Germany, North America help Brembo increase nine-month profit
While many markets in Europe continue to prove challenging for Italian brake manufacturer Brembo, Germany and the USA have continued to provide the company with enough growth opportunities to keep the company's revenues ahead of those at this stage in 2011. Overall, the company registered net profit up 59.8 per cent in the first three quarters (49 million euros), with sales up 10.5 per cent (1,045 million euros). Chairman Alberto Bombassei said he remained “convinced that the ability to innovate, along with a constant focus on quality, are the foundation of company’s success, even in a crisis scenario."
Continue ReadingRose Appointed VP of sales and marketing at Titan
Richard Rose has been appointed VP of sales and marketing at Titan International, the company’s board of directors announced. The appointment is effective 1 November 2012.
Continue ReadingJeff Schumaker promoted to Cooper Europe MD
From 1 January 2013 Jeff Schumaker will take over as managing director of Cooper Tire Europe prior to Julian Baldwin’s retirement on 31 January. Baldwin’s retirement follows six years of leading Cooper Tire Europe and almost 20 years with the company. “Jeff’s demonstrated leadership skills and broad range of competencies gained throughout his long and diverse career at Cooper Tire position him well to succeed Julian, who has accomplished a great deal in his years at the helm of Cooper Tire Europe,” said Hal Miller, president, International Tire Division. “Under Julian’s leadership, a high quality, cost-effective European manufacturing footprint was established and expanded with the recent opening of our new operation in Serbia. We thank Julian for his immense contributions and look forward to the strong leadership Jeff will bring to maximizing our opportunities throughout Europe and Russia.”
Continue ReadingGoodyear to present at Goldman Sachs Industrials Conference
The Goodyear Tire & Rubber Company has announced that it will webcast its presentation at the 2012 Goldman Sachs Industrials Conference in Boston on November 13. During the presentation Darren R Wells, executive vice president and chief financial officer, will provide a business overview and discuss the company’s strategies.
Continue ReadingLehigh appoints two for MRP market growth
Sustainable materials company, Lehigh Technologies has appointed a former Bridgestone and a Reko International executive to drive the adoption of its micronized rubber powder (MSP) material across target markets. The addition of two tyre and plastics industry executives, Greg Henwood and Michael Kruzynski respectively, to the company’s business development team is aimed at expanding the company’s reach in the tyre, plastics and polyurethane markets. Henwood is a new sales director for Plastics and Polyurethanes, and Kruzynski has been appointed to the position of major account manager for Tire and Industrial Rubber.
Continue ReadingDunlop Aircraft Tyres Appoints CEO
Dunlop Aircraft Tyres has appointed Mike Askew as chief executive officer. He joins the firm from APPH Group, a company that designs and manufactures hydraulic systems and landing gears for commercial and military aircraft. Askew had been managing director at APPH for almost three years and before that he held senior positions at Doncasters and GKN Westland Helicopters.
Continue ReadingMoody's: High fuel prices may hit European car parts revenues
Recent rises in fuel costs may hit the revenues of tyre, brakes and automotive spares suppliers, according to Moody's Investors Service comments published today (7 November 2012). According to the report, the potential loss of revenue is “credit negative” for rated automotive spare parts suppliers. The biggest downside risk from a 5 per cent aftermarket contraction in Europe is seen at brake manufacturer TMD friction, which could feel a 3 per cent hit to its revenues in this scenario and Michelin which is expected to see revenues drop 1.8 per cent if this were to happen. However it is not just an aftermarket problem, Moody's expects that higher fuel prices could also affect suppliers that focus on automotive manufacturers.
Continue ReadingApollo Tyres Q2 net profits up 96 per cent
Apollo Tyres has released its unaudited financial figures for the second quarter of the company's financial year 2012-13 (July to September). Net sales were up 18 per cent year on year at 33.7 billion Rupees (US$ 612.29 million), operating profit rose 55 per cent to Rs 3.8 bn (US$ 135.33 m) and net profit was up an impressive 96 per cent to Rs 1.5 bn (US$ 27.62 m).
Continue ReadingSören Mellstig proposed as new Trelleborg chairman
After 14 years as a board member of Trelleborg AB, including 11 years as chairman, Anders Narvinger has confirmed that he will not be standing for re-election at the 2013 Annual General Meeting.
Continue ReadingJason Cooper becomes Michelin operational sales manager, CV tyres
Michelin has appointed Jason Cooper as UK & Republic of Ireland operational sales manager for its truck and bus division. Cooper brings more than 17 years of experience with Michelin to the role. This includes the last 18 months as sales process and training manager for Michelin, and four years in a dual role as sales process and training manager and national sales manager for the car tyre product line in Delhi, India.
Continue ReadingMichelin appoints UK, RoI commercial director truck and bus
Michelin has appointed Guy Heywood as commercial director of its truck and bus operations in the UK and Republic of Ireland. Heywood, 45, has been with the company for more than 14 years, having served the last two years as national sales manager of its commercial vehicle tyre operations. Heywood also spent four years as production manager at the Stoke-on-Trent-based Remix plant. Reporting to Marc de Bellescize, sales director for Michelin’s European Truck Tyre Division, Heywood replaces Bill Schafer, who is returning to the USA to take up a position within the Michelin group there.
Continue ReadingCooper reports record operating profit of US$130 million
Cooper Tire & Rubber Company has reported record net sales and operating profits in its third quarter 2012 financial results. According to the company, sales of US$1.1 billion (up 4 per cent) were a record. The company also reported record operating profit of $130 million, $82 million higher than in third quarter 2011 results and representing 11.8 per cent of net sales. Net income was also a significant improvement on last year’s $17 million, with the company posting a third quarter record of $74 million or $1.17 per share on a diluted basis.
Continue ReadingUHP sales fuel Hankook 3Q profits rise
Hankook Tyre, reported in NZ News, says that its operating profit jumped 21.7 per cent in the third quarter from a year earlier, fueled by brisk overseas sales of its ultra-high performance (UHP) tyres. Operating profit reached 219.6 billion won (US$ 201 million) in the three months ending Sept. 30, up 21.7 per cent from the same period last year.
Continue ReadingCGS buys Savatech
On 25 October Czech rubber company CGS Holding a.s. announced that it has acquired the rubber manufacturing division Savatech, d.o.o., and related assets from Sava, d.o.o., which is based in Slovenia. Savatech makes motorcycle tyres, rubber compounds and components for home appliances and the automotive industry, among others. According to the company, Savatech has eight sales subsidiaries, and in 2011 it had consolidated revenues of 123.2 million euros. CGS’s consolidated sales were 537.1 million euros in 2011. No details of how much was paid were released in the sale announcement.
Continue ReadingAnalysts: Conti 3Q inline, but will wintry weather help?
While financial analysts were not more than satisfied with what they characterised as an “in-line” set of third quarter financial results from Continental AG, a spell of cold weather could be just the tonic for the German tyre maker which is strong in winter tyre sales.
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