Annual and final quarter results for Apollo Tyres’ 2013-14 fiscal year, which ended on 31 March, show a solid increase in net profit for the India-headquartered tyre maker. In the 12 months between the start of April 2013 and the end of March 2014, the company achieved net sales of Rs 133.1 billion (£1.3 billion); this represents year-on-year sales growth of four per cent. Full-year operating profit rose 19 per cent over the previous year to Rs 19.7 billion (£197.2 million), while operating profit margin rose from 12.1 per cent to 14.8 per cent. Net profit jumped 64 per cent year-on-year to Rs 10.1 billion (£101.1 million).
20% of tyres in Europe will be sold online by 2020
The influence online tyre retailing is growing so fast that 20 per cent of Europe tyres sales could take place online by 2020. That’s the view of market analysts at Frost & Sullivan, which also reports that the influence of the internet on the auto industry can be seen in the continuous growth of the eRetailing market for automotive parts in general. According to the analysts, eRetailing of automotive components has given aftermarket participants a fresh boost and presents a new sales channel dynamic enough to be in sync with evolving macro-economic conditions and also flexible enough to address customer needs by offering a personalized shopping experience.
Dandelion rubber research results in GreenTec award for Continental, IME
The ‘Rubin’ project jointly conducted by Continental and the Fraunhofer Institute for Molecular Biology and Applied Ecology (IME) has been honoured with a GreenTec Award. A 60-member jury panel determined the two parties’ work on producing natural rubber from dandelions worthy of a 2014 award in the ‘Automobility’ category. The awards ceremony took place in Munich, Germany on 4 May at the start of the IFAT environmental technology trade show. A total of 14 awards were given out.
New Volkswagen record as 1.99M passenger cars delivered
Volkswagen has delivered nearly two million passenger cars in the first four months of 2014, setting a new record for the period. 1.99 million vehicles were handed over to customers in the period to April, representing an increase of 4.6 per cent (January-April 2013: 1.91 million). Christian Klingler, board member for sales and marketing for the Volkswagen Group, attributed the success to “good sales developments in China and Europe” and “sustained high demand” for heritage products such as the Golf, now in its seventh generation.
Bridgestone markedly lifts margins, improves European performance in Q1
During the first quarter of fiscal 2014, Bridgestone achieved net sales of 863.6 billion yen (£5.0 billion), an 8.7 per cent year-on-year increase on the 1 January to 31 March 2013 quarter. Operating income was 116.3 billion yen (£677.1 million), up 56.3 per cent year-on-year, while operating margin rose from 9.4 per cent a year ago to 13.5 per cent in the first quarter of 2014. Net income increased 66.9 per cent year-on-year to 71.9 billion yen (£418.6 million).
Dmack a finalist in Cathay Pacific China Business Awards
Carlisle based tyre brand Dmack has been awarded a place in the final of the Cathay Pacific China Business Awards. Local news source North West Evening Mail reports that the company is shortlisted in the Rising Star category. The awards recognise UK and Irish businesses demonstrating existing positive returns and ongoing plans for future investment in China and Hong Kong, with the Rising Star award given to those opening Chinese operations in the last five years.
Bridgestone merging China, Asia Pacific tyre business units
Under restructuring measures Bridgestone is undertaking in the Asia region, Bridgestone Asia Pacific Pte Ltd. (BSAP) will expand its area of responsibility to include tyre operations in China. From 1 July, Bridgestone Asia Pacific – henceforth abbreviated to BSCAP – will become the head office in charge of both BSAP and Bridgestone (China) Investment Co. Ltd., the company’s current Chinese head office.
Cooper Tire & Rubber has announced a quarterly dividend of US 10.5 cents per share on common stock, payable 27 June 2014 to stockholders of record at the close of business 2 June 2014. This will mark the 169th consecutive quarterly dividend paid by Cooper Tire & Rubber Company.
Yokohama Rubber reports that its operating income reached a record high in the first quarter of 2014. On the back of net income of net sales that were up 9.6 per cent year-on-year to 139.9 billion yen (£810.9 million), operating income jumped 54.6 to 11.7 billion yen (£67.8 million). Net income, at 6.5 billion yen (£37.7 million), was 14.8 per cent higher than in the first quarter of 2013. Sales and earnings increased in each of Yokohama’s three business sectors: tyres, industrial products, and other products. The company says its tyre business’ strong performance reflected robust growth in Japan and sales growth overseas. Operating income benefited in each business sector from a downward trend in raw material prices and from the weakening of the yen, as well as from sales growth.
Sailun develops European tyre lines as Asian acquisitions continue
April reports of the Sailun Group’s move to raise capital of “up to 1.2 billion yuan” (c. £114 million) through the private placement of shares is just the latest positive step in the development of a name still in its adolescence. While the merger with Jinyu in 2012, only its tenth year in existence, placed the company alongside larger manufacturers in China, overseas developments have followed, with a large factory in Vietnam online since February. Developing a European base has also come quickly, with Sailun establishing an office headed by managing director Martin West in Solihull by 2010, who has worked quickly to build partnerships with local wholesalers in the various European markets. Meeting West in Solihull, Tyres & Accessories asked how corporate growth has informed Sailun’s approach to the European market.
Trelleborg confirms Tractor of the Year participation, launches TM1000 campaign
Once again, Trelleborg will partner with the Tractor of the Year awards. The latest round of this agricultural sector honour kicked off with an event in France on 6 and 7 May; at the “Tractor of the Year 2015: Let the challenge begin” function in Provence-Alpes-Côte dAzur, the Swedish tyre maker also launched a new advertising campaign to promote the qualities of its TM1000 High Power agricultural tyre.
Cooper Tire announces investor day webcast details
On 15 May, Cooper Tire & Rubber will webcast its Investor Day presentation live, starting at 8:30am US EDT (1:30pm BST, 2:30pm CEST). Cooper chairman, chief executive officer and president Roy Armes and chief financial officer Brad Hughes, as well as other members of the company’s executive leadership team, will review business operations, company financials and Cooper’s long-term strategic plan.
Fuel cell system specialist Symbio FCell reports that Michelin has taken a “significant minority stake” in its business. This acquisition was made as part of a capital increase, and Symbio FCell views Michelin as more than just a shareholder: “Michelin, by virtue of its considerable research and development in hydrogen fuel cells and sustainable mobility, brings value to this partnership,” wrote Symbio FCell in a statement on 6 May.
Pirelli Q1 results show European recovery, premium growth
Pirelli says its first quarter 2014 performance reflects the recovery in demand within Europe that was first witnessed in the final quarter of last year along with the good health of the premium segment, where the Italian tyre maker is focused. The company also points out the positive performance of its business in Russia, where revenues bucked market treads to increase 5.4 per cent (excluding exchange rate effects) and profitability stood at “high single digit levels.”
Evonik Industries says its prices for several products manufactured by its Inorganic Materials business unit will soon increase. As of 1 June, prices for a number of silica products, metal oxides and matting agents will rise by up to eight per cent. Evonik says this measure is “needed to secure sustainable supply.”
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