5 leading European tyre markets analysed
Research and Markets has published a report analysing key elements of the five leading tyre markets in Europe during the period 2011-2015; the UK, France, Italy, Germany, and Spain. The report notes the “significant impact” of the 2008-2009 economic crisis, during which all countries experienced reduced sales in 2008 and 2009, which was followed by uniform recovery through 2010, based on essential replacements. Each country went on to experience various levels of sales downturn in 2011.
Continue ReadingLanxess confirms FY forecast; EU label expected to stimulate business
At the company’s Annual Stockholders’ Meeting on 15 May, Lanxess CEO Axel C. Heitmann stated that the specialty chemicals firm remains on course for growth in 2012. “We will continue to pursue our successful strategy of focusing on dynamic markets, megatrends, profitable growth and a solid financial basis,” said Heitmann. The company confirmed its forecast for the full-year 2012: EBITDA pre-exceptionals is expected to grow by between five and ten per cent compared with last year.
Continue ReadingBridgestone to quit electronic paper business
In order to place a greater focus upon its core businesses, Bridgestone has elected to withdraw from the electronic paper market. The company also indicates that increasing competition and rapidly declining prices in the liquid crystal panel business played a role in its decision. At present the exact timing for Bridgestone’s exit from the business has yet to be determined, however the Japanese manufacturer says it expects to conclude its production of electronic paper by the end of October 2012.
Continue ReadingBridgestone net income up 35% in Q1
For the first quarter of 2012, Bridgestone has reported net sales of ¥726.2 billion (£5.6 billion), a three per cent increase over the first quarter of fiscal 2011. The company’s operating income amounted to ¥63.0 billon (£490.0 million), an increase of 13 per cent, ordinary income was ¥61.7 billion (£479.9 million), an increase of ten per cent, and net income was ¥42.2 billion (£328.2 million), a year-on-year increase of 35 per cent.
Continue ReadingRussian growth a Q1 highlight at Nokian
Nokian Tyres president and CEO Kim Gran says the Finnish tyre maker got off to a “flying start” in 2012 and made clear improvements in both production and sales. In a stock exchange release dated 9 May, Gran shared that “sales improved in all our markets with growth in Russia again outshining other areas. Productivity gains, a tight ship and an improved ASP guaranteed a good financial result.”
Continue ReadingCooper gives word on quarterly dividend
Cooper Tire & Rubber has announced a quarterly dividend of 10.5 cents per share on its common stock, payable 29 June 2012, to stockholders of record at the close of business on 1 June 2012. This is the 161st consecutive quarterly dividend paid by the tyre maker.
Continue ReadingApollo to ‘feed’ Asian market in preparation for new plant
In addition to soon to be announced plans for a new factory in Central/Eastern Europe, Apollo Tyres has voiced interest in establishing a plant somewhere in Asia. On 11 May, the Hindu Business Line quoted Apollo vice-chairman and managing director Neeraj Kanwar as saying “we would like to set up a production base in Asean.”
Continue ReadingCompetition Clutch opens UK sales office
American transmission company Competition Clutch has opened a dedicated UK sales office and logistics centre. The company has partnered with Universal Automotive in Kidderminster, from whose 40,000 sq ft facility Competition Clutch products will be available to UK end-users and retailers. The manufacturer said the move will build on the sales success of its diverse race-quality clutch range in its native USA and in UK motorsport.
Continue ReadingHangzhou Zhongce largest tyremaker in China
Hangzhou Zhongce Rubber Company (ZC Rubber) was China’s largest tyre maker in 2011, according to figures published by the China Rubber Industry Association (CRIA).
Continue ReadingAnalysts raise Cooper target price
Deutsche Bank analysts have raised their target price for Cooper Tire & Rubber shares to US$19.00. In an investors’ note published 3 May, the analysts stated that Cooper Tire “reported stronger than expected Q1 earnings of $0.34 versus our $0.27 estimate. Margins were significantly higher than we expected (operating margin was 4.8 per cent versus our 3.9 per cent estimate). All of the upside versus our estimates was derived from lower than expected raw material inflation. Nonetheless, the results were impressive considering that they were achieved despite $0.32 of strike related costs. This reinforces our view that tyre companies are becoming more profitable at any volume. We maintain our Hold based on uncertainty surrounding structural industry changes.”
Continue ReadingConti optimistic about meeting 2012 goals
A week ago, Continental gave word that its performance in the first quarter of this year was “very good”. The company has now released its full report for the quarter, providing additional details on the three-month period to 31 March.
Continue ReadingCooper posts improved Q1 results
Despite higher manufacturing costs in the first quarter of 2012, including costs related to the lockout at its Findlay plant, Cooper Tire & Rubber has announced improved results. The company reports net sales of US$984 million in the first three months of the year, an increase of $82 million, or nine per cent, compared with the first quarter of 2011. Operating profit was $48 million for the quarter, an increase of $16 million from the prior year same quarter. Net income attributable to Cooper Tire & Rubber for the quarter ended 31 March 2012 was $22 million, or $0.34 per share on a diluted basis, compared with $16 million, or 25 cents, for the first quarter of 2011.
Continue ReadingHankook renews Northampton rugby union elite sponsorship
Hankook Tyre UK has announced that its partnership with Northampton Saints Rugby Club will be extended for a further four years, having begun in 2009. The new agreement means Hankook will remain the elite sponsor until 2016, with the company’s logo positioned on the team’s shirts. The tyre manufacturer’s headquarters are in Daventry, Northamptonshire, near the Saints’ home ground, Franklin’s Gardens. Tony Lee, managing director of Hankook Tyre UK stated that “The partnership between Hankook and the Saints has been a great success to date.”
Continue ReadingIt’s all good: Titan reports a record start to 2012
Titan International is very pleased with its first quarter 2012 results. The company recorded sales of US$463.1 million for the three-month period, compared to first quarter 2011 sales of $280.8 million; these higher sales levels are attributed to the April 2011 acquisition of Goodyear’s Latin American agricultural tyre business, which recorded sales of $90.3 million for the first quarter 2012 and continued to benefit from strong demand in the agriculture and earthmoving/construction segment, combined with price/mix improvements.
Continue ReadingGajah Tunggal releases latest sales, performance figures
Despite higher sales, PT Gajah Tunggal Tbk reports its net profit for the first quarter of 2012 was down 23.5 per cent year-on-year. During the three months to 31 March 2012 the Indonesian tyre maker made sales of Rp 3,146 billion (£210.0 million), up 8.63 per cent on a year earlier. Gross profit amounted to Rp 558 billion (£37.2 million), while net profit came to Rp 254 billion (£17.0 million), down from Rp 332 billion a year earlier. EBITDA increased from Rp 380 billion to 497 billion (£33.2 million).
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