EC clears Trelleborg acquisition of ČGS Holding
Approval has been given for Sweden’s Trelleborg AB to acquire ČGS Holding a.s., parent company of Czech tyre maker Mitas. In a statement issued this week, the European Commission shared that its assessment of the deal focused on the extent to which the two companies’ original equipment and aftermarket activities overlapped. The Commission found that Trelleborg and Mitas agricultural tyres “focus on different price and quality tiers” and are therefore “not close competitors.”
Continue ReadingNokian Tyres signs €100M revolving credit facility
Finnish tyre maker Nokian Tyres has signed a €100 million revolving credit facility for five years with an international bank syndicate. The company reports that the facility will be used to refinance the existing €100 million multicurrency revolving credit facility that was signed 31 March 2011, and also for “general corporate purposes.”
Continue Reading![Lanxess raises earnings forecast on back of good Q1 2016 results](https://www.tyrepress.com/wp-content/uploads/2016/05/zachert.jpg)
Lanxess raises earnings forecast on back of good Q1 2016 results
Following what it says was “a good first quarter,” specialty chemicals company Lanxess has raised its earnings forecast for fiscal 2016. The company now expects to achieve EBITDA pre-exceptionals between €900 million and €950 million, as opposed to previously assumed figure of €880 million to €930 million.
Continue Reading![Francesco Gori appointed non-exec chairman of Benetton](https://www.tyrepress.com/wp-content/uploads/2016/05/gori.jpg)
Francesco Gori appointed non-exec chairman of Benetton
At its Shareholders’ Meeting on 9 May, Italy’s Benetton Group Srl appointed former Pirelli Tyre COO Francesco Gori the non-executive chairman of its Board of Directors. Gori takes on this role in addition to his positions as non-executive director of Apollo Tyres Ltd, Snam SpA and Messaggerie Italiane SpA, and industrial advisor to Idea Capital Funds SGR (the De Agostini Group).
Continue Reading![Leicester FC’s Premier League triumph saluted in latest Toyo video](https://www.tyrepress.com/wp-content/uploads/2016/05/toyo-leicester.jpg)
Leicester FC’s Premier League triumph saluted in latest Toyo video
Toyo Tire (UK) Ltd. is celebrating its official sponsorship partner’s first Premier League Title. Leicester City FC’s confirmation as this year’s champions earlier this month has been widely recognised as an odds-defying event, and this is reflected in the latest chapter of Toyo Tires’ short-video series. Titled ‘Surprising the world – Only those who keep on driving can change the world’, the video was released globally this week and depicts the fierce determination of players such as Jamie Vardy and the passion of the club’s manager, Claudio Ranieri.
Continue ReadingBridgestone reports lower sales, income for Q1 2016
Lower unit sales and unfavourable currency effects dragged down Bridgestone Corporation’s sales and income in the first quarter of 2016, the company reports. Net sales dropped eight per cent year-on-year to ¥825.7 billion (£5.3 billion), while operating income was seven per cent lower at ¥108.4 billion (£689.9 million). Ordinary income fell 11 per cent to ¥103.4 billion (£658.1 million) and profit attributable to ‘owners of parent’ was, at ¥56.7 billion (£360.9 million), down 21 per cent.
Continue ReadingGoodyear prices $900 million of senior notes
The Goodyear Tire & Rubber Company has priced its offering of $900 million aggregate principal amount of 10-year senior notes. The notes will be senior unsecured obligations of the company. They will be offered to the public at a price of 100 per cent of the principal amount and will bear interest at a rate of 5.0 per cent per annum. Goodyear expects the offering to close on 13 May 2016, subject to customary closing conditions.
Continue ReadingApollo Tyres annual net profit up 12 per cent, but European sales slide
On the occasion of publishing its full-year 2015/2016 financials, Apollo Tyres has reported sales of 117 billion rupees (£1.214 billion; 1.537 billion euros; US$1.757 billion) compared with 127.256 billion rupees in 2014/2015. During the same period (2015/2016) operating profit grew 3 per cent to close at 20.4 billion rupees, up from 19.8 billion rupees. Net profit increased 12 per cent to 10.9 billion from 9.8 billion rupees the year before.
Continue Reading![September launch for Continental EM tyre range](https://www.tyrepress.com/wp-content/uploads/2016/05/Continental-Earthmover-Tyres-sml.jpg)
September launch for Continental EM tyre range
Three years ago, Continental began focusing on non-automotive areas of its business in order to better balance the company’s sales footprint. An early beneficiary of this new emphasis was Continental’s Commercial Specialty Tires (CST) business, with the first investments to grow the CST portfolio directed at the port tyre segment. Now, in 2016, it is the turn of earthmover tyres, and a new EM range will be introduced later this year. As was the case with the port tyre range, the earthmover products will reflect the 2013-initiated drive to establish the Continental name as the company’s primary brand in the OTR sector.
Continue ReadingSri Lanka capacity expansion aiding Marangoni’s industrial segment growth
Marangoni says it has achieved a strong position with its Industrial Tyre business in Europe and is growing in this segment in markets further afield. This growth has occurred due to a broadening of the company’s international presence and a rise in business with original equipment customers. To prepare itself for further growth, Marangoni says it has developed an expansion strategy, and states this planned expansion will further confirm its status as “one if the major players within the industrial tyre business.”
Continue ReadingTyres & football: Hankook sponsoring Real Madrid?
Korean portal BusinessKorea claims Hankook Tire has signed a sponsorship agreement with Real Madrid, with the deal personally led by company Cho Hyun-bum. The tyre maker has yet to confirm entering into a contract with the Spanish football club, and details of the alleged agreement are not yet known.
Continue Reading![Davanti Tyres commences UK cricket sponsorship](https://www.tyrepress.com/wp-content/uploads/2016/05/DavantiCricket.jpg)
Davanti Tyres commences UK cricket sponsorship
Davanti has signed a title sponsorship deal with one of the UK’s largest regional cricket leagues. The company said the arrangement forms part of its overall marketing strategy to increase consumer awareness of the brand and its benefits. It has already ventured into football sponsorship with high profile FA Cup matches in February and March. Davanti’s new sponsorship of the North Staffs and South Cheshire Premier Cricket League (NSSCPCL) will see all 55 grounds adorned with Davanti banners as part of the package. Its imagery is also prominently featured on the NSSCPCL website.
Continue ReadingNokian Tyres “in line with expectations” in Q1 2016
Although Nokian Tyres’ net sales decreased 1.9 per cent year-on-year to €275.8 million in the first quarter of 2016, the Finnish company increased its operating profit by 4.6 per cent to €50.5 per cent and nudged its operating margin up from 17.2 per cent to 18.3 per cent. Net profit for the January to March quarter amounted to €39.9 million, 70.5 per cent lower than the result recorded a year earlier; the reason for this was the return of €100.3 million worth of taxes and interest for 2007 to 2010 to the company’s books in the first quarter of 2015. Excluding this one-off event, profit rose 13.8 per cent year-on-year. Earnings per share amounted to €0.30 during the quarter.
Continue ReadingMRF sales, profits up
India’s MRF Ltd has posted net profit of Rs 3.76 billion (£39.1 million) for the quarter ended 31 March 31, 2016, up 7.6 per cent year-on-year. Total income increased 3.7 per cent to Rs 34.56 billion (£359.2 million).
Continue Reading“A story of continued weakness” – Titan International releases Q1 2016 results
The message to shareholders from Titan International chief executive and chairman Maurice Taylor is not one gladly heard: A 20.0 per cent year-on-year fall in sales during the first quarter of this year has been matched by an 11 per cent decline in sales volumes, a decrease in gross sales and an adjusted net loss of US$9.2 million.
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