Lanxess Adjusts 2009 Earnings Forecast
German specialty chemicals manufacturer Lanxess AG has adjusted its earnings forecast for the 2009 business year after preliminary unaudited results revealed what it calls a “significantly better than expected” fourth quarter. The company now expects to achieve pre-exceptional EBITA of 450-470 million euros for full year 2009 after previously forecasting 400-420 million euros upon the publication of the third quarter results in November 2009. LANXESS posted EBITDA pre-exceptionals of 721 million euros in 2008.
Continue ReadingBekaert Tyre Cord Capacity to Reach 700,000 Tons by Year’s End
Belgium steel cord manufacturer Bekaert states that capacity increases in China, India and Russia, and the planned integration of the tyre Bridgestone tyre cord plants (in Sardinia, Italy and in Huizhou, China) acquired earlier this year will lift the company’s total tyre cord capacity from its present level of 625,000 tons to an estimated 700,000 tons by the end of 2010. The bulk of this increase will occur in China, where capacity will rise from its current level of 350,000 tons to 400,000 tons.
Continue ReadingYokohama Aero Tyre Equipment Heading to UK Following DATL Acquisition
Testing and manufacturing equipment made available following Yokohama Rubber’s decision to withdraw from the aircraft tyre from the aircraft business has been acquired by Dunlop Aircraft Tyres. The Birmingham based manufacturer has signed an agreement to purchase several pieces of radial and crossply tyre manufacturing equipment including an additional dynamometer. These products should enable Dunlop Aircraft Tyres to expand manufacturing capacity and enable the company to offer new products, such as radial main tyres for the Boeing 777.
Continue ReadingCooper Announces Quarterly Dividend
Cooper Tire & Rubber has announced a quarterly dividend of 10.5 cents per share on common stock, payable March 31, 2010, to stockholders of record at the close of business March 2, 2010. This will mark the 152nd consecutive quarterly dividend paid by Cooper Tire & Rubber Company.
Continue ReadingPrices Up at Bridgestone Europe
Escalating raw material costs, particularly those for that most necessary of commodities, natural rubber, has prompted Bridgestone Europe to increase prices on all tyre products. The new pricing takes effect April 1 and while the increases will vary according to product category and market, tyres will on the most part become between three and five per cent more expensive.
Continue ReadingImproved Q4 Points to Growing Volumes for Rhodia Silcea
Rhodia Silcea has reported a 16 per cent drop in net sales volume during 2009 to 635 million euros, with the first half of the year marked by the global crisis and ensuing de-stocking in the automotive and several other sectors. By the second half, however, volumes began to recover, driven, says Rhodia, by demand in emerging markets and the dynamics of the automotive industry. During the fourth quarter of 2009, the business was able to report sequential volume recovery due to an improved business trend in all segments. Volumes increased by 19 per cent compared to the final quarter of 2008, to 177 million euros.
Continue ReadingDenman Tire Weighs Up Closure Option
Financially troubled US producer of specialty tyres, Denman Tire Corporation, has indicated it may shut down its operations if alternative arrangements cannot be made. In a company statement, Denman restructuring advisor Richard Szekelyi said “the company has reached the difficult decision to begin reducing operations while we continue our efforts to secure financing and/or find a buyer. If these efforts are unsuccessful, there will be no other alternative but to close all of the operations.”
Continue ReadingDespite Hard 2009, Conti Looks Toward Sales Growth This Year
Despite an overall upbeat tone, the word “crisis” has featured strongly during Continental AG’s reportage of its 2009 financial performance on February 23, a likely indication of the extent to which the German automotive supplier was affected by last year’s market downturn.
Continue ReadingBridgestone Reports 19% Fewer Tyre Sales during a “Challenging” 2009
Bridgestone Corporation reports that 2009 presented the company with a “challenging” operating environment due to weakened consumer spending and declines in private sector capital investment which counteracted signs of recovery among some exports. However, the Japanese manufacturer states that although the economic recession in Europe and the US continued, some sectors showed signs of stabilisation. A recovery in business climate was observed in China and despite challenging conditions, the business climate in other regions began to show slight signs of recovery. Against such a backdrop, the tyre major achieved net sales of 2,597.0 billion yen (₤18.3 billion), a 20 per cent decrease on the 2008 fiscal year. Operating income, at 75.7 billion yen (₤532.2 million) was 42 per cent down on the previous year and net income, at 1.0 billion yen (₤7.0 million), dropped 90 per cent from 2008. Additionally, during the year Bridgestone recognised as an extraordinary loss 10.6 billion yen (₤74.5 million) in costs linked to its plant closures in Oceania.
Continue ReadingNationwide Autocentre Purchase Brings Halfords Full Circle
The latest developments in Halford’s complex car servicing history (see Halfords Buys Nationwide Autocentres for £73.2 million – 18/02/10), bring with them a distinct sense of déjà-vous and highlight the cyclic nature of ownership in this industry. From Halfords point of view the latest venture represents a new beginning for a business that is radically different to when it last tried car servicing.
Continue ReadingYokohama Renews Sponsorship With Celtics, Spurs
As part of its 2010 marketing program, Yokohama Tire Corp. is sponsoring two of the NBA’s top teams – the Boston Celtics and San Antonio Spurs – for the third consecutive year, says Tire Review. “NBA basketball has enormous appeal in the US and globally,” said Shawn Denlein, Yokohama director of sales, consumer products, “and the championship-caliber Spurs and the Celtics are two of the league’s most popular teams. For Yokohama, the NBA is an excellent platform to showcase our world-class lineup of tyres, including ADVAN, S.drive, Parada, Geolandar, AVID – including the all-new AVID ENVigor – and the eco-friendly orange oil-infused dB Super E-spec. All the tie-ins we’re doing with the Spurs and Celtics will be slam dunks with our dealers and their customers in these markets.”
Continue ReadingGoodyear 2009 Performance “Impressive” Despite Downturn – Keegan
Describing the company’s fourth quarter 2009 results as “solid”, Goodyear Tire & Rubber chairman and CEO Robert J. Keegan described the improved gross margins, segment operating income and net income achieved as a “reflection of the success we had in strengthening our business despite a challenging economy and operating environment.” However this chirpy final quarter was not enough to deliver sales above those achieved in 2008, and an annual net loss of $375 million was recorded, as opposed to a loss of $75 million a year earlier.
Continue ReadingOnline Retailer Popgom Reports 7.3 Million Euro Turnover
Online tyre retailer Popgom was founded in France in 2008 by Christophe Tesseraud, previously European CIO at Michelin. The tyre major is a minority (approximately one-third) shareholder in the business behind Popgom, Tyredating SAS, and today the firm operates retail tyre portals in France, Spain and Germany. Company representatives claim that a site catering to the UK market will be established in 2010.
Continue ReadingHalfords Buys Nationwide Autocentres for £73.2 million
Halfords Group has bought Nationwide Autocentres in a £73.2 million deal, which managers described as the next “logical step” in its expansion plans. Nationwide, which has been owned by private equity group Phoenix since 2006, employs 900 mechanics and serves roughly 500,000 customers a year. Nationwide offers customers and fleets MOTs, servicing and repairs, but also recently increased the emphasis on tyres at its 224 outlets.
Continue ReadingTrelleborg Wheel Systems Sales Down for 2009
Trelleborg AB reports that its Trelleborg Wheel Systems division achieved net sales of SEK 2,991 million (₤263.6 million) during the previous financial year, a decrease of 19.3 per cent on its 2008 result. In releasing its figures for January to December, the Swedish manufacturer notes “organic sales declined 26 per cent, exchange-rate effects were 7 per cent and structural changes 0 per cent. Net sales are lower as a result of a significant decrease in demand for industrial tyres and lower agricultural-tyre sales. Demand for agricultural tyres showed some variation in the various sub-segments, where the trend for large dimensions was better in relative terms, but demand for this product group also fell toward year-end.”
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