Cooper achieves $2.04bn 1H sales
Cooper Tire & Rubber Co. reported net income of $86.6 million for the first half of 2012, against total sales of $2.04 billion for the period, Tire Review reports. The first half sales were up compared to $1.82 billion for the same period in 2011, and net income surpassed last year’s $32.9 million.
Continue ReadingGiti Tire makes key European financial appointment
GiTi Tire has appointed Gillian MacRae as finance controller – Europe. The company says that the McRae’s appointment will strengthen its management team. She will be responsible for the planning, monitoring and management of company business plans, with an initial focus on UK and German markets, across all four main brands: GT Radial, Primewell, Runway and Dextero.
Continue ReadingGoodyear to present overview at JP Morgan Auto Conference
The Goodyear Tire & Rubber Company has announced that it will make a business presentation to be webcast from the JP Morgan 2012 Auto Conference in New York on 13 August. Darren R Wells, executive vice president and chief financial officer, will provide a business overview and discuss the company’s strategies for approximately 35 minutes.
Continue ReadingDes Collins to lead Conti’s new public liaison office
Continental has appointed ex-Bridgestone Europe communications vice-president Des Collins head of its new Liaison Office for Public Affairs in Brussels, Belgium. This new office in the European Union’s political capital opened on 1 August, and Collins takes responsibility for representing the legislative and regulatory interests of both Continental’s Rubber and Automotive Groups.
Continue ReadingConti strengthens commercial tyres communications team
Continental has announced the appointment earlier this year of Thomas Recke to the newly-created position of communications manager for global media relations and internal communications within the company’s Commercial Vehicle Tires business unit. In this role, Recke takes responsibility for issues monitoring and political communications for the business unit; he reports to Dr. Christiane Pfeiffer, who is in charge of global communications for Commercial Vehicle Tires.
Continue ReadingPalmore elected to Goodyear Board
Roderick A. Palmore, executive vice president, general counsel, chief compliance and risk management officer, and secretary for food multinational General Mills, Inc., has been elected to Goodyear Tire & Rubber’s Board of Directors.
Continue ReadingTyres drive Continental group margin ‘surprise’
Continental AG may have delivered 948 million euros of adjusted pre-tax profits (EBIT) in the second quarter of 2012, compared with consensus expectations of 865 million euros, but the biggest surprise for analysts was said to have been the group margin figure. At 11.5 per cent this was nearly a percentage point (and therefore on the way to 10 per cent) higher than 10.6 per cent that was expected.
Continue ReadingAnalysts: Michelin results ‘impressive’
Michelin’s EBIT result of 1.3 billion euros beat market expectations by a huge 14 per cent, according to financial analysts. At the same time the company also announced a virtually unprecedented margin of 27 per cent in its Specialty Tyre division.
Continue ReadingPirelli outperforms, but markets cautious about inventories
Pirelli’s financials means that the Italian tyre manufacturer outperformed market expectations of its second quarter EBIT performance by 5 per cent, according to financial analysts. The firm also maintained its full-year financial guidance, Morgan Stanley wrote in an investors note reflecting on the figures:
Continue ReadingPirelli increases revenues, EBIT and margin in 2Q
Pirelli reports that the company closed the first half of 2012 with revenues of 3,021.8 million euros, an increase of 8.3 per cent compared with the 2,789.3 million euros published for the same period in 2011.
Continue ReadingSailun expansion leads to recruitment iniative
Sailun Tyres Europe reports that it has committed to increase its sales support and account management team following sales growth in the last year. With specific geographical emphasis on Central and Eastern Europe, Sailun is looking for professionals to “drive and develop sales and marketing initiatives and partnerships with existing and potential tyre distributor partners.”
Continue ReadingJohn Rizkallah joins Rösler
Rösler Tyre Innovators has announced the appointment of John Rizkallah to the role of technical services engineer. Rizkallah, who was born in Cairo, Egypt and speaks fluent Arabic, joins Rösler with over seven years’ experience in tyres as both a project engineer and contract manager for clients such as Rio Tinto, BHP Billiton and FMG in Australia.
Continue ReadingPerissinotto resigns from Pirelli board
Pirelli & C. SpA has reported the resignation of Giovanni Perissinotto from the company’s Board of Directors. In making this announcement, Pirelli thanked Perissinotto, who had served on the board since May 2003, for his “valued contribution to the company.”
Continue ReadingAnalysts on Pirelli results: ‘No warning in sight’
While seeking to allay fears that Pirelli will miss its targets when the Italian-based tyre manufacturer releases its second quarter figures on Thursday, financial analysts have suggested that Pirelli shares are overweight and that a price correction is “overdue.”
Continue ReadingZafco, Pirelli sign Armstrong brand licensing agreement
Pirelli Tyre SpA and Zafco have signed an agreement that will allow Zafco to use the previously mothballed Armstrong brand under license for five years. The UAE-based company has an understanding with Pirelli that it can acquire the brand from Pirelli within the five years of the licensing agreement, which was signed on 23 April, 2012. Asif Yusufzai, member of Zafco’s board of directors, described the deal as marking a momentous occasion for both Zafco and the Armstrong brand. Zafco said that Armstrong tyres will be manufactured at reputable factories commensurate with its internationally recognised high quality.
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