Charges deflate Goodyear’s strong operating performance
A one-time pre-tax charge of US$646 million linked to the deconsolidation of its Venezuelan subsidiary’s financial statements dragged Goodyear Tire & Rubber into the red in the fourth quarter of 2015. The tyre maker recorded a GAAP basis net loss of $380 million during the three months to 31 December 2015, a far cry from the $2.1 billion net income achieved a year earlier. Goodyear calculates that excluding certain significant items, most notably the abovementioned deconsolidation, adjusted net income came to $257 million, or $0.93 per share.
Continue ReadingInfringe our IP and face the legal consequences, warns VMI
In April 2015, machinery manufacturer VMI shared that the State Intellectual Property Office (SIPO) of China had upheld a patent infringement claim it lodged against Shuangjun Plastic and Rubber Machinery Ltd; the Chinese firm had infringed a key patent related to VMI’s tyre building drum and was passing off this copied product as its own property. VMI has now issued another statement in which it emphasises that it “continues to enforce against IP infringement. While no specific new cases are named in this latest statement, it may well be that VMI is warning companies not to even think about infringing the intellectual property contained within its new and soon to be released MILEXX truck tyre building machine.
Continue ReadingQuarter profits up 20.5% for JK Tyre despite lower revenues
JK Tyre & Industries Ltd has posted a consolidated net profit of Rs 1,106.4 million (£11.3 million) for the quarter ending 31 December 2015, a 20.5 per cent increase on the consolidated net profit achieved a year earlier. Total income for the three-month period was down 12.0 per cent year-on-year, to Rs 16,207.5 million (£164.9 million).
Continue ReadingTVS Srichakra selling its share in TVS Europe Distribution Ltd
At its meeting on 6 February, the TVS Srichakra Ltd Board of Directors approved the sale of the company’s entire shareholding in TVS Europe Distribution Limited; the tyre maker will sell all 332,500 shares to fellow TVS Group company TVS Automobile Solutions Limited.
Continue ReadingNew US plant to meet growing demand for Continental truck and bus tyres
Continental has confirmed its intention to erect a new commercial vehicle tyre factory in the USA, and while no start of construction date has been announced the company says it expects to break ground in the next few months “in cadence with market demands.” The tyre maker anticipates that in the long-term an investment of approximately US$1.4 billion will go into the project.
Continue ReadingBridgestone using LAMP Method to fight rubber tree disease
White root rot disease is a type of filamentous fungi that affects hevea brasiliensis, or rubber trees, infecting the roots and causing the tree to whither. At present it can only be identified by visual inspection, and detection rates are low. In response to this problem, Bridgestone has been cooperating with other parties to develop technologies that offer a prompter diagnosis, and the tyre maker now reports it has established a “groundbreaking technique” that can be used to “easily, quickly, and accurately diagnose white root rot disease.”
Continue ReadingHeuver Tyrewholesale turnover up 18% in 2015
In 2015 Heuver Tyrewholesale increased turnover by 18 per cent. According to the company, this growth represents a major step towards Heuvers objective of doubling turnover. There firm was also successful online, where Heuver Tyrewholesale realised growth of 14 per cent via its online channel. In terms of brands, Aeolus and Barkley are said to have made a major contribution to the overall result.
Continue ReadingBridgestone gains John Deere partner-level supplier recognition
Bridgestone Americas shares that it has been designated a Partner-level supplier for 2015 in the John Deere & Company Achieving Excellence Program. Partner-level status is Deere & Company’s highest supplier rating, and Bridgestone states for this selection recognises its dedication to providing products and service of outstanding quality, as well as its commitment to continuous improvement. Bridgestone says its employees accepted the recognition at a ceremony held in the USA recently.
Continue ReadingWill a tyre major acquire ATG?
Indian financial daily The Economic Times reports that American private equity firm KKR & Co. L.P. has begun initial talks that may result in the sale of its 90 per cent share in off-highway tyre specialist Alliance Tire Group. The publication names Sumitomo, Continental and Michelin as potential buyers, however it notes that no confirmation of these firms’ interest has been given.
Continue ReadingHankook Tire Q4 sales steady, full-year results show decline
Hankook Tire has reported fourth quarter 2015 sales of KRW 1.61 trillion (£945.3 million), a decrease of 0.9 per cent compared with the fourth quarter a year earlier, and a 2.5 per cent year-on-year decline in operating profit, which amounted to KRW 238.3 billion (£139.9 million) in the final quarter of last year. The tyre maker shares that sales of its ultra-high performance (UHP) tyre segment grew 6.4 per cent year-on-year and now account for 33 per cent of the company’s overall revenue.
Continue ReadingNokian Tyres increases net profit 15.5% in 2015; sales and operating profit down
While Nokian Tyres was unable to maintain its turnover and operating profit in 2014, the company achieved a sizable increase in net profit. The Finnish company’s turnover declined 2.1 per cent to €1.36 billion. Operating profit declined 4.1 per cent to €296 million, however net profit rose 15.5 per cent to €240.7 million.
Continue ReadingRussian market still Nokian’s largest, but its significance continues to shrink
Russia has become Nokian Tyre’s problem child. Although the country is home to two tyre plants that service export markets and contribute to the company’s margins, sales of Nokian products in Russia and the CIS have more than halved within the space of four years. In 2015 alone, the region’s turnover fell by 34 per cent.
Continue ReadingAutodata co-founds ADPA
Following the news of the foundation of the European Independent Automotive Data Publishers Association (ADPA), co-Founder Autodata has released details of its why it has got behind the initiative.
Continue ReadingContinental to build $1.45 billion tyre factory in North America
The US state of Mississippi has approved an incentive package for a US$1.45 billion tyre factory that Continental intends to build in the state. The incentives approved by the Mississippi State Legislature include providing loans of $263 million and various tax breaks. Mississippi will also assist with site acquisition and preparation work, and help with the cost of building the facility.
Continue ReadingRichard Kramer divests 29,000 Goodyear shares
Goodyear Tire & Rubber chairman, president and chief executive Richard J. Kramer has sold around ten per cent of his shares in the company he heads up. According to a document filed with the United States Securities and Exchange Commission, on 2 February the Goodyear boss disposed of 29,000 shares for an average price of US28.0403 per share – a total of $813,168. Following the transaction, Kramer retains 259,864 shares.
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