Morgan Stanley: Michelin Revenues to Grow 7% in 2010
Although Michelin managing partner Michel Rollier has expressed doubt that the tyre major’s revenues will increase in 2010, other expert opinions differ. Morgan Stanley Research Europe stated on November 24 that “we expect revenue growth of seven per cent – far more optimistic than Michelin management's recent outlook of no growth.” This prediction is even more optimistic than the Bloomberg survey of analysts that netted an average estimate of revenues rising by 4.3 per cent to 15.4 billion euros. To expand on the Morgan Stanley projection, an expected ten per cent volume growth should be partially offset by a three per cent decline in price/mix.
Continue ReadingTrio of Guides Added to Michelin Library
You’d be bonkers not to have noticed the raft of new Michelin guides hitting the bookshelves in November. Earlier in the month we reported the launch of the latest editions for Germany and Switzerland, but in coming days the gastronomic scribes in the Michelin guide team will release three new European tomes.
Continue ReadingSlowdown in UK Car Production Decline Seen in October
The Society of Motor Manufacturers and Traders report a total of 114,335 new vehicles produced in the UK in October, a 10.1 per cent year-on-year decline. Of this total, 106,400 passenger cars were manufactured, 6.7 per cent less than a year ago, and 7,935 commercial vehicles, a 39.5 per cent decrease compared with October 2008. These figures represent a slowdown in the pace of car output decline, with the month’s shortfall the smallest this year. Commercial vehicle output, however, continues to decline sharply.
Continue ReadingMIRA Opens Brussels Office
On November 19, vehicle engineering specialist MIRA announced the opening of a new office in Brussels. This location, says MIRA, will support the growth of its research and development projects within the EU and be better placed to react to Europe’s evolving political landscape and deliver appropriate technology advice to policy makers.
Continue ReadingToday is Pirelli Calendar Launch Day
Regardless of whether you view ‘girlie calendars’ as art worthy of prolonged admiration or frown upon the exposure of bare flesh, there’s no denying the influence the Pirelli Calendar – the ‘Cal’ to its friends – has imparted upon the genre. In Pirelli’s own words, the Cal is “the icon of Pirelli's communication. A symbol that for over forty years not only celebrates female beauty, but also celebrates the complexity of an art that has been able to transform itself over time.” This evening, the 2010 edition of the famous wall adornment will be launched in London – bookmark tyrepress.com to ensure you don’t miss our coverage of the prestigious event.
Continue ReadingGoodyear Raising North America Prices
As of December 1 prices for Goodyear consumer replacement tyres will go up by as much as six per cent in North America. The company announced these increases are being made in order to offset higher raw materials costs. This is the first Goodyear price increase for this segment since September 2008, when a 10 per cent increase was implemented.
Continue ReadingGPX International to Sell Solid Tyre Business
GPX International Tire Corporation CEO Craig Steinke has announced the company’s entry into a “definitive sale agreement for its Solid Tire business and Starbright manufacturing facility in China”. Steinke states “an investor group will partner with members of the management team to purchase the operations and underlying assets of the Solid Tire business.” The transaction will include the MITL, ITL and Brawler brands, as well as the Gorham, Maine; Red Lion, Pennsylvania; and Hebei, China manufacturing facilities.
Continue ReadingLanxess Results Show Upward Trend
In the third quarter of 2009 Lanxess AG reports delivering a “strong operating performance”, with EBITDA pre exceptionals of 143 million euros. The specialty chemicals company had expected third quarter operating earnings in the vicinity of the 112 million euros earned in the second quarter. EBITDA pre exceptionals were down 26 per cent year-on-year but rose 28 per cent from the second quarter due to an improved macroeconomic environment worldwide, driven by China, as well as savings yielded by the company’s “Challenge09-12” package of measures, which are expected to cut Lanxess’s costs worldwide by about 360 million euros by 2012. Another key performance metric – EBITDA pre exceptionals margin – was 10.4 per cent; higher than the previous quarter and nearly reaching last year’s level.
Continue ReadingEx Conti CEO Wennemer Quits Opel Trust Board
Former Continental AG CEO Manfred Wennemer’s tenure as one of five Opel Trust board members ended on November 7 following his resignation in protest against political interference over the planned sale of vehicle manufacturer Opel. According to Reuters, while Wennemer’s act of protest against the “constant interference” from German politicians in potentially embarrassing to Berlin, his resignation is however “essentially symbolic” following General Motor’s recent change of mind regarding its European subsidiary.
Continue ReadingSolideal USA Buys Distributor
Solideal USA has acquired SPW Industries Inc. SPW is an Atlanta-based service provider and distributor of construction and industrial tyres, wheels and rubber tracks. Solideal said SPW’s 13 locations throughout the Southeast will compliment its own service network.
Continue ReadingTRIB Names Three New Members
TRIB – that’s the Tire Retread & Repair Information Bureau for those of you playing at home – has announced the addition of three new international members. Commenting on their joining, TRIB managing director Harvey Brodsky, said “TRIB continues to add members as more and more companies in the new tyre and retread industries throughout the world realise that TRIB is the only international retread industry association representing new tyre manufacturers, retreaders, suppliers to the retread industry and tyre repair companies.”
Continue ReadingConti Kicks Off World Cup Contest
To liven up the journey along the road to next year’s football world cup, sponsor Continental AG has launched a new contest on its www.contisoccerworld.co.uk football website. The ‘ContiFanContest’, which can be tackled in any of four languages, is a video contest in which six of eight tasks on offer must be completed. The main prize for all qualifying participants is one of 11 sets of three day all-inclusive trips for two to the 2010 FIFA World Cup in South Africa, including flights, hotel accommodation, a safari and tickets for a match in Johannesburg. The ContiFanContest will close on 04 December 2009, the date on which the groups will be drawn in South Africa for the 2010 FIFA World Cup.
Continue ReadingVee Introduces Three New Tyres
Thailand-based Vee Rubber launched three new tyres at the SEMA Show: Vitron, an all-season high performance tyre; Winter Season III, a studdable snow tyre; and Taiga Ice Axe, a studdable light truck snow tyre. The new lines are part of the company’s growing presence in North America. Sold through regional wholesalers and large tyre dealerships – those with 20-plus locations – Vee estimates it will sell six times as many tyres as in 2008, said Patrick Hyland, the company’s sales and marketing manager.
Continue ReadingOctober New Car Registration up 32%
October new car registration shot up 32 per cent in October to 168,942. According to figures released today the increase is the best gain so far in 2009. Private purchase shot up between September and October, prompting the SMMT to report that the latest numbers are the result of the fourth month of sustained growth coming from the Scrappage Incentive Scheme (SIS). Looking at the figures broken down by brand, it is clear that Vauxhall and Ford remain outright market leaders. However, there is continued progress amongst the once smaller Korean brands. To put this into perspective, in October Hyundai (7179 registrations) out-sold Fiat (6570) and Kia (5633) sold more cars than Honda (4490).
Continue ReadingGet Going With Falken Tire
Falken Tire has launched a new slogan it says ‘personifies’ its mission – We get you going. This phrase, explains Falken in a press release, holds multiple meanings and purposes for the tyre maker: “Over the years, the company has made every effort to capture the essence of a valued product in a highly competitive market. Falken has consistently taken a leaps-forward approach in how it designs, produces, markets and sells its tyres. From the sophisticated tread and carcass designs, engineered in Japan, to the most important facet of sales: Customer Service.
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