Goodyear reports 27% increase in 2013 operating income
Goodyear Tire & Rubber Co. has reported full-year 2013 annual sales of US$19.5 billion, down 7 per cent from 2012. However, operating income was up 27 per cent compared with 2012 at $1.6 billion. Reference to the news that Sumitomo and Goodyear are looking to end their international joint ventures were noticeable by their absence from the official results reports. The company reported that it generated more than $1 billion of free cash flow from operations, resulting from higher net income and a $415 million benefit from working capital.
Continue ReadingGoodyear wants to end Sumitomo Rubber tyre joint venture
Goodyear Tire & Rubber Co. Ltd has asked Sumitomo Rubber Industries Ltd. to end the two companies’ tyre joint venture in Europe and alliances in Japan and the US. According to a report published by the Kyodo news agency and reproduced by numerous sources online, the increasing influence of emerging economies (as opposed to the mature markets in the cooperation) is behind the move. A Japanese language statement on Sumitomos corporate website appears to confirm the report. Tyres & Accessories is seeking further confirmation and comment on this breaking news and will publish additional details as they become available.
Continue ReadingDunlop Aircraft Tyres thriving and growing
Aviation tyre manufacturer Dunlop Aircraft Tyres Limited has distanced itself from Goodyear Dunlop’s decision to end motorsport tyre production in the UK later this year. In a short statement, the company points out that it is “in no way connected to Goodyear Dunlop” and clarifies that “there are no changes to the operation of Dunlop Aircraft Tyres.
Continue ReadingUniwheels appoints new CFO, posts preliminary 2013 results
As of 10 February, Dr. Karsten Obenaus is the new CFO of alloy wheel manufacturer Uniwheels. Previously head of financial accounting, Dr. Obenaus has long held senior positions within Uniwheels’ finance department. He succeeds Eckehard Forberich, who has left the company. Forberich held the role of CFO since 1 July 2011.
Continue ReadingA double win for Conti at TTI Awards
The winners of the Tire Technology International Awards for Innovation and Excellence 2014 have been announced, and Continental has walked away with awards in two of the five regular categories. In addition to being named Tire Manufacturer of the Year, the German firm was recipient of the Tire Manufacturing Innovation of the Year award for its ContiLifeCycle facility in Hannover. Other winners included Bridgestone, VMI and Sumitomo Rubber Industries. The awards were presented at a gala dinner held during this week’s Tire Technology Expo in Cologne.
Continue ReadingMichelin FY2013 net profits down 28 per cent…
Michelin has reported full year 2013 net sales of 20.247 billion euros, down 5.7 per cent (or 1.2 billion euros) on last year. Meanwhile operating income was fell roughly 10 per cent to 2.234 billion euros and net income plummeted some 23 per cent to 1.127 billion euros. According to Dow Jones analysts’ consensus was that this figure would fall less – by 22.0 per cent, and operating profit to retreat by 5.8 per cent.
Continue ReadingCooper Tire Europe sponsoring Arsenal
Cooper Tire Europe has announced that it is sponsoring Arsenal Football Club in a multi-year deal. The partnership, which will begin before the start of the 2014/15 season, will see the Melksham-based tyre manufacturer become an official partner to the north London club. The exclusive sponsorship designates the Cooper brand as the first “Official Tyre of Arsenal Football Club for Europe, Russia, Middle East, South Africa and selected north African countries and links the company’s passion for performance to football through the development of various advertising campaigns, consumer marketing programmes and promotions. No details of how much has been invested in the partnership have been revealed.
Continue ReadingWheels India announces new Xbrite wheel finish, ‘multi-million pound’ xlite investment
Maker of forged aluminium xlite wheels, Wheels India (WIL) has made a “multi-million pound” investment in its manufacturing facility. WIL said the investment has helped it set up a “state-of-the-art facility to meet increased demand for xlite forged aluminium wheels.” The manufacturer said that it will launch the next generation of its Xbrite wheel finish in the spring.
Continue ReadingContiTech buys former Goodyear business Veyance Technologies for 1.4 billion euros
Continental has concluded an agreement with equity firm The Carlyle Group to purchase Veyance Technologies Inc for roughly 1.4 billion euros. Veyance operates globally in the field of rubber and plastics technology and in 2013 recorded sales of approximately 1.5 billion Euro, around 90 per cent of which were achieved outside the automotive industry. Veyance has 27 plants around the world and a workforce of about 9,000 employees at the end of 2013. The Carlyle Group announced it had bought what was formerly Goodyear’s Engineered Products division for US$1.475 billion on 23 March 2007.
Continue ReadingPirelli reschedules 2013 results review meeting
Pirelli & C. SpA has announced that the Board of Directors meeting it scheduled to review results for the year ended 31 December 2013 will now take place on Thursday 27 March 2014 and no longer on Tuesday 11 March, as previously announced. The company says this change follows the announcement from Prelios SpA – a real estate sector company that Pirelli is shareholder of – that it has postponed its Board of Directors’ meeting to review results for the year ended 31 December 2013 until 25 March 2014.
Continue Reading‘The Ventus Experience’ – Hankook celebrates premium approvals
One of the most effective means of elevating brand awareness is through original equipment fitments, and after rising through the ranks of aftermarket tyre suppliers, Hankook Tire is busy assembling a portfolio of new vehicle approvals that place it in league with the world’s best-known and trusted tyre brands. The list of Hankook original equipment approvals from the last few months alone includes fitments for the Mercedes-Benz S-Class and E-Class, plus the BMW 5-Series and X5. These deals come at a time of growth for Hankook’s performance tyre business – as evidenced by the 12.9 per cent year-on-year rise in European UHP tyre sales during 2013 – and Hankook is in the mood to celebrate its success. The tyre maker recently invited journalists from Europe and beyond to Spain in order to get to know the company and its latest Ventus lines a little better.
Continue ReadingKumho 2013 performance lags behind prior year
Kumho Tire has informed the Korea Stock Exchange that its 2013 sales, operating income and net profit were lower than the comparative figures for 2012. According to the company’s consolidated financial statements, total sales last year amounted to KRW 3,698.5 billion (£2.1 billion), a year-on-year reduction of 9.1 per cent. Operating income, at KRW 348.2 billion (£197.8 million), was down 7.2 per cent on the 2012 result. Net income for 2013 was KRW 117.4 billion (£66.7 million) and 10.1 per cent less than a year earlier.
Continue ReadingRussia/CIS, taxes weigh upon Nokian Tyres in Q4 2013
Recent tax reassessments have given the Nokian Tyres Group a negative bottom line in the fourth quarter of 2013. The Finnish tyre maker’s pre-tax profit of €57.7 million (already down 44.6 per cent year-on-year) was dragged down to €-36.4 million by the additional €100.3 million in taxes and interest that Finland’s Tax Administration requires Nokian to pay for the 2007 to 2010 financial years.
Continue ReadingApollo Tyres building UK dealer network at ‘iconic venue’ events
Apollo Vredestein UK managing director Stuart Jackson revealed several strategic details with which Apollo plans to grow its brand in the UK. Apollo is to introduce a truck and bus tyre range and expand its passenger car tyre lines into a fourth generation, with a sizeable investment in UK marketing “to support brand growth.” The tyre manufacturer will also develop its links with Manchester United, both as a partner in a sports facility initiative and as a significant branding opportunity, with video and print marketing materials featuring the purple of Apollo and the red of the Stretford team.
Continue ReadingHeuver reports positive end to 2013
Although Heuver Tyrewholesale experienced a “slow and somewhat difficult start” to 2013, the Netherlands-based wholesaler says it ended the year with a healthy balance sheet. This positive performance was aided by improvements to the company’s website and online shop – Heuver says online turnover again increased compared with recent years. Changes in the Benelux and German markets also benefitted customers by enabling them to place more regular orders for smaller quantities of tyres.
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