US Bridgestone capacity increases will not include aircraft tyres
Bridgestone Americas has clarified that its capacity expansion plans in the USA will not include increased aircraft tyre manufacturing facilities, contrary to reports published on Bloomberg last week. The misunderstanding was a result of the inclusion of aircraft radials in the company’s portfolio of strategic products, published in the corporation’s mid-term management plan on 21 October.
Continue ReadingInterstate reports double digit growth
Interstate Tire & Rubber Co. has announced third quarter results reportedly showing double digit growth “across all markets.” According to the company’s official statement on the matter, the business performed strongly in “Europe, CIS states and Asia.”
Continue ReadingBridgestone details spending with aircraft, mining expansion plans
Bridgestone has followed up its September “major strategic investment” announcement, detailing the $1.2 billion it will spend on OTR production facilities in North Carolina, with more details that suggest record spending levels to meet rising demand in emerging markets. The corporation released its Mid-term Management Plan 2011, covering the period 2012-2016 in which it set a target of a 6 per cent return on assets next year. The plan detailed “measures for expanding sales of strategic tyre products and improving its sales mix, maximizing operational rationalization, and thoroughly streamlining company assets.”
Continue ReadingCooper issues 159th consecutive quarterly dividend
Cooper Tire & Rubber Company has announced it will once again issue a quarterly dividend. This time the US-based tyre manufacturer is offering 10.5 cents per share on common stock, payable 30 December 2011, to stockholders of record at the close of business 2 December 2011. This will mark the 159th consecutive quarterly dividend paid by Cooper Tire & Rubber Company.
Continue ReadingPirelli announces Canadian tyre price increase
Pirelli has announced that it will raise prices for car and light truck tyres in Canada shortly. The increases, which comes in the context of a string of price increases around the world, will be effective from 1 December 2011.
Continue ReadingHankook reports record sales in third quarter
Hankook Tire reported third quarter 2011 global sales of 1.69 trillion won a 23 per cent increase from the same period last year. The tyremaker’s third quarter operating profit came in a 129.9 billion won.
Continue ReadingMark Griffiths joins Continental UK communications team
Continental Tyre Group Ltd has appointed Mark Griffiths as communications assistant to work alongside communications manager, Laura Hardy within this newly created role, covering all aspects of the brand’s public profile. Griffiths 24 recently returned from a year living in Paris teaching English. Before this, he studied for his BA Journalism degree in 2008 graduating with 1st class honours, going on to complete his MA in Automotive Journalism in 2010 with Merit.
Continue ReadingIllinois developer buys former Cooper plant
The shuttered Cooper Tire & Rubber Co. tyre plant in Albany, Georgia, has been sold to an Illinois developer, according to Tire Review. No details of how much was paid have yet been released.
Continue ReadingGajah Tunggal accused of covenant breach, Moody’s considering rating downgrade
Moody's Investors Service has placed PT Gajah Tunggal Tbk's B3 corporate family and senior secured ratings on review for possible downgrade. According to a report published in Indonesia Today, this review action follows “the payment of a dividend to shareholders seemingly in contravention of the covenants of its restructured bonds launched in June 2009, and the resulting alleged claim of covenant breach by an anonymous bondholder.”
Continue ReadingContinental to focus investment on Asian markets
Continental AG plans to focus its near-term investments on the Asian markets, according to board member Heinz-Gerhard Wente. In a Bloomberg report, Wente noted that sales in Asia will likely represent a third of the corporation’s total revenues. “While Europe will remain the biggest market for Continental, next year might ‘bring some problems’ because of a possible economic slowdown triggered by the sovereign-debt crisis,” the Bloomberg story said. It would not be “a dramatic downturn,” though.
Continue ReadingEuropean output up, but Michelin exposed in NA, not enough in emerging markets
Following Michelin’s investor’s day briefing at its Cuneo, Italy factory on 5 October financial analysts suggested that while the good news is that Michelin’s European production is up and increasingly efficient, the company remains over-exposed amidst the ailing demand of the North American markets and conversely not exposed enough in the emerging markets.
Continue ReadingCredit agencies lower GITI Tire rating, Gajah Tunggal not affected
Credit agencies Fitch and Standard & Poor’s have altered their rating for GITI Tire Pte. Ltd. According to Fitch’s latest assessment, “GITI's liquidity is likely to remain strained over the next 12 months because of substantial cash outflows despite the refinancing of the company's notes.”
Continue ReadingEuro Car Parts sold to LKQ Corporation in £225 million deal
LKQ Corporation, purportedly the largest provider of aftermarket and recycled collision replacement parts in the US and Canada, has acquired Euro Car Parts. The initial purchase price was £225 million, however in addition the purchase agreement provides for the price to increase by a further £55 million if Euro Car Parts meets certain growth targets.
Continue ReadingBridgestone plea bargain in marine hose case
Bridgestone Corp. has entered into a plea agreement regarding its involvement with a bid-rigging scheme in the US and bribery charges in Latin America. According to Tire Review, under the plea agreement, Bridgestone has pleaded guilty to antitrust conspiracy charges and a violation of the Foreign Corrupt Practices Act. As a result, the company will pay a $28 million fine, which is said was “a significant reduction from the applicable sentencing guidelines due to Bridgestone’s cooperation and remediation efforts.”
Continue ReadingMichelin Man to hit TV screens with wet grip adverts
Michelin is to communicate a series of wet grip orientated messages with the next phase of its UK advertising campaign. This time the safety themed ads are designed to show the Michelin Man (Bibendum) protecting a motorist from treacherous wet driving conditions. Through a mix of TV ads, outdoor posters and on-line banners, the next phase of Michelin's global ad campaign will be rolled out across the UK. The first television ads will appear on Monday 12 September.
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