Apollo at the “Cusp of a New Dawn”, states Onkar Kanwar
The 2009-10 financial year was, for Apollo Tyres, a year in which the company “walked new geographies, met different people, mingled with various cultures, learnt new lessons, and have been amply rewarded for our keenness to explore newer pastures and challenges.” These words from company chairman Onkar S Kanwar describe a period of massive change for the tyre maker, a time of transition that has seen Apollo emerge as an entity operating on a global level.
Continue Reading‘Grizz’ Taylor Reports “Good” Q2 at Titan
The chairman and CEO of Titan International has described the second quarter as a “good quarter for a number of reasons. Maurice M. Taylor Jr, a man also known as “The Grizz” – a nickname presumably earned due to his business style rather than a fondness for bears – said “the numbers speak for themselves. If you look at the cash flow you will see that there is about an extra $1 million each quarter in depreciation and amortisation related to the new off-the-road equipment when compared to the same quarters in 2009.”
Continue ReadingConti “Well on its Way” with H1 Results
In the words of Continental AG’s Executive Board chairman Dr. Elmar Degenhart, the German tyre and automotive systems manufacturer “is well on its way to emerging from the crisis stronger than before.” In particular, the company’s EBIT has developed positively and the EBIT margin exceeded pre-crisis levels during the first half of 2010. “This is also however obvious from our balance sheet, which we have improved substantially since the beginning of the year with the capital increase and the equally successful placement of an initial bond, as announced,” Degenhart added. “With this basis, we are tackling the upcoming tasks brimming with confidence.”
Continue ReadingPirelli Sells CPK Tyre Wholesale Business to Stapleton’s
Stapleton’s Tyre Service has agreed terms to buy Pirelli’s CPK tyre wholesale business for an undisclosed sum. A TUPE consultation process commenced with elected representatives of CPK on Monday 26 July. The sale is said to fall within Pirelli UK's strategy to focus on its core business, which does not include tyre retail or wholesale operations.
Continue ReadingCarlisle US Tyre Consolidation Plans ‘On Track’
Carlisle Companies Incorporated reported net sales from continuing operations of US$709.4 million for the quarter ended June 30, 2010, an 11 per cent increase from the second quarter of 2009. Income from continuing operations decreased 32 per cent to $38.9 million, or $0.62 per diluted share, and net income was $38.6 million, compared to net income of $55.5 million for the second quarter 2009.
Continue ReadingConti Scores Bayern Munich Deal
Continental is expanding its football sponsorship with a deal involving one of the world’s best-known teams. Together with majority shareholder the Schaeffler Group, the German tyre and automotive components manufacturer has become sponsoring partner of FC Bayern Munich. Recently the companies and the club signed an agreement that runs until 2015.
Continue ReadingPirelli Reverse Stock Split to Start July 26
Pirelli & C. S.p.A. has given details of what will be carried out in accordance with the resolutions regarding the reverse stock split of ordinary and savings shares adopted at its Extraordinary Shareholders’ Meeting on 15 July 2010. The company intends to begin the reverse stock split on July 26 and carry out the transaction according to the details outlined in the official Pirelli statement printed below:
Continue ReadingMichelin’s Rickard Acknowledged for Service to Tyre Recovery Sector
Years of work in the field of tyre recovery and in the tyre industry as a whole has earned Michelin Tyre PLC managing director Jim Rickard a lifetime achievement award from the Tyre Recovery Association (TRA). Rickard is the first ever recipient of this award from the association, which he received at the recent TRA annual dinner in front of more than 100 distinguished guests from the tyre recovery industry.
Continue ReadingEuropean Used Tyre Recovery Rate Reaches 96%
ETRMA, the European Tyre & Rubber Manufacturers’ Association, claims that the market for tyre derived products has become one that is “sustainable and economically viable.” Despite that fact that the recession is having a negative impact on the supply of end-of-life tyres to sorting and recycling companies, the ETRMA confirms that a positive trend in the management of end of life tyres is occurring, and the European recovery rate has now reached 96 per cent. “This achievement also promotes Europe as one of the most advanced regions in the world in the recycling and recovery of tyres,” claims the ETRMA in a press statement.
Continue ReadingDemand for Industrial Tyres Lifts Trelleborg Wheel System sales
Although its year-on-year sales share of the group total slipped from 11.1 per cent in the second quarter of 2009 to 10.7 per cent in quarter two of this year, sales at Trelleborg Wheel Systems grew two per cent year-on-year during the three month period. Sales for the division came to SEK 795 million (£70.7 million), a figure that represents eight per cent organic growth counterbalanced by negative six per cent exchange rate effects. EBITA margin in the three months between April and June 2010 was 10.3 per cent, down from 13.8 per cent a year earlier. The Swedish company states that markets outside North America and Europe recorded positive performance for volume and earnings.
Continue ReadingMichelin Lands Air France-KLM Contracts
Michelin has signed two 10-year contracts with the airlines Air France and KLM. Under the terms of these, Michelin tyres will be fitted on around 425 aircraft operated both by the Air France-KLM Group and by other airlines for which Air France and KLM provide maintenance services. These aircraft include 37 Boeing B777-300 ERs, 66 Boeing B737-NGs, 145 Airbus A320s and three Airbus A380s.
Continue ReadingHankook Sees Q2 Profits Surge
Hankook Tire reports its profits in Korea jumped 22.4 per cent in the second quarter of 2010 to KRW 822.3 billion (£443.1 million), a figure the Korean tyre maker claims to be its highest ever quarterly result. This quarter high water mark was achieved on the back of a 13.0 per cent year-on-year increase in global consolidated sales, to KRW1.4 trillion (£754.4 million) and a 22.7 per cent year-on-year growth in operating profit to KRW 177.7 billion (£95.7 million).
Continue ReadingSchaeffler Announces Asia Expansion Plans
The Schaeffler Group – the German company best known to us for its dealings with Continental – has given news of its plans to carry out further expansion in Asia, an area in which it says localisation is opening up additional opportunities for growth. Investments totalling 300 million euros will be made in this region, including the construction of two factories in China to supplement the existing manufacturing facilities there which are operating at full capacity, and one factory in India. Construction of the new factories is to be completed by 2012. Research and development capacities in Japan and India will be expanded as part of the investment, and production capacity at the company’s eleven existing manufacturing locations (in China, India, Korea and Vietnam) will also be increased.
Continue ReadingMichelin and Claas Sign Cooperation Agreement
A three-year cooperation agreement recently signed between Michelin and German agricultural machinery manufacturer Claas is expected to strengthen the two company’s collaboration in several areas, such as research, development and market intelligence. According to Michelin, the agreement demonstrates the two partners’ “confidence in today’s changing farm markets and their shared commitment to developing their operations in this sector.”
Continue ReadingShareholders Approve Pirelli RE Split
At an Extraordinary Shareholders' meeting held on July 15, Pirelli C. & SpA shareholders approved the separation of Pirelli Real Estate from the Pirelli Group by way of proportional assignment to ordinary and savings shareholders. These shareholders will be assigned a total of 487,231,561 ordinary Pirelli RE shares that are currently held by Pirelli & C. To this end, the shareholders approved a reduction of the share capital in an amount equal to 178,813,982.89 euros, a sum that corresponds to the value of the Pirelli RE stake being assigned and was determined on the basis of the official Pirelli RE share price as of 14 July 2010.
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