Bekaert Completes Acquisition of Bridgestone Tyre Cord Plants
On March 31 Bridgestone and Bekaert signed a Closing Memorandum confirming Bekaert’s acquisition of Bridgestone’s Bridgestone Metalpha Italia S.p.A., based in Sardinia, and Guangdong Province based Bridgestone (Huizhou) Steel Cord Co., LTD. steel cord manufacturing subsidiaries, a transaction first announced on February 1. According to Bekaert, its integration of the two plants and the long-term supply agreement arranged with Bridgestone come into effect immediately.
Continue ReadingBridgestone Establishes Vietnam Tyre Sales Company
Bridgestone Corporation subsidiary Bridgestone Asia Pacific Pte. Ltd. (BSAP) has established a new tyre sales company for the Vietnamese market. Based in Ho Chi Minh City, the new company is named Bridgestone Tire Sales Vietnam Limited Liability Company (BSTVN) and is 95 per cent BSAP owned. The remaining five per cent ownership is held by Mitsubishi Corporation. Established with a capital of US$700,000, BSTVN employs 18 staff and is headed up by Tetsuro Chiba.
Continue ReadingBandvulc Restructures Telesales Dept
According to Kevin McPherson, tyre contracts manager at Bandvulc Tyres, “it is easy to forget that in our business it is the point of sale conversations with dealers and suppliers, which if developed, can lead to extra sales.” Bearing this focus in mind and in order to provide a better level of customer service, Bandvulc Tyres recently made changes to the structure of its Telephone Sales department.
Continue ReadingSRT Reports 8.1 Million Tyres Produced in 2009
Sibur-Russian Tyres reports producing a total of 8.1 million tyres during 2009, including 5.4 million passenger car and light commercial vehicle tyres, 2.4 million commercial vehicle tyres and 300,000 other sorts of tyres (such as aviation and motorcycle tyres). The company plans to increase production by 14 per cent during 2010.
Continue ReadingYokohama Rubber Raises Sales and Earnings Projections
Yokohama Rubber has raised its projections for consolidated net sales and earnings in the fiscal year to March 31, 2010. The company now projects a net income of 9.4 billion yen (£69.2 million), compared with a net loss of 5.7 billion yen in the previous fiscal year. It projects that operating income will rise 49.9 per cent to 19.2 billion yen (£141.3 million), and that net sales will decline 9.1 per cent, to 470.0 billion yen (£3.5 billion). The projection for net income is 34.3 per cent higher than the projection announced on October 30, 2009; the projection for operating income is 12.9 per cent higher; and the projection for net sales is 1.1 per cent higher.
Continue ReadingUK Brokerage Chosen for Spain, Portugal Tyre Warranties
UK insurance broker Garratts has landed a 700,000 euro contract to arrange tyre warranties for car dealers in Spain and Portugal. The Preston based broker was appointed by Spanish broker Sanz & Domecq to provide an annual warranty policy covering 411 workshops and 180 garages across the two countries.
Continue ReadingStamford Quarter Sales and Profits Up
Stamford Tyres has released unaudited results for the third quarter of its 2010 financial year – a quarter that, unusually, spans the period between November 1, 2009 and January 31, 2010. The company attained a total revenue of S$81.73 (£) during the quarter, and increase of 29.21 per cent on the same period a year earlier. Net profit amounted to S$2.37 million (£), compared with a profit of only $102,000 during the corresponding quarter of the previous financial year.
Continue ReadingGajah Tunngal Reports £64M Net Profit for FY2009
Full year net profits of 905.33 billion rupiah (£64.67 million) have been reported by PT Gajah Tunggal Tbk. The Indonesian tyre maker reports it “managed to overcome a difficult first half of 2009” to post full-year sales of 7,936 billion rupiah (£566.86 million), only slightly down from the 7,963 billion achieved in 2008. Overall sales volumes were down in 2008, the company says, primarily due to volume decreases in export markets. The reported net profit, however, represents a marked contrast to a net loss of 624.79 billion (£44.63 million) a year earlier. Gajah Tunggal claims “strong operational performance was the main driver” of this turn around from loss to profit, although a large translational foreign exchange gain related to the company’s US dollar denominated bonds also contributed to the gain in net income. Furthermore, Gajah Tunggal’s associated company, PT Polychem Indonesia Tbk., added 16 billion rupiah (£1.14 million) to earnings from a loss of 76 billion rupiah the year before.
Continue ReadingVredestein Announces Cooperation with Arden
A cooperation between Vredestein and car manufacturer Arden has been signed by Apollo Vredestein CEO Rob Oudshoorn and Arden’s Jochen Arden. Through the agreement, Vredestein reports it has now found a partner in Arden for modified vehicles from the premium Jaguar, Bentley and Range Rover and Mini brands.
Continue ReadingDenman Tire Files for Bankruptcy
US based industrial tyre manufacturer Denman Tire Corporation has filed for Chapter 7 bankruptcy in the US Bankruptcy Court Northern District of Ohio, reports Tire Review. This action ends an almost two-year struggle to stay afloat in the face of a brutal economy and heavy pressure from imported tyres.
Continue ReadingTitan to Pay Q1 Dividend
Titan International’s Board of Directors has approved a quarterly cash dividend of US$0.05 per common share for the first quarter of 2010. The cash dividend is payable April 15, 2010, to stockholders of record on March 31, 2010.
Continue ReadingLanxess ‘Confident’ About 2010 Following Strong Q4
After finishing the 2009 financial year on a high note in the last quarter, specialty chemicals group Lanxess has expressed confidence for the 2010 year. This sense of optimism, it says, is supported by the company’s development within the Asia/Pacific and further boosted by savings generated from its “Challenge09-12” package of measures. “We therefore expect a significant year-on-year improvement in earnings, even if there is currently no sign of a self-sustaining upswing,” said Axel C. Heitmann, chairman of the Lanxess AG Board of Management.
Continue ReadingMichelin Launches UK Part of New Global Ad Campaign
Michelin has launched the UK part of a new global ad campaign based on the theme: “The right tyre changes everything.” According to the company, the new campaign is intended to illustrate the competitive advantages of Michelin tyres and will roll out across the country from 15 March. While creating a link with the grand tradition of Michelin advertising, the company has chosen a fully animated presentation for its new advertising campaign. It features the famed Michelin man, Bibendum, in an animated world. As ambassador of the Michelin brand, he comes to the aid of motorists in trouble, replacing their inefficient tyres with Michelin tyres that he pulls from his body, thereby enabling them to keep on driving.
Continue ReadingChina Market Growth Three Times Global Average
An estimate given by Sumitomo Rubber Industries suggests that sales of tyres in China will increase at three times the global rate. Bloomberg reports company president Tetsuji Mino as saying sales will increase about ten per cent per annum from just under 150 million tyres in 2009, compared with a global growth of three per cent. “We are sure that China is the most promising market,” Mino said. “Car ownership is spreading from wealthy people to ordinary consumers.”
Continue ReadingGovernment Backs General Motors Europe With £270 million Loan Guarantee
Business Secretary Lord Mandelson announced today (12 March) that the government has agreed a €300 million (£270m) loan guarantee with GME Europe. Agreed under the government’s Automotive Assistance Programme, the British loan guarantee will be joined by extra support from GM in the US and other European government. According to the business secretary’s office, the guarantee is designed to help secure the company’s operations in Britain and the rest of Europe and follows “detailed and highly complex talks between the Government and GM.”
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