Apollo’s 2011 sales topped US$ 2.5 billion
Apollo Tyres Ltd has released fourth quarter and full-year 2011 results that show revenues across operations in Asia, Africa and Europe, grew 37 per cent to 121.5 billion rupees (£1.409 billion; 1.81 billion euros; US$2.5 billion). According to the company, Indian operations grew fastest (up 49 per cent) while the firm’s Europe business saw a growth of 27 per cent. Apollo’s African operations witnessed 10 per cent growth.
Continue ReadingConti could re-join Dax in June
Continental AG could re-join the German DAX index as early as June or September. Financial analysts also expressed support for continued growth at Conti, with Morgan Stanley summing up the firm’s expectations of the company in a single word – “confidence.” In an investor’s note dated 9 May, the bank continued by explaining its view that the latest feedback on vehicle production orders and tyre price discipline indicates that company targets “may prove conservative.”
Continue ReadingContinental to raise China headcount by 5,000
Continental has announced plans to increase the number of it employs in China by 5,000 by the end of 2012, further to its announcement in 2011 that it would expand its staff by 25 per cent. According to the company this forms part of a strategic plan to support its growth in China, the automotive supplier will hire employees across various areas including engineering, manufacturing and functional roles. In order to achieve this goal, Continental is in the process of extending its recruiting programs, which include Campus Recruitment 2013, Continental University Competition, Continental Day in major cities, and sponsorship of Formula Student China.
Continue ReadingPirelli's Gori to resign?
Ahead of Pirelli’s latest financial results, rumours are circulating between the press and financial analysts that Pirelli COO Francesco Gori could be about to resign. A report from analysts Morgan Stanley cites an article in the Italian newspaper "Il Corriere della Sera" today (8th May) making this suggestion. Pirelli itself has reportedly been quite non-committal in its response. Morgan Stanley reports that it has “spoken to the company this morning and this was neither denied or confirmed. The company have signalled before that they are looking to simplify their organisational structure, however unconfirmed rumours in the industry are that there were clashes between the CEO (and owner) Tronchetti on Pirelli’s long term strategy."
Continue ReadingHankook records double-digit global growth in Q1
Hankook Tire has reported continued sales growth during the first quarter of 2012. Growth was experienced in North American and European markets, and the company said demand for its ultra high performance tyres had rapidly increased during the first three months of the year. Seung-Hwa Suh, vice chairman & global CEO of Hankook Tire said: “Despite continued global economic downturn, we have been able to set global sales growth and operating profit based on consistent tyre quality improvement as well as brand equity enhancement.
Continue ReadingMcNally to head Cooper Tire European Technical Centre
Cooper Tire & Rubber Company Europe Ltd has appointed Peter McNally as general manager of its European Technical Centre at the company’s European headquarters in Melksham, UK. The appointment follows the move of former ETC head Gavin Edwards to Cooper’s Asia Technical Center. McNally takes up his new role with immediate effect.
Continue ReadingNew truck and bus marketing head at Michelin
Michelin Tyre PLC has announced a successor to Martin Covington, who retired as head of Truck and Bus Marketing after a 37-year career at Michelin. Tyre industry newcomer Sharn Samra has been appointed to the role, with responsibility for the UK and Ireland. She joins Michelin from Wolverhampton-based lock and home security firm Yale, where she had worked since 2004, initially as the company’s head of Product Management and Marketing for Europe, the Middle East and Africa before taking over as head of Business Development in 2009. Prior to working at Yale, Samra spent three years as a product manager at Staffordshire-based Newell Rubbermaid.
Continue ReadingJohn Ball to step down as MOT chairman of the RMI
It has been announced that John Ball is to step down in May as MOT chairman of the Retail Motor Industry Federation. He said "I have very much enjoyed my time as chairman of RMI MOT and having played a lead role in defeating the frequency challenge, the effort has been more than justified.
Continue ReadingGoodyear refinances $3.2bn credit facilities
The Goodyear Tire & Rubber Company has completed refinancing its principal US credit facilities. Darren R Wells, executive vice president and chief financial officer, said the actions “position the company” to continue implementation of its Strategy Roadmap: “We see this refinancing as a proactive step to improve our financial position, leaving us with no term debt repayments required until 2019.”
Continue ReadingKramer presents Goodyear 'Roadmap' to shareholders
Goodyear's 2012 annual shareholder meeting was held on 17 April at the company’s headquarters in Akron, and chairman and CEO Rich Kramer told those in attendance that he was “pleased” with the tyre-maker’s 2011 performance, outlining the company’s “strategy roadmap”, Tire Review reports. Pointing to record sales of $22.8 billion and record segment operating income, Kramer said, “What is most gratifying is that our record results across all global businesses were achieved in the midst of continued economic uncertainty around the world through successful execution of our strategy. Our ‘strategy roadmap’ is the foundation for decisions on every aspect of the business, from marketing and product development to investment and team building.”
Continue ReadingThe longest serving member of the tyre business?
Ralph Sutton could be the longest serving member of the tyre business in the UK, perhaps even the world. Having just completed 54 years associated with the round black things we all know and love, he is still going strong and rapidly approaching six decades in the business. Sutton’s career started at the beginning of April 1958 and those 54 years certainly represent uncommon loyalty to tyres, but how many more can claim to have been serving the industry almost as long as Queen Elizabeth II has been sat on the throne? And has anyone been serving longer?
Continue ReadingGoodyear to address 2012 Q1 results
The Goodyear Tire & Rubber Company has announced that it will report first quarter 2012 financial results on Friday, 27 April, to be followed by an investor conference call at 8:30 EST (13:30 GMT). The conference call will be taken by Richard J Kramer, chairman and chief executive officer, and Darren R Wells, executive vice president and chief financial officer.
Continue ReadingFehrenbach to fill Scholl’s shoes at Bosch
Following half a century with Bosch, in which he held a number of important positions in the company, chairman of the company’s supervisory council, Professor Dr. Hermann Scholl is to resign from office, effective 30 June 2012. At the same time, he will retire from Robert Bosch Industrietreuhand KG, where he has been managing partner since 1995.
Continue ReadingCam Systems mourns company secretary Sue Fowler
Cam Systems company secretary, Sue Fowler has died following a “strong and unwavering” battle with cancer. The IT systems company said that Fowler “will be hugely missed by all her colleagues, customers and suppliers, and the company sends its sincere condolences to her family at this very difficult time.” Fowler joined Cam Systems in June 1988 and her gregarious personality quickly won her many friends and contacts in the industry. Mike Allen, managing director of Cam Systems, says: “Sue had that natural ability to bring out the best in people. Her ebullient and resolute personality ensured she conducted her role and responsibilities at Cam with utter professionalism, and she was determined to continue come what may during her illness. We will miss her tremendously.” The company said that condolences would be welcomed over email at info@cam-systems.co.uk.
Continue ReadingWegmann appoints Iberian sales manager
Wegmann automotive has appointed Esteban Urgel as its new sales manager for the Iberian region. The company says the appointment represents an increase in its efforts to spur “rapid growth in European countries outside Germany”. Urgel took up his post, covering Spain and Portugal, in February.
Continue Reading