Nevertheless Michelin has held to its 2014 objectives including increasing volumes 3 per cent; increasing operating income before non-recurring items; and achieving structural free cash flow of greater 500 million euros along with capital expenditure of 2 billion euros.
Continue ReadingTitan to reduce employee headcount following disappointing Q1 performance
First quarter 2014 financials for Titan International are out, and Maurice Taylor says the company’s performance during the opening three months of the fiscal year fell short of expectations, mainly due to a “nonexistent” mining business, declines in the original equipment and aftermarket agricultural segments, and higher fuel costs. Titan now intends to instigate a series of optimisation measures at its global facilities.
Continue ReadingThe Mitas touch – a new plant, agri tyre ‘revolution’, and a changing brand focus
Ask many Subaru owners if they’re familiar with Fuji Heavy Industries and you’ll receive a negative response, even though one of the company’s products is parked in the driveway. Czech Republic-based tyre maker Mitas has faced a similar situation in recent years. Even though the off-road specialist’s share of the European agricultural tyre market (not counting imports from outside Europe) is said to be around 35 per cent, recognition of the Mitas name doesnt necessarily reflect this. The company now intends to change this state of affairs, and the percentage of tyres it produces under the Mitas brand name is set to markedly increase over the coming five years.
Continue ReadingMichelin reports higher volumes, lower sales in Q1 2014
During the first quarter of the 2014 fiscal year, Michelin experienced a 3.4 per cent rise in volumes, with fast original equipment segment momentum and growth in the truck tyre business, while weak mining tyre sales were offset by growth in aviation and two-wheel tyre business within the specialty tyre segment. This increase in volumes did not translate to higher net sales, however. Overall Michelin Group sales declined 2.4 per cent year-on-year to €4.76 billion.
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