A growing manufacturer in a growing market – Pirelli's truck business
Ugo Forner, senior vice president of Pirelli’s truck business unit, shares an insight into a sector of the world’s fifth largest tyre maker that is sometimes concealed in the shadow of the company’s sporting ambitions (such as Formula 1) and its positioning as a leading high performance passenger car tyre brand. This sector is of course commercial vehicle tyres, a business in which Pirelli has a presence in many markets around the world, including South America, where it is market leader; indeed, the region is considered the company’s “cash cow”.
Continue ReadingTrelleborg prepares for JV with organisational changes
Swedish company Trelleborg has announced a number of organisational changes in preparation for the start of a light and heavy vehicle anti-vibration solutions joint venture with Germany’s Freudenberg & Co. KG. Trelleborg says the changes will “further strengthen and focus the Group.” The planned reorganisation does not involve company’s tyre making operation, Trelleborg Wheel Systems.
Continue ReadingNokian profit up 82% in 2011
Despite the biting chill of the Finnish winter, the team at Nokian Tyres has surely been warmed by the company’s performance results for the 2011 financial year, which were released on 8 February. During the twelve month period group net sales rose 37.7 per cent to 1.46 billion euros and operating profit increased 71.1 per cent to 380.1 million euros. Better still, the all-important bottom line shot up 82.0 per cent, with profit for the year to 31 December 2011 amounting to 308.9 million euros.
Continue ReadingTIF launches UK tyre industry factbook
The Tyre Industry Federation (TIF), the trade body representing the tyre manufacturers, importers, distributors and retreaders in the UK has published a new factbook. TIF’s latest publication gives an overview of the tyre industry from manufacture to recycling and from road safety to lifecycle impact complete with some of the most detailed official statistics agreed by a British association.
Continue ReadingNew top man at Kumho Tires
The Kumho Asiana Group has appointed Kim Chang-kyu the new chief executive officer and president of Kumho Tires, effective 1 February. Kim, whose career within the Kumho group of companies began in 1977, previously served as president and CEO of Kumho company Asiana IDT, a position he’d held since April 2009. Other prior roles within the company include president and CEO of Kumho Trading and president and CEO of Kumho Resort. Kim’s previous experience within Kumho’s tyre business includes roles within Kumho Tires’ export/specialty sales/overseas division between February 1991 and the end of 2000 and with Kumho Tires Dubai between 1984 and 1991. Mr. Kim replaces Kim Jong-ho, who has retired.
Continue ReadingSokov takes over as Sibur-Russian Tyres CEO
Sibur-Russian Tyres has announced the promotion of Dimitry Sokov to the role of chief executive officer. The chief operational officer’s appointment to the position takes effect 6 February. Sokov replaces Vadim Gurinov as chief executive officer; Gurinov now serves as chairman of the company’s Board of Directors.
Continue ReadingMaxion Wheels is born – Hayes Lemmerz acquisition finalised
On 2 February Brazilian firm Iochpe-Maxion S.A. announced its acquisition of wheel manufacturer Hayes Lemmerz International, Inc has been finalised. The company has now established a new combined global wheel business, Maxion Wheels, which will be headed up by former Hayes Lemmerz chief operating officer Fred Bentley. In his new role of Maxion Wheels’ chief executive officer, Bentley will report directly to Dan Ioschpe, chief executive officer of Iochpe-Maxion. The business will have its headquarters in Northville, Michigan, USA.
Continue ReadingMichelin makes notes repurchase
In a press statement intended for readers located outside of the USA, Compagnie Générale des Etablissements Michelin announced it has repurchased open market shares between October 2011 and January 2012 for 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 which is mentioned in this information, the outstanding nominal amount is 97,938,000 euros.
Continue ReadingNew representative for Pirelli savings shareholders nominated
During a special meeting held on 31 January, the holders of Pirelli & C. SpA savings shares nominated Professor Giuseppe Niccolini as their common representative for the years 2012, 2013 and 2014. He will replace Giovanni Pecorella, whom Pirelli wishes to thank for his service.
Continue ReadingMaxxis sponsors Australian Open
Maxxis is sponsoring the Australian Open tennis tournament, the finals of which are this weekend in Melbourne. It is the second time that the company has sponsored the grand slam event, and adds to the company’s marketing strategy of top-level sport sponsorship; the brand has put itself alongside the New York Yankees, Liverpool Football Club and a number of high profile motorsport series.
Continue ReadingStrike blamed for weaker Ceat profit
India’s Ceat Limited has released its results for the quarter between 1 October and 31 December 2011, a period in which net sales rose 18.2 per cent to Rs 10.48 billion (£132.45 million). Yet the tyre maker reports that “results for the quarter were adversely impacted by an illegal stroke of workers at [the] Nasik factory” which lasted from 30 September to 22 October. And when Ceat says results were adversely impacted, it means that quarter net profit sank 52.3 per cent year-on-year to Rs 23.90 million (£302,000).
Continue ReadingTrelleborg divests light-vehicle component operation
Swedish firm Trelleborg has already indicated its intention to focus more intently on specific aspects of its business, and another move towards this goal is the divestment of its French light-vehicle component operation. The business, a unit within Trelleborg Automotive, has been sold to Germany’s Bavaria Industriekapital AG; financial and other details regarding the divestment will be published in Trelleborg’s Interim Report on 15 February.
Continue ReadingPreliminary figures show 2011 growth at Delticom
Online tyre dealer Delticom reports that 2011 was “again a successful year.” The German-based company’s preliminary figures for the recently concluded financial year show a 14.4 per cent increase in revenues, to 380.0 million. During the 12 month period EBIT grew 9.6 per cent to 52.2 million and earnings per share were up 8.4 per cent to 2.99 euros.
Continue ReadingCooper finalises Serbian acquisition
On 17 January Cooper Tire & Rubber completed its acquisition of the former Trayal manufacturing plant assets in Kruševac, Serbia. A formal signing ceremony was held to mark the official start of Cooper Tire Serbia; this was attended by Serbian President Boris Tadić, Serbian Prime Minister Mirko Cvetković, US Ambassador Mary Warlick, along with Roy Armes, Chairman, President and CEO of Cooper Tire. During the ceremony Armes stated that Cooper elected to invest in Serbia not only because of its significant economic potential, but also for its quality workforce, geographical advantages and Serbian government support.
Continue ReadingUHP segment sales a highlight for ‘record’ Hankook year
Hankook Tire says its global sales last year reached record levels. The Korean company’s tyre sales in 2011 amounted to KRW 6.484 trillion (£3.7 billion), a 20.9 per cent year-on-year increase. Yet thanks to steep rises in raw material prices this bumper sales year was not accompanied by a corresponding increase in operating profit – in 2011 this reached KRW 566.3 billion (£325.1 million), a decline of 8.8 per cent on the previous year.
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