Conti growth ‘sets new records’
Continental Corporation says its 2011 sales, operating results and net income results “set new records.” Reporting at the company’s annual financial press conference on 1 March, l CEO Dr. Elmar Degenhart said in 2011 Continental “grew nearly twice as much as the relevant markets in almost all business areas and generated a sales increase of 17 per cent to 30.5 billion euros. At the same time, our operating result (EBIT) increased twice as fast as sales to approximately 2.6 billion euros. We significantly improved our EBIT margin from 7.4 per cent in the previous year to 8.5 per cent. For the first time since 2006, all divisions were in the black again despite of the acquisition-related write-downs that will continue up to and including 2014.” He further reported adjusted EBIT (adjusted in particular for acquisition-related write-downs and special effects) of “a good 3 billion euros” and a margin of 10.1 per cent, figures exceeding the forecast issued at the start of 2010.
Continue ReadingHigh diesel prices are crippling hauliers says RHA
The Road Haulage Association's latest weekly fuel price survey - the most reliable guide to what hauliers actually pay for diesel deliveries to their depots - shows a national average price of 116.33 pence before VAT (139.60 after VAT).
Continue Reading2011 a ‘record year’ for Titan
Titan International has recorded a record fourth quarter and full-year 2011. The US firm says its year to date 2011 sales were the highest in company history and increased 69 per cent year-on-year to US$1.487 billion. Gross profit for 2011 amounted to $232.1 million, or 15.6 per cent of net sales, a year-on-year rise of 123.0 per cent. Net income for the year was $58.2 million, compared to a loss of $5.9 million during the 2010 financial year. Fourth quarter results tell a similar story: Sales during the three months to 31 December came to $402.9 million, up from $232.7 million in the fourth quarter of 2010. Income from operations increased from $16.2 million in the final quarter of 2010 to $58.5 million in the fourth quarter of last year.
Continue ReadingGoodyear to redeem $650m in senior notes
On 28 February Goodyear Tire & Rubber called for the redemption on 29 March 2012 of all its outstanding US$650 million 10.5 per cent senior unsecured notes due 2016. The redemption price will be 107.875 per cent of the principal amount being redeemed on the date of redemption, plus the interest payment amount scheduled for 15 May 2012 (less accrued and unpaid interest to 29 March 2012), computed using a discount rate equal to the yield of a comparable US Treasury security plus 0.50 per cent. In addition, holders will receive accrued and unpaid interest to 29 March 2012.
Continue ReadingSibur, Reliance JV to meet India’s synthetic rubber needs
The biggest petrochemical company in Russia and Eastern Europe has entered into a joint venture with India’s largest private company to produce butyl rubber. On 21 February Sibur and Reliance Industries Limited jointly announced their intention to establish a facility in Jamnagar, India capable of producing 100,000 tonnes of the substance per annum. The plant will be operated by the joint venture company Reliance Sibur Eleastomers Private Limited, which will be India’s first butyl rubber manufacturer and the world’s forth largest supplier.
Continue ReadingMarket share goal in sight: BKT aiming for 32% rise in production
Indian off-road tyre specialist BKT appears on track to reach its market share goal ahead of schedule. In a statement released on 17 February, company vice-chairman and managing director Arvind Poddar announced that due to current growth the tyre maker’s aim of becoming a global leader in off-highway tyre solutions with a ten per cent market share should be reached in 2014 rather than 2015.
Continue ReadingPirelli appoints Paolo Ferrari NAFTA region chairman, CEO
Pirelli has appointed Paolo Ferrari as chairman and chief executive officer of Pirelli’s NAFTA region. He will be tasked with driving the group’s growth and further strengthening its commitment to its US, Canadian and Mexican operations, according to a Pirelli statement. Matteo Battaini will focus on the role of NAFTA region chief operations officer.
Continue ReadingApollo sales up in Q3; margins remain under pressure
Net sales at Apollo Tyres increased 36 per cent year-on-year to Rs 32.28 billion (£404.75 million) in the third quarter of the 2011-12 financial year. In the three month period, which ended 31 December 2011, the tyre maker also achieved an operating profit of Rs 3.28 billion (£41.13 million), a rise of 18 per cent. Net profit, at Rs 980 million (£12.29 million), was 18.3 per cent down on the corresponding quarter a year earlier. Breaking net sales down by geographic region, the Indian tyre maker’s domestic operation generated revenue of Rs 20.93 billion (£262.43 million) during the quarter, up 46.2 per cent year-on-year, while European revenue rose 26 per cent to Rs 8.20 billion (£102.78 million) and South Africa revenue grew 28 per cent to Rs 3.83 billion (£48.04 million).
Continue ReadingMichelin’s Rollier to retire mid-year
In February 2011 Michel Rollier announced he didn’t intend to complete his current term of office as managing general partner and chairman of Michelin, as he would be 72 years old when his tenure ended. Rollier, now 67, has decided to retire from his current role this year and announced that at Michelin’s Annual Meeting on 11 May he will recommend shareholders accept that he leave office, effective that date. If shareholders agree, Jean-Dominique Senard, who was elected non-general managing partner in May 2007 and managing general partner last May, will succeed him as chairman from 11 May, 2012.
Continue ReadingA growing manufacturer in a growing market – Pirelli's truck business
Ugo Forner, senior vice president of Pirelli’s truck business unit, shares an insight into a sector of the world’s fifth largest tyre maker that is sometimes concealed in the shadow of the company’s sporting ambitions (such as Formula 1) and its positioning as a leading high performance passenger car tyre brand. This sector is of course commercial vehicle tyres, a business in which Pirelli has a presence in many markets around the world, including South America, where it is market leader; indeed, the region is considered the company’s “cash cow”.
Continue ReadingTrelleborg prepares for JV with organisational changes
Swedish company Trelleborg has announced a number of organisational changes in preparation for the start of a light and heavy vehicle anti-vibration solutions joint venture with Germany’s Freudenberg & Co. KG. Trelleborg says the changes will “further strengthen and focus the Group.” The planned reorganisation does not involve company’s tyre making operation, Trelleborg Wheel Systems.
Continue ReadingNokian profit up 82% in 2011
Despite the biting chill of the Finnish winter, the team at Nokian Tyres has surely been warmed by the company’s performance results for the 2011 financial year, which were released on 8 February. During the twelve month period group net sales rose 37.7 per cent to 1.46 billion euros and operating profit increased 71.1 per cent to 380.1 million euros. Better still, the all-important bottom line shot up 82.0 per cent, with profit for the year to 31 December 2011 amounting to 308.9 million euros.
Continue ReadingTIF launches UK tyre industry factbook
The Tyre Industry Federation (TIF), the trade body representing the tyre manufacturers, importers, distributors and retreaders in the UK has published a new factbook. TIF’s latest publication gives an overview of the tyre industry from manufacture to recycling and from road safety to lifecycle impact complete with some of the most detailed official statistics agreed by a British association.
Continue ReadingNew top man at Kumho Tires
The Kumho Asiana Group has appointed Kim Chang-kyu the new chief executive officer and president of Kumho Tires, effective 1 February. Kim, whose career within the Kumho group of companies began in 1977, previously served as president and CEO of Kumho company Asiana IDT, a position he’d held since April 2009. Other prior roles within the company include president and CEO of Kumho Trading and president and CEO of Kumho Resort. Kim’s previous experience within Kumho’s tyre business includes roles within Kumho Tires’ export/specialty sales/overseas division between February 1991 and the end of 2000 and with Kumho Tires Dubai between 1984 and 1991. Mr. Kim replaces Kim Jong-ho, who has retired.
Continue ReadingSokov takes over as Sibur-Russian Tyres CEO
Sibur-Russian Tyres has announced the promotion of Dimitry Sokov to the role of chief executive officer. The chief operational officer’s appointment to the position takes effect 6 February. Sokov replaces Vadim Gurinov as chief executive officer; Gurinov now serves as chairman of the company’s Board of Directors.
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