Delticom increases revenues in 2013, but bottom line shrinks again
Consolidated net income at online tyre dealer Delticom has decreased for the second consecutive year, falling 47.9 per cent year-on-year to €11.6 million for 2013. This is 67.8 per cent lower than the 15-year old company’s best ever net income of €36.0 million, which it achieved in 2011. Nevertheless, upon releasing its 2013 Annual Report the company defended this result by claiming its business model “has once again proven its resilience” and that Delticom ran a profitable business last year despite an “adverse” market environment.
Continue ReadingSchaeffler fined €370.5M for bearing cartel participation
Continental AG majority shareholder Schaeffler AG is one of five companies that have been handed substantial fines for operating a cartel in the automotive bearing market. The European Commission fined the companies a total of more than €953 million, with the largest single fine given to Schaeffler. The German manufacturer must pay €370.5 million, almost 40 per cent of the total penalty.
Continue ReadingBentley creates 100 jobs as its Crewe headquarters become W12 ‘centre of excellence’
Bentley has announced plans to expand the workforce at its Crewe headquarters by 100 people as the site becomes a “centre of excellence for all VW Group W12 engines”. The move will see the UK manufacturer produce up to 9,000 W12 engines per year, exporting units for the first time in its history. To manage increased production demand, Bentley will employ a further 100 people in 2014 as part of the £800 million investment programme it announced last year.
Continue ReadingMatching stocks and customers a Vimexa strength
Gaining a foothold in a new market or securing the best deal on stock is easier said than done. It’s difficult for wholesalers, manufacturers or dealers to be experts in every aspect of the tyre business, and this means that companies often miss out on opportunities simply because they don’t know about them. In such instances you can either accept this limitation – or you can look for someone who can help. This year a new Netherlands-based company, Vimexa Automotive BV, entered the business of helping companies within the tyre, wheel and battery industries find what they want or need. Other automotive products, such as TPMS – a product of growing significance in Europe – may also be introduced into the portfolio. Tyres & Accessories recently met with company founder Rutger Veerman to discover more.
Continue ReadingRosneft buys 13 per cent of Pirelli
Russian oil major, Rosneft has bought into Pirelli, taking control of 50 per cent of the holding group controlling Pirelli and a 13 per cent share of the tyre maker itself. The purchase makes the Russian group the largest single shareholder in Pirelli. The deal is being characterised as a solidification of the company’s partnership with Rosneft in Russia, which is seen as a access route to the emerging market for the tyremaker. However, Pirelli’s share price had fallen 2.24 per cent in response to the news (correct at time of publication).
Continue ReadingVolkswagen set to buy rest of Scania
The German automotive group Volkswagen looks set to acquire the entire stake in Swedish commercial vehicle maker Scania for €6.7bn (£5.59bn). The company currently holds a total of 89.2 per cent of the voting rights and 62.6 per cent of the capital of Scania.
Continue ReadingTitan International announces Q1 dividend
The Board of Directors of Titan International has approved a quarterly cash dividend of US$.005 (one half cent) per common share for the first quarter of 2014. The cash dividend is payable 15 April 2014 to stockholders of record on 31, March 2014.
Continue ReadingCooper Tire: 2013 figures show impact of ‘unique challenges’
Less than two weeks after releasing overdue third quarter 2013 results that reflected the disruptions experienced at Cooper Chengshan in China – a situation that cost the company US$56 million in negative impact, including $47 million in lower volumes and $9 million in manufacturing inefficiencies – Cooper Tire & Rubber has published its fourth quarter and full year 2013 figures. Sales, operating profit and net profit are all lower than in 2012.
Continue ReadingNokian gives winter market overview
In its Annual Report for 2013, which was released today, Nokian Tyres estimates that approximately 111 million winter passenger car and van tyres were sold last year in its main regions of activity. This includes 69 million winter tyres sold in Europe (excluding the Nordic countries) out of a total of 230 million passenger car and van tyres sold in the region.
Continue ReadingConti planning to grow workforce by 7,000 this year
Assuming the market develops according to expectations, Continental intends to increase its global employee count by around 7,000 in 2014. This would bring the number on its payroll to approximately 185,000 by the end of the year. This is about 50,000 jobs more than in 2009, during the midst of the financial crisis. At the end of 2013, the employee count had reached around 178,000, with 50,000 of these positions based in the company’s home country, Germany.
Continue ReadingHankook gains European funds for second Hungarian plant
The European Commission has authorised €57.9 million of regional investment aid for Hankook Tire Hungary Manufacturing and Trading Ltd. This will be used to erect a second greenfield facility alongside Hankook’s plant in Rácalmás, which entered production in 2007. The new consumer tyre facility will produce ultra-high performance tyres, sealant and run-flat tyres, and these products will be sold globally.
Continue ReadingCooper signs as sole tyre supplier for World RX
This year marks the debut of the FIA World Rallycross Championship, and Cooper Tire Europe has been appointed exclusive tyre supplier. Under the terms of three-year agreement signed with the ‘FIA World Rallycross Championship presented by Monster Energy’, or World RX for short, Cooper will supply tyres to drivers for all 12 rounds of the 2014 season and also over the coming two years. This year’s championship begins at the Pista Automóvel de Montalegre in Portugal on 3 May.
Continue ReadingStamford profits hammered in Q3
Newly-published third quarter results show a Stamford Tyres experienced slight decline in turnover and a marked year-on-year drop in profits during the period. In the three months ending 31 January 2014, the Singapore-based company’s revenues decreased 2.94 per cent in the quarter to S$71.7 million (£34.0 million). Gross profit was down 2.35 per cent to $16.6 million (£7.9 million). Net profit fell 62.66 per cent to S$838,000 (£397,560).
Continue ReadingBrembo revenues, profits up in 2013
Brake manufacturer Brembo S.p.A. has posted positive results for 2013 despite an 11.2 per cent drop in net profit during the final quarter of the year. The company’s revenues grew 12.8 per cent to €1.6 billion in 2013 while EBITA rose 23.5 per cent to €212.1 million, with a margin of 13.5 per cent. EBIT increased 35.6 per cent to €121.4 million, with a margin of 7.8 per cent. Net profit rose 14.4 per cent year-on-year to €89.0 million in 2013.
Continue ReadingGoodyear is Fortune’s most admired vehicle parts company
The Goodyear Tire & Rubber Company has been recognised as the world’s most admired motor vehicle parts company by Fortune magazine. The tyre maker rose from third place last year to top the current category list on the 2014 World’s Most Admired Companies list, and was ranked first within its category in five of the nine the key evaluated attributes: people management, use of assets, social responsibility, long-term investment and product/service quality. Goodyear’s overall score was 7.09. Michelin, the only other tyre maker named in the motor vehicle parts category, dropped two places since last year to number six and gained an overall score of 5.93.
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