![Kanwar speaks on Cooper and future growth at Apollo AGM](https://www.tyrepress.com/wp-content/uploads/2014/08/onkar.jpg)
Kanwar speaks on Cooper and future growth at Apollo AGM
Onkar Kanwar has used the opportunity afforded by his company’s 41st Annual General Meeting to share Apollo Tyres’ view of why the planned acquisition of Cooper Tire & Rubber never materialised. The Apollo chairman also spoke on upcoming plans and the market opportunities and challenges the tyre maker has identified.
Continue ReadingSuperior Industries Q2 profits down
Superior Industries International reports lower year-on net income in the second quarter of 2014, despite net sales remaining the same. The company achieved net income of US$5.0 million, or $0.18 per diluted share, for the second quarter of 2014, compared with net income of $6.3 million, or $0.23 per diluted share, for the second quarter of 2013.
Continue Reading![Firestone Destination HP SUV tyre launches](https://www.tyrepress.com/wp-content/uploads/2014/08/BEN_6127.jpg)
Firestone Destination HP SUV tyre launches
Bridgestone representatives at the launch of the new Firestone Destination HP SUV tyre in Valencia were particularly keen to stress the importance of the event beyond the product itself. While the product, representing an important segment for the company’s second line brand, provided plenty of the technological improvements usually expected of a new flagship tyre in metrics such as dry and wet braking, rolling resistance and noise, this was also a “rejuvenation” of a name that has kept a relatively lower profile outside USA in recent years.
Continue ReadingEuropean Commission approves Bekaert acquisition of Pirelli steel cord business
The European Commission has approved the proposed acquisition of the steel tyre cord business of the Italian company Pirelli by its Belgian-based rival NV Bekaert SA under the EU Merger Regulation. According to an official statement dated 31 July, the commission concluded that the acquisition “would not raise competition concerns as the merged entitys customers, which are large, multinational tyre companies, have countervailing buyer power which is further strengthened by over-capacity in the steel tyre cord market.”
Continue ReadingBKT profits up, but below expectations
In the first quarter of its 2014-15 financial year, the three-month period to 30 June 2014, net sales at Balkrishna Industries Limited (BKT) rose 17.6 per cent year-on-year to Rs 9.49 billion (£92.4 million). The company’s net profit grew 12.7 per cent to Rs 1.15 billion (£11.2 million) during the three-month period, yet despite this the company’s share price dropped more than five per cent to a day’s low of Rs 715 after the quarter results were announced. Analysts had expected profits of around Rs 1.32 billion for the quarter.
Continue Reading![Continental integrating Emitec into Powertrain division](https://www.tyrepress.com/wp-content/uploads/2014/08/np-distelhoff.jpg)
Continental integrating Emitec into Powertrain division
The 100 per cent acquisition of exhaust technologies specialist Emitec by Continental took effect yesterday. Continental has bought out former 50/50 joint venture partner GKN and will integrate Emitec into its Powertrain division. The Emitec operation will be combined with Continental’s Fuel Supply business unit to form the new Fuel & Exhaust Management business unit.
Continue ReadingAnalysts: Conti’s rubber outperformance is good, but guidance is in line
Financial analysts have offered their response to Continental’s second quarter financial results, welcoming outperformance (particularly in the tyre division), but also pointing out that increases in guidance simply bring the firm in line with consensus expectations.
Continue Reading![Maritime Cargo Services receives EU accreditation](https://www.tyrepress.com/wp-content/uploads/2014/07/AEO_final-cs.jpg)
Maritime Cargo Services receives EU accreditation
Freight forwarding company Maritime Cargo Services has recently been made an Authorised Economic Operator (AEO) in the UK by the European Union. The AEO certificate is an internationally recognised quality mark indicating the security of a company’s role in the international supply chain, with “efficient and compliant” customs controls and procedures.
Continue ReadingContinental raises EBIT forecast, increases income in Q2
Continental Corporation has again increased its earnings forecast for the 2014 fiscal year. Upon publishing the company’s second quarter and first half results, Executive Board chairman Dr. Elmar Degenhart said Continental is now aiming for an adjusted EBIT of 11.0 per cent rather than the 10.5 per cent announced in March (when it was increased from 10.0 per cent). This 11.0 per cent target is supported, the company says, by the ongoing trend towards favourable natural rubber prices.
Continue ReadingGoodyear revenues fall short of expectations, but income up in Q2
Shares in Goodyear Tire & Rubber fell up to 8.7 per cent yesterday after the company reported second quarter net sales that were US$40 million below estimates. Prices tumbled to a daily low of $25.07 as Goodyear announced it achieved March to June quarter net sales of $4,656 million, 4.9 per cent lower than in the corresponding quarter a year ago.
Continue ReadingHankook Tire sales, operating profit lower in Q2
Sales at Hankook Tire declined 11.2 per cent year-on-year to KRW 1,661.5 billion (£954.4 million) in the second quarter of 2014. The UHP tyre segment accounted for 30 per cent of the company’s consolidated sales in the quarter, noted the South Korean tyre maker. Operating profit decreased 7.4 per cent to KRW 251.2 billion (£144.3 million).
Continue Reading![Inter-Sprint seeks approval for full Van den Ban acquisition](https://www.tyrepress.com/wp-content/uploads/2014/07/inter-van.jpg)
Inter-Sprint seeks approval for full Van den Ban acquisition
The trade regulatory body in the Netherlands, the Autoriteit Consument & Markt (Authority for Consumers and Markets), reports that it received notification of the proposed concentration of the Inter-Sprint Group and the Van den Ban Group on 21 July. Both companies have approached the authority seeking its permission to go ahead with Inter-Sprint’s full acquisition of Van den Ban. The Autoriteit Consument & Markt says it is now evaluating the proposed acquisition and will announce its decision within four weeks from the date it received initial notification of the purchase plans.
Continue Reading![Michelin boosts profits in first-half 2014](https://www.tyrepress.com/wp-content/uploads/2014/07/senard.jpg)
Michelin boosts profits in first-half 2014
An absence of the high restructuring costs of a year ago and low raw material prices have helped increase Michelin’s net first-half 2014 income by 23.1 per cent despite a 4.8 per cent decrease in net sales.
Continue ReadingEmployee representatives consulted as Lanxess restructuring begins
The Board of Management at German specialty chemicals company Lanxess AG initiated a company-wide restructuring programme at its meeting on 24 July, however detailed information about the shape this restructuring will take won’t be made public until later this year. At present, the measures planned as part of the programme are being discussed with the company’s Supervisory Board and employee representatives.
Continue Reading![Pirelli releases Calendar preview pics](https://www.tyrepress.com/wp-content/uploads/2014/07/5-Anna_Ewers.jpg)
Pirelli releases Calendar preview pics
Almost two months after briefly disclosing that Steven Meisel will snap the 2015 Pirelli Calendar, the Italian tyre maker has shared some teaser photos from his work on the project. Pirelli describes the 1954-born New York native as “one of the world’s most influential fashion photographers” and will display the final images chosen for the […]
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