Scrapping fuel duty increase good news for motorists – Bridgestone
Following the announcement of the government’s Autumn budget statement, which included the news that the planned 3p rise in fuel duty in January is to be cancelled, Bridgestone has been the first to publically respond to what this means for motorists. In addition to the fuel duty increase cancellation, there will a 1 per cent cap on public sector pay rises for two years after the end of current freeze next year. Borrowing is £112 billion more over the next four years than previous forecasts, but debt interest payments are £22 billion less than expected.
Continue ReadingBosch Aftermarket appoints new UK and Ireland sales manager
Bosch Aftermarket, the division of the German company responsible for supplying diagnostic garage equipment, training and the Bosch Car Service network, has appointed Dominic Moran its new country sales manager for the UK and Ireland. Moran, who begins in the position on 1 January 2012, moves to the UK from his current Aftermarket role as regional sales manager for the Bosch Group in Australia; he brings with him, notes Bosch, significant experience from previous sales roles within the consumer hardware and automotive sectors.
Continue ReadingTyre markets slow during October
Demand for tyres is reported to have slowed during October, showing “further weaknesses,” according to financial analysts. The October decline is said to have been especially prevalent in North America and in the truck aftermarket globally. Commenting on the news, which follows Michelin's publication of its regularly market overview figures, Morgan Stanley analysts wrote: “While we believe consensus already expects a slowdown, we think risks to fourth quarter 2011 and 2012 volume are still high.”
Continue ReadingAxle Group gain place in Sunday Times HSBC Top Track 250
Axle Group Holdings, the Glasgow group comprising the tyre retailer National Tyres and Autocare and wholesaler Viking International has been ranked in the Sunday Times HSBC Top Track 250 league table. Chairman Alan Revie began his career as a tyre fitter with National Tyres and Autocare at the age of 17. He became a branch manager just two years later before developing his career in the industry and then returning in 2001 to buy the business.
Continue ReadingTire Rack to expand HQ
US tyre distributor The Tire Rack plans to break ground this week on a 130,000 sq ft expansion to its South Bend, Indiana, headquarters, reports Tire Review. The expansion project will add warehouse and office space to the site, which already measures 532,000 sq ft.
Continue ReadingPirelli aiming to be "global premium leader" by 2015
Following the publication of positive nine-month figures yesterday (8 November), Pirelli chairmain Marco Tronchetti Provera today released details of the manufacturer's goals between now and 2015. The headlining statement of intent is the desire to be "global premium leader" (following a so-called "local by local" strategy) by 2015. And in order to achieve this Pirelli is increasing capital investment up to a value of 2.2 billion euros for the period 2011-2015.
Continue ReadingPirelli: all nine-month indicators improved
Pirelli & C. SpA has reported that in the nine months ending 30 September 2011, the tyre manufacturing group saw "all economic indicators improved over the period," with revenues growing by 17.9 per cent to 4,265.8 million euros and profitability - understood as the ratio of the operating result to sales - by 10.6 per cent.
Continue ReadingAnalysts: Hankook share sale is Michelin “cashing in on failed partnership”
Following the announcement that Michelin is selling its 9.98 per cent share of Hankook, financial analysts have shared their view that the move amounts to “cashing in on a failed partnership.” Morgan Stanley's suggestion is that the Hankook shareholding ended up being a mere financial investment after attempts to cooperate more broadly “repeatedly failed.” Michelin built its stake in Hankook between 2003 and 2008 and reportedly tried to establish a partnership with Hankook to develop distribution, R&D and manufacturing together in Asia.
Continue ReadingAnalysts: Good results Nokian to have neutral share impact
Financial analysts at Morgan Stanley described Nokian's recent third quarter financials as “a good set of results”, with sales and pre-tax profits (EBIT) ahead of consensus. As a result the the consensus is that these provide a positive outlook for the fourth quarter of 2011. However the investor's note also said that growth in order intake is levelling off.
Continue ReadingAnalysts: Pirelli to announce new ambitious targets
The day before Pirelli announces its latest financial results, financial analyst are predicting that the tyre manufacturer is planning to announce new, more ambitious fiscal goals. Pointing out their view that Pirelli's premium strategy will allow it to grow faster than its peers through to 2015, Morgan Stanley suggested the Milan-based would unveil a 2013/14 margin target of 12 per cent or more:
Continue ReadingContinental results beat expectations…just about
Financial analysts responded warmly to Continental’s third quarter earnings results, but added a note of caution too, with Morgan Stanley stating: “probably not enough to keep the share moving up.” The investor’s note pointed out that revenues are 5 per cent ahead of the street, EBIT beat consensus by 4 per cent and margin of 9.7 per cent is “just shy of the 9.6 per cent expected.”
Continue ReadingMichelin’s Lepercq and Continental’s Koetz elected ETRMA president, VP
After two consecutive terms as ETRMA president Pirelli CEO Dr. Francesco Gori is making way for Michelin’s Patrick Lepercq for a three-year presidential mandate set to run from 2012 to 2014. The news follows Lepercq’s election to the role by ETRMA’s board of directors who also appointed Contiental’s Christian Koetz vice–president for the same period.
Continue ReadingMichelin reaffirms 8% 2011 sales growth
Michelin’s third quarter financial report for 2011 has shown total net sales of 5.1 billion euros and nine-month total sales of 15.2 billion euros, figures that represent positive changes of 10.6 per cent and 17.3 per cent for their respective periods. Sales volumes were up 9.3 per cent, allowing the French giant to proclaim its results “solid” and to reaffirm “that growth in sales volumes should trend towards eight per cent by year end.” The company noted the “slower momentum” of the third quarter, particularly noticeable in the passenger car and light truck tyres segment, which was up only 5.9 per cent to 2.7 billion euros in the quarter. Michelin also said its “pricing policy added 10 per cent to nine-month sales growth”, offsetting “the full-year impact of higher raw materials costs”.
Continue ReadingDegenhart targeting above-average growth in India for Conti
Continental AG chief Elmar Degenhart has said the company will target above-average profitable growth in BRIC countries, especially in China and other Asian countries, Tire Review reports. In a recent visit to India, Degenhart, executive board chairman, stated that BRIC countries are at the centre of focus for the company‘s growth strategy.
Continue ReadingGoodyear third quarter figures show strong performance
The Goodyear Tire & Rubber Company has carded an all-time record for quarterly sales and earnings in the third quarter, going past the $6 billion mark in sales for the first time. “I’m very pleased with our performace,” said Richard J. Kramer, chairman and chief executive officer. “Our third quarter results are another step on the path toward our 2013 targets and especially meaningful given the challenging market conditions in much of the world,” he added.
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