Apollo Tyres Commences Lockout at Perambra Factory
In June 11 filing to the Bombay Stock Exchange, Apollo Tyres has reported the initiation of a lockout at its Perambra factory in Kerala. “With reference to the earlier announcement dated April 29, 2010, Apollo Tyres Ltd has now informed BSE that the management has declared Lock-out at company's manufacturing facility at Perambra,” stated the filing, quoting “labour unrest relating to long term settlement negotiations” as the reason for its action.
Continue ReadingHalfords Sales Reach £831.6 million Supported by Nationwide Acquisition
Halfords Group Plc has reported preliminary full year 2010 results (April to April) showing sales of £831.6 million, up 4.6 per cent on 2009 and up 0.7 per cent like-for-like. The company’s gross margin grew to 54.4 per cent, while operating profit shot up 17.5 per cent to £119.7 million, representing 14.4 per cent of sales (2009: 12.8%). The acquisition and “successful integration of Nationwide Autocentres” – four of the network’s branches are already said to have converted their livery – were clearly important parts of the company’s strong results. David Wild, Chief Executive, commented: “Halfords has had an excellent year…Sales growth in core areas, margin expansion and disciplined cost control has led to the delivery of 25 per cent earnings growth…In addition we made our first acquisition, Nationwide Autocentres, which represents a natural extension of Halfords service proposition in the car aftermarket and is already making a good contribution to the Group.”
Continue Reading‘Everyone Comfortable’ With Salem Plant Agreement, says Yokohama
Yokohama Tire Corporation has published details of the new four-year contract signed with the United Steelworkers for its factory in Salem, Virginia. The tyre maker says that contract highlights include a ‘no closure agreement’ for the plant during the contract’s duration, an improved cost of living structure, continuation of the union’s current pension plan and safety and health measures.
Continue ReadingApollo Registers 63% Sales Growth
During the 2009-10 financial year sales at Apollo Tyres’ operation in India, the Netherlands and South Africa increased 63 per cent to Rs 81.2 billion (₤1.2 billion), with operating profit growing from Rs 4.4 billion to Rs 11.9 billion (₤175.0 million) and net profit leaping 364 per cent to Rs 6.5 billion (₤95.6 million) – a result company chairman Onkar S Kanwar described as “an impressive performance by the company.
Continue ReadingJK Tyre FY2009 Sales & Profits "Highest Ever"
For the year ended March 31, 2010, JK Tyre & Industries reports consolidated net sales of Rs 45,706 million (₤672.2 million). A comparison with the previous financial period is not possible, notes the tyre maker, as the fiscal period ending March 31, 2009 was an 18-month period. Net profit for the year to March 31, 2010 stands at Rs 2,197 million (₤32.3 million). JK Tyre & Industries comments that its sales and profits for the year “are the highest ever, despite disruption of operations at Kankroli Tyre Plant, Rajasthan for three months owing to [an] illegal strike by workmen during the year.” Revenue from the company’s operations in India amounted to Rs 36,777 million (₤540.8 million) while those in Mexico came to Rs 8,934 million (₤131.5 million).
Continue ReadingJK Tyre Greenfield Plant to be Completed by 2012
India’s JK Tyre & Industries has outlined plans for a new greenfield facility capable of producing 2.5 million passenger radials and 400,000 truck and bus radials per annum. “We will set up a greenfield plant near Chennai and invest Rs 930 crore (₤136.7 million) in that. The plant will be completed by 2012,” JK Tyre & Industries Vice chairman and managing director Raghupati Singhania. JK Tyre & Industries has reportedly already acquired more than 100 acres of land for the factory. According to the company’s president and director, Arun K Bajoria, just under a third of the total planned investment will be funded through internal accruals and the rest will be raised from various financial institutions.
Continue ReadingBridgestone Returns as NHL Official Tyre
The National Hockey League, the National Hockey League Players’ Association and the Hockey Hall of Fame have renewed a partnership with Bridgestone Americas Tire Operations and Bridgestone Canada, in which the Bridgestone brand will serve as the “Official Tire of the NHL, NHLPA and the Hockey Hall of Fame,” for the next five years, reports Tire Review. As part of the agreement, Bridgestone will return as the title sponsor of the award-winning outdoor game, the Bridgestone NHL Winter Classic. The event, which is typically the NHL's most-watched regular-season game, takes place on New Year’s Day.
Continue ReadingNokian Aiming for Premium Segment Leadership in Russia
An overview of Nokian Tyres’ current position and strategy in Russia has been given by Anne Leskelä, the company’s Industrial Relations vice-president and CFO. She reported that the Russia and CIS region, which accounted for 26 per cent of the company’s 183.8 million euro sales in the first quarter of 2010, experienced a 42.7 per cent growth in sales to 46.8 million euros during the three-month period, with passenger car tyre market share increasing. Leskelä also stated Nokian Tyres’ objective of attaining market leadership in the premium tyre segment by 2014 in Russia and the CIS.
Continue ReadingExpanded Goodyear Dunlop European Logistics Centre Inaugurated
Late last year the Goodyear Dunlop group completed the expansion of warehouse storage capacity of its European logistics centre in Philippsburg, near Stuttgart in southern Germany. Work on the centre’s offices, from where the company’s Europe-wide logistics are directed, has now also been finished, marking the completion of a 20 million, one and a half year project. The centre was officially inaugurated by Heribert Rech, minister of the interior for the province of Baden-Württemberg along with Eberhard Louis, director of Distribution & Operation at Goodyear Dunlop Europe, and Dr. Rainer Landwehr, chairman of Goodyear Dunlop Tires Germany.
Continue ReadingCoalition Question Mark Hangs Over Michelin Funds
The Stoke Sentinel reports that up to ₤3.9 million awarded to Michelin through the regional development agency Advantage West Midlands (AWM) may not head in the tyre maker’s direction if the new coalition government’s spending axe falls upon it. The Government says it will review spending projects reviewed upon after January 1 and decide if they represent value for money; Michelin’s intention, according to the Sentinel, was to use the awarded funds towards a ₤20 million modernisation plan for its Stoke-on-Trent site.
Continue ReadingMichelin Data Confirms Market Uptick
Information released by Michelin on July 19 paints a very similar picture of the current global tyre market as the Pirelli information published two days earlier. The French manufacturer reports a 13.4 per cent year-on-year growth in the European (including Turkey, excluding Russia) passenger car and light commercial vehicle tyre replacement market during April 2010, and a 21.2 per cent growth in the original equipment sector. This represents a year-to-date growth of 10.4 per cent for the replacement market and 33.6 per cent for original equipment. The replacement truck tyre market is reported to have grown 22.7 per cent, while the original equipment sector showed a year-on-year growth of 58.8 per cent during the month. Year-to-date, Michelin’s figures show the replacement truck tyre market to have grown 34.7 per cent, while growth in the original equipment sector is reported to be 10.7 per cent.
Continue ReadingLast Minute Bid Gives Denman Assets to Titan
Tire Review reports Titan International emerged as the winner among multiple parties seeking to buy some or all of the remaining assets of the defunct Denman Tire. Yesterday, the US Bankruptcy Court approved Titan’s $4.4 million last minute bid to acquire all of Denman’s brands, patents, drawings, molds, recipes and other intellectual property. The assets were auctioned off by the court as part of Denman’s Chapter 7 liquidation.
Continue ReadingBridgestone a Boeing ‘Supplier of the Year’
More than 12,000 companies currently supply Boeing with components for its range of aircraft, but only fourteen of these could be chosen to be a ‘2009 Supplier of the Year’. Bridgestone Corporation was one of this select group, having been singled out for its performance in a number of areas, including quality, delivery performance, cost, environmental initiatives, customer service and technical expertise. This is the first occasion that Bridgestone has been awarded this title.
Continue ReadingNTDA to Implement "Major Changes"
Following the National Tyre Distributors’ Association’s (NTDA) annual general meeting yesterday (18 May 2010), the association has agreed to a number of major changes to its organisational and representational structure. The changes follow a review conducted by former chairman Peter Gaster during the last year, which found that a modified structure would better represent regional membership and that the association would benefit from better engagement with its suppliers. So what has changed? According to the latest NTDA e-zine, the AGM accepted a change to the rules to completely revise the regional representation of its executive council. NTDA members will shortly receive a regionalised nomination form as “a prelude to a voting procedure to elect regional representatives from all eight regions.” The new approach will expand regional representation on the council and provide an on-going link with the smaller companies in membership. Nominations will only be accepted from companies who do not already have a right to a seat on council through their size.
Continue ReadingTyre Market Data Shows Growth in All Regions
According to data released by Pirelli & C. SpA, Europe’s passenger car and light commercial vehicle replacement tyre market grew 14 per cent year-on-year during April 2010, below the 20 per cent improvement observed in March yet a three point improvement on the market’s 10.5 per cent year-to-date improvement. Original equipment sales of all tyre brands in Europe improved one per cent year-on-year during April, considerably lower than the 19.25 per cent improvement seen in the year-to-date. Replacement market truck tyre sales showed a 20 per cent year-on-year improvement during the month, down on the year-to-date increase of 32.75 per cent. The original equipment truck tyre market in Europe shot up 60 per cent in April, by far the largest monthly year-to-date growth so far this year. Year-to-date, growth in this sector have improved by 16 per cent over last year.
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