SEC filing sheds light on Goodyear exec compensation
A Securities and Exchange Commission filing submitted by Goodyear Tire & Rubber reveals the tyre maker’s top executives received considerable compensation increases last year, despite the company posting another annual loss.
Continue ReadingNew Conti brand communication strategy targets changing demographics
A complete review of Continental’s passenger car tyre segment brand communication strategy has been carried out and the tyre maker reports that a resultant new global campaign is already starting to be implemented online in some markets. The new strategy is, says Conti, “integrated and highly target-group specific.” What this means is Continental recognises that “in the years to come, women and families will increasingly become one of the most important target groups alongside the still mainly male tyre buyers.” Thus the new campaign will focus on both female and male drivers, with and without children and in different driving situations.
Continue Reading100 new jobs to result from Schrader/Ford TPMS deal
A contract signed between Schrader Electronics and the Ford Motor Company has the potential to create up to 100 new automotive sector jobs in Northern Ireland. Under the terms of the agreement, Schrader Electronics will supply its direct tyre pressure monitoring systems for fitment to Ford’s European model range between 2012 and 2015. This supply deal includes equipment for fitment on the strong-selling Ford Fiesta and Focus ranges.
Continue ReadingTrelleborg appoints new group CFO
The upcoming retirement of Trelleborg Group CFO Bo Jacobsson created a vacancy that has now been filled by newcomer to the company, Carolina Dybeck Happe. The 38 year old former CFO of Swedish firm Assa Abloy’s EMEA region will take over the role on April 26; to ensure a smooth transition Jacobsson will remain with Trelleborg until retiring in June.
Continue ReadingCKT sale to have “no impact” on Kenda product supply
Kenda USA officials say that despite Kenda Rubber’s decision to sell its ownership stake in Cooper Kenda Tire, the move is a positive for the company. At the start of March, Cooper Tire & Rubber bought out Kenda Rubber’s 50 per cent share in their joint venture passenger tyre production facility in China. According to Kenda, the plant only produced Cooper branded and Cooper associate brand passenger, 4x4 and light commercial tyres, and thus the sale “has no impact to the current supply of Kenda products.”
Continue ReadingPhillips Carbon Black withdraws from Evonik bidding
The race to acquire Evonik Industries’ carbon black business has narrowed following the withdrawal of Phillips Carbon Black from the final round of the bidding process. Dow Jones Newswires reports the company failed to submit a bid before the final deadline, leaving three or four contenders in the running – Advent International, Triton Partners, Rhone Capital, and possibly Cabot Corp., are said to still be interested.
Continue ReadingCooper acquires 100% share in Kunshan JV operation
By mid-March Cooper Tire & Rubber should be the proud 100 per cent owner of Cooper Kenda Tire. Upon finalisation of the US$116.5 million transaction the former 50 per cent Cooper owned joint venture operation will be renamed Cooper Kunshan Tire (contingent to government approval) in recognition of the city in China where it is headquartered. According to Cooper Tire, the transaction should be completed by March 15 through a wholly-owned company subsidiary.
Continue ReadingConti to support ‘double-digit’ 2011 growth with increased investment
Following a 2010 in which set targets were “clearly surpassed”, Continental AG says it aims to achieve double-digit growth this year. At the company’s Annual Financial Press Conference, held on March 3 in the German city of Frankfurt, CEO Dr. Elmar Degenhart reported a sales growth of almost 30 per cent, to 26 billion euros. This represents record sales for the automotive supplier, a personal best also matched by a record operating result.
Continue ReadingKwik-Fit confirms Itochu is new owner
Kwik-Fit Group has confirmed earlier reports that PAI Partners has sold the fast fit chain to the Japanese Itochu Corporation for £637 million. The purchase price is said to include £457 million of debt, which will be paid off in full at completion, according to a Financial Times report. The deal is reportedly Itochu’s biggest investment in the UK and follows its acquisition of Stapletons in 1994. The company is also already talking about the potential synergies between the two businesses:
Continue ReadingMIRA to invest £300 million in becoming ‘Europe’s most advanced independent testing facility’
MIRA has announced its intention to become a £100million business within the next 10 years. The well-known independent test centre, which is home to test garages belonging to Dunlop, Continental, Giti and Kumho to name but a few, says the business’ growth will see MIRA become the most advanced independent transport technology facility in Europe. And the operation reports that it is willing to commit £300 million to investment in new infrastructure at its Midlands base.
Continue ReadingConti reports global growth in winter, OEM sectors
On March 3 Continental AG will hold its annual press conference, at which it will provide detailed information on its performance in 2010, a year in which the automotive supplier says it emerged from the crisis “in impressively good shape.” The company has already reported an increase in annual sales from 20 billion euros in 2009 to “at least” 25.5 billion euros last year, a figure helped by the “positive performance” of the company’s car tyre division.
Continue ReadingItochu Buys Kwik-Fit for £637 million
Kwik-Fit has reportedly been sold to the Japanese conglomerate that owns Stapleton’s, Itochu Corporation. According to a City AM report, the deal follows the signing of a three digit million pound deal yesterday (1 March 2011). The article suggests Kwik-fit’s former owner, private equity firm PAI Partners” has “cashed out” of its six-year ownership of the chain for “£637 million, which includes net debts of £457 million.” A Kwik-Fit spokesman refused to confirm or deny the reports when Tyres & Accessories asked for confirmation of the news. Either way, the reports suggest the deal is still subject to regulatory approval.
Continue ReadingBridgestone marks 80 years with new symbol, tagline and corporate philosophy
It’s now 80 years since Shojiro Ishibashi established Bridgestone Tire Co., Ltd. in the Japanese city of Kurume, and to commemorate its oak anniversary Bridgestone Corporation has unveiled a new corporate symbol, brand tagline and announced a refinement of its “The Bridgestone Essence” corporate philosophy. These changes, the tyre maker explains in a press statement, are “part of an integrated strategy to further strengthen Bridgestone brand globally.”
Continue ReadingQ4 2010 better than expected for Titan
Titan International returned to the black last year after recording a year-end net income of US$0.4 million, boosted by a final quarter that was, as described by company chairman and CEO Maurice M. Taylor Jr., “better than what we thought it was going to be.” In 2009 the United States based off-road tyre maker experienced a net loss of $24.6 million. Net income in this ‘better than expected’ fourth quarter amounted to $0.7 million; a year earlier Titan International made a loss of $30.7 million in the final quarter. Titan reached its annual net result on the back of sales of $881.6 million, a year-on-year increase of 21.1 per cent, and operational income of $40.9 million. Fourth quarter 2010 sales were $232.7 million, up 58.8 per cent year-on-year, while the quarter’s gross margin was up from a loss of $0.8 in 2009 to $26.0 million last year.
Continue ReadingDundee plant to benefit from Michelin investment?
News of Michelin plans to invest in its Dundee facility is circulating in various Scottish newspapers and websites. According to reports, the tyre maker intends to inject a “multi-million pound” investment into the plant in order to facilitate the production of its latest premium eco passenger car tyres. A Michelin study is said to be underway with a best case outcome being the installation of additional production machinery at Dundee, a switch to continuous seven-day operation and the creation of some 140 new jobs. In addition, plans for the Scottish factory include the safeguarding existing employment there.
Continue Reading
