Divestment of Hankook tyre business approved
On 25 April, Hankook Tire Co., Ltd. reported to the Korea Stock Exchange that its Board of Directors has approved the divestment of its tyre business, effective 1 September 2012. This measure is being taken to improve shareholders' and corporation value. The company will remain listed and the division being divested, Hankook Tire Worldwide Co., Ltd., will form a public company.
Continue ReadingMichelin repurchases subordinated notes
Michelin has given word of its 24 April repurchase of more than ten per cent of the issued number of its lowest ranking subordinated notes (titres subordonnés remboursables de dernier rang), due 3 December 2033, for an aggregate nominal amount of 500,000,000 euros admitted to trading on the regulated market of NYSE Euronext Paris under ISIN FR0010034298. Following the repurchase, the outstanding nominal amount is 85,197,000 euros.
Continue ReadingDespite record sales, Goodyear posts a Q1 loss
Sales at Goodyear Tire & Rubber Company during first quarter of 2012 were a record for the period, the US tyre maker claims. Announcing the company’s results for the opening three months of the year, Goodyear chairman and CEO Richard J. Kramer commented “I'm pleased with our results as our businesses posted solid operating income.”Our teams delivered these results in the face of a difficult volume environment and high raw material costs, with a strong focus on price/mix.
Continue ReadingThe figures point to a good start to 2012, says Conti
At its Annual Shareholders’ Meeting on 27 April, the Continental Corporation reported a “very good start” to this year. During the first quarter of 2012, the company experienced a double-digit year-on-year growth in sales to 8.3 billion euros, with sales in both its tyre and automotive markets stronger. Reported EBIT, at 766 million euros, exceeded the previous year’s figure considerably, and with a margin of 10.6 per cent, adjusted EBIT before acquisition-related amortisation and special effects amounted to roughly 875 million euros, up from last year’s figure of 734 million euros. Continental will publish its first quarter report in full on 3 May.
Continue ReadingMoody’s upgrades Michelin
Moody’s Investor Service has upgraded Compagnie Générale des Etablissements Michelin's long-term credit rating to Baa1 from Baa2, with a stable outlook. Michelin’s P-2 short-term rating remains unchanged.
Continue ReadingMaxxis offers website competitions with Liverpool FC
Tyre manufacturer, Maxxis has announced three exclusive competitions in conjunction with the Premier League football team Liverpool to win official signed memorabilia. Maxxis is asking visitors to its website to identify past and present Liverpool stars whose faces have been disguised with its tyre patterns, with a signed shirt or ball up for grabs for one winner. Maxxis has a sponsorship deal with the Anfield club, which the company has called “one of our biggest successes”. The Taiwanese Maxxis brand has stepped up its sponsorship of major sporting events recently, with Major League Baseball, NBA and Australian Open tennis sponsorships joining existing Premier League football deals.
Continue ReadingPirelli recognises suppliers’ excellence
Pirelli has introduced a Suppliers Awards for the first time, aimed at recognising quality, innovation and competitiveness, in addition to improving the company’s partner relationships. Inaugurating the Pirelli Suppliers’ Awards the company nominated its best suppliers of 2011, as chairman and CEO, Marco Tronchetti Provera and chief purchasing officer, Carlo Costa presided over the ceremony held at the company’s Milan headquarters.
Continue ReadingMichelin sells former Paris HQ
In June 2011, Michelin consolidated its Paris-based staff operations to a new site in Boulogne-Billancourt. Following this move, the company’s 12,000 square metre former headquarters has stood vacant. Michelin has now announced the property at 46 avenue de Breteuil in Paris’ seventh arrondissement has been sold to French insurer Covéa.
Continue ReadingMaxxis joins EDIWheel
Maxxis has announced that it has become the most recent tyre manufacturer to sign up with EDIWheel. “The economic environment means that tyre retailers are looking to maximise their existing resources to reduce the costs involved in running their businesses and EDIWheel represents a no cost benefit to them because they do not have to upgrade their software to access it,” says Maxxis International UK’s managing director Derek McMartin.
Continue ReadingMichelin credit rating upgraded
Standard & Poor’s has upgraded Michelin’s long-term credit rating to BBB+ from BBB, while affirming its A-2 short-term rating and stable outlook. According to a Standard & Poor’s press release, the decision to upgrade reflects the significant improvement in Michelin’s operating performance over the past two years and the strengthening of its balance sheet.
Continue ReadingSibur-Russian Tyres divests Volzhsky Azot gas business
US-based industrial gases company Praxair, Inc. has entered into an agreement to acquire Sibur-Russian Tyres’ industrial and packaged gases business in the Volgograd Region of the Russian Federation. The business operates under the name Volzhsky Azot and includes two air separation units and a bulk and packaged gas business. Financial terms of the agreement were not disclosed.
Continue ReadingLanxess announces record results
At its annual press conference on 22 March, specialty chemicals company Lanxess reported record sales and earnings figures during the 2011 financial year. Highlights the company touched upon were a 23 per cent rise in sales to 8,775 million euros, EBITDA pre exceptionals up 25 per cent to 1,146 million euros – the first time the one billion euro mark has been exceeded. The company’s EBITDA margin pre exceptionals came in at 13.1 per cent, compared with 12.9 percent the year before. Net income rose disproportionately compared with sales and EBITDA pre exceptionals, improving by one third from the previous year to 506 million euros. These positive results were achieved, the company stated, thanks to its price-before-volume strategy, successful acquisitions and focus on the emerging markets.
Continue ReadingRhein Chemie acquires US bladder manufacturer
German specialty chemicals manufacturer Lanxess says its position as a premium supplier to the tyre industry has been strengthened by its subsidiary Rhein Chemie’s acquisition of US-based bladder manufacturer Tire Curing Bladders LLC (TCB) for an undisclosed sum. The deal, which closed with immediate effect, sees Rhein Chemie as the proud owner of a firm with the capacity to produce more than 400,000 bladders per annum. TCB primarily serves the North American market and achieved sales of more than US$21 million in 2011. The company employs around 100 people.
Continue ReadingTitan announces first quarter dividend
The Titan International Board of Directors has approved a quarterly cash dividend of US$.005 per common share for the first quarter of 2012. The cash dividend is payable 16 April 2012, to stockholders of record on 30 March, 2012.
Continue ReadingChinese court confirms Bridgestone’s lawsuit victory
Bridgestone Corporation reports success in its lawsuit against Chinese manufacturer Guangming Tyre Group regarding the infringement of its design patent rights. The case began in May 2011, when Bridgestone filed a lawsuit in the Beijing Second Intermediate People's Court, alleging its design patent rights were violated by Guangming Tyre Group. Specifically, Bridgestone claimed Guangming was manufacturing and selling tyres that used the Japanese tyre maker’s patented truck and bus tyre tread patterns. Guangming produces tyres under the Heshan and Chaoyinsu brand names.
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