Michelin analysts’ “top pick”
With tyre demand said to be down between 2 and four per cent, financial analysts at Deutsche Bank confidently reported that the tyre companies under its coverage “should record strong results in the third quarter due to a still positive pricing environment”. Or in other words because manufacturers are said to be doing their best to maintain prices. And this is said to be coupled with a reported raw material tailwind.
Continue ReadingKohaupt takes on emerging market role at Goodyear Dunlop
Rupert Kohaupt, formerly Goodyear Dunlop’s director of commercial vehicle tyres in Germany, Austria and Switzerland, has been appointed the tyre maker’s commercial vehicle tyre sales director for emerging markets. In his new Brussels-based role, the 30-year company veteran will continue the expansion of the growing emerging markets.
Continue ReadingSlow European demand/Nokian profit warning leads to share price drops
Shares in Nokian Tyres fell by as much as 12 per cent following a profit warning issued by the company today (16 October 2012). According to Bloomberg, the fall was the biggest drop since 5 August with prices tumbling to 29.94 euros (down 11 per cent) as of 15:08. But it didn’t stop there and instead the market experienced a degree of negative contagion following this news and similarly gloomy demand projections from European tyre makers.
Continue ReadingCamfin launches 150 million euro/Pirelli share convertible bond
Cafmin, the holding company which is currently controlling shareholder of Italian tyremaker Pirelli, launched a fixed-rate 150 million euro ($194.14 million) bond on Friday 11 October. The bond is convertible into 5.85 per cent of Pirelli shares.
Continue ReadingContinental South Africa appoints new head of sales
Continental Tyre South Africa (CTSA) has named Shaun Uys as general manager, sales. The move took effect on 1 October 2012 succeeding Eddie Jordaan who left the company in August.
Continue ReadingTerry Gibson joins IGA
Terry Gibson has been appointed as the Independent Garage Association's (IGA) Operations Manager to reinforce its member offer with effect from 15 October 2012. Gibson has worked within the motor industry for most of his working life and will bring these skills and experience to the independents. He has achieved success with the AA as the Head of Technical Support and more recently working with the market-leading supplier of security marking and registration systems for deterring thefts of vehicles.
Continue ReadingGiTi Tire appoints Product and Pricing analyst, Marketing assistant
GiTi Tire has appointed Andrew Brady to the position of Product and Pricing analyst and Ashleigh Warren as European Marketing assistant. The newly filled positions will strengthen the company’s head office team, with both recruits assuming responsibilities across the relevant product portfolios in the company’s four main brands; GT Radial, Primewell, Runway and Dextero. Brady brings more than a decade’s worth of tyre industry experience with him, while Warren is new to the sector, having previously worked for a business software firm.
Continue ReadingAtlas Copco on Forbes innovation list
Atlas Copco has been included on a list of the world’s 100 most innovative companies, published by business magazine Forbes.
Continue ReadingPaul Fitzhenry becomes Goodyear senior vice president, global communications
Paul Fitzhenry has been elected by The Goodyear Tire & Rubber Company’s board of directors as senior vice president of global communications, effective 8 October. Fitzhenry will report to Richard J. Kramer, Goodyear’s chairman, president and chief executive officer. As chief communications officer, Fitzhenry will be responsible for leading Goodyear’s global communications strategy and aligning it with the company’s business objectives, global strategy, and corporate mission.
Continue ReadingAllparts details investment, growth plans
Buckinghamshire-based aftermarket supplier, Allparts Automotive Ltd will accelerate its branch network expansion following what it says is a significant investment from HgCapital. The company said its founder, Steve Fulford will continue to support the Allparts management team and retain his position as chairman of The Parts Alliance. As a founder of The Parts Alliance, Allparts stated that it would remain a committed and active member. Managing director, Mark Darvill, will continue to lead the Allparts board of directors and management team. Independent investment firm, HgCapital has assets under management of over £3.8 billion, and a strong interest in the automotive aftermarket. Allparts’ Parts Alliance colleague CES (UK) Ltd is also part of its investment portfolio, and the new investment will lead to greater collaboration between the companies, though both parties made clear that they intend to remain separate entities.
Continue ReadingBodyshop Association head resigns
The Retail Motor Industry Federation (RMI) has announced the resignation of Graham Threlfall as Head of the National Association of Bodyshops (NAB). Commenting on the announcement, Threlfall said "I have very much enjoyed my time as Head of NAB and having played a lead role in the launch of NAB as an independent association under the RMI umbrella. I look forward to seeing the benefits of the wider initiatives NAB are launching soon.
Continue ReadingAnalysts: Continental ‘can still surprise’
Some financial analysts have stated their faith in Continental AG’s continuing strong financial performance ahead of the company’s third quarter results. Upgrading their estimates for the company’s shares performance, Morgan Stanley market watchers said they predict “10 per cent upside to 2012 consensus and circa 20 per cent in 2013-2014,” continuing: “We think valuation and third quarter catalyst make Continental the most attractive investment in the auto industry.”
Continue ReadingSumitomo Turkish JV to serve Europe, growing emerging markets
Sumitomo Rubber Industries has confirmed reports made by Japanese and Turkish media regarding a new joint venture company in Turkey. The Japanese firm says it will hold 80 per cent equity in a joint venture with Abdulkadir Özcan Otomotiv Lastik. An agreement was signed between the two companies on 21 September, and the yet to be named operation will be established next month. Sumitomo Rubber reports that the joint venture is being set up with initial capital of US$30 million and will involve a total investment of around $500 million. This sum will cover the cost of building a greenfield passenger car and light commercial vehicle tyre factory in Çankiri, Turkey.
Continue ReadingPirelli appoints new UK industrial director
Luca Negri has been appointed Pirelli’s new industrial director for the UK. He takes over from Paolo Battistini, who will return to Pirelli’s Milan office to work in the Company’s Industrial business unit. Negri will be based at the tyre maker’s Carlisle site.
Continue ReadingHirst appointed TGI’s VP of program sales
Tire Group International has hired Bill Hirst its new vice-president of program sales for its domestic division. Hirst, who has been in the tyre industry for more than 33 years, has a background in the passenger, light truck, truck, industrial, agricultural and OTR tyre segments. He most recently served as executive vice president of sales at TBC Corp. Prior to that position, Hirst was vice-president of sales and marketing for Treadways Corp.
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