Michelin Expected to Report 7.2 billion euros 1H Sales
Financial analysts are projecting Michelin will post sales of 7.2 billion euros (-13 per cent compared with last year) when it presents its first half results. According to a recent Deutsche Bank investor’s note, the company will report an operating loss of 50 million euros and a net loss of 360 million euros (after factoring differed tax assets and restructuring charges). The bank’s first half estimates are below consensus (expected operating profit - 90 million euros; net loss - 200 million euros), however looking forward to the second half the analysts report that they expect a sharp rebound (above consensus) “thanks to a recovery of volumes.”
Continue ReadingSava Launches Three Upgraded Truck Tyre Lines
Sava has announced the launch of three upgraded tyre ranges designed to offer enhanced performance and value for long and regional haul trucks, trailers and coaches. The Slovenia based Goodyear Dunlop subsidiary reports that its Avant A3plus steer tyre and Orjak O3plus drive tyre have benefited from new construction and tread compounds, giving the tyres significantly improved mileage, durability and stability compared with their predecessors. The new carcass construction is shared in the Cargo C3plus trailer tyre and features a revised belt package lay-up that delivers reduced heat build up and improved durability.
Continue ReadingBike Tyrestore Increases Premium Two-Wheel Tyre Prices
Leading two-wheel tyre wholesaler, Bike Tyrestore, has announced that it is to increase its prices for “key sizes” by Bridgestone, Dunlop and Michelin. For specific prices, the company recommends that customers visit the YOUR Online Warehouse of www.worldofbiketyres.com.
Continue ReadingCarbon Black Shortage Creating Headaches in India
The New Indian Express newspaper has reported a “severe crisis” looming over India’s tyre and tread rubber manufacturers. According to the newspaper, carbon black supplies are critically low and the four major Indian manufacturers of the substance lack the capacity to meet domestic market demand. This problem is compounded by allegations that India’s Ministry of Commerce is preventing the importation of carbon black to compensate for this shortfall. A number of factories are said to have been idled as a result of this shortage, which The New Indian Express attributes to a Ministry of Commerce decision to restrict carbon black imports if the landed cost is less than RS 80 (£1.00) per kilogram, markedly more than the current Indian price.
Continue ReadingUK and Ireland Europe’s Top Tyre Safety Offenders
The UK and Ireland are reportedly Europes worst offenders when it comes to driving with dangerous tyres. That’s the verdict of tyre manufacturer Michelin, which is embarking on its sixth year of running Fill Up With Air, a European tyre safety campaign. Based on checks of 50,000 cars across 27 countries, only Latvia, Greece, Lithuania and Estonia have a worse record with Austria and Germany being consistently the most safety conscious. Out of 5,000 UK cars surveyed by Michelin in 2007/08, more than 43 per cent were found to have “dangerously” under-inflated tyres, risking an accident. (For the purposes of this campaign dangerous means between 8 and 14 psi off recommend pressures). Motoring journalist Vicki Butler-Henderson, who is promoting the campaign, said: “Tyres are the only contact a vehicle has with the road and it always amazes me how little care we take as a nation in terms of looking after them. We have to remember that cars are potential lethal weapons and it is our duty to ensure that we make them as safe as possible and minimise the risk of potentially lethal accidents.”
Continue ReadingMichelin Says “Da” to Russian Language Guides
Russians wishing to spend their hard earned roubles abroad can now draw upon expert help when visiting Paris, thanks to the launch of Michelin’s first Russian-language guide. The Cyrillic version of the Michelin Paris Green Guide is one of a number of guides, maps and atlases now on sale in bookshops across Russia. Apart from the Paris Green Guide, the range on offer is at present solely available in English – however Michelin states it will release four further Russian-language Green Guides before the end of the year.
Continue ReadingGoodyear Assurance Fuel Max OE on US Ford Fusion S
When Ford decided they needed a tyre to back up its Fusion S model’s claims of best-in-class fuel efficiency from its six-speed transmission and 2.5-litre engine, it decided the best way to go for that positive reinforcement was Goodyear’s new Assurance Fuel Max, as original equipment for the 2010 iteration. The tyre, which claims fuel-efficient properties through a compound designed to yield less rolling resistance, will be sized P205/60R16. The 2010 Fusion S is in production and has begun arriving at US dealerships. The Assurance Fuel Max features, alongside its energy-saving compound, wet and dry tread zones to enhance all-season traction. The wet tread zone features dual “aquachannel” grooves to help evacuate water when driving on wet roads. The dry tread zone helps enhance handling and grip in the dry. The tyre is also available on the replacement market.
Continue ReadingWorkers Strike at Kumho’s Korean Plants
On July 24 Kumho announced that its three South Korean factories will remained closed until July 26 due to strike action. Unionised employees went on strike earlier that day after talks with management on pay increases and further incentives ended in failure. In a regulatory filing Kumho said that its Gwangju, Gooksung and Pyungtaek plants will resume production on Monday July 27.
Continue Reading3 Motorsport Series Commit to Dunlop Great and British Till 2012
Dunlop are to support the British Automobile Racing Club (BARC) organized Great and British Festival package for a further three seasons, and three leading UK Championships have committed to be a core part of the programme for the next three seasons till 2012. The Radical Championships, Mini Challenge and the BARC Dunlop Sport Maxx Production Cup have proved to be popular with competitors and spectators alike, and will form the core content on the package for a further three seasons. The package was launched in 2006 with the mission of ‘putting national racing back on the map’ and has carved its place in the UK motorsport hierarchy, complementing the TOCA British Touring Car Championship package that is also supported by Dunlop and organized by BARC.
Continue ReadingPirelli to Supply BRC Control Tyre for 3 More Years
Pirelli is to continue as the Official Control Tyre Supplier to the MSA British Rally Championship for a further three years. Dominic Sandivasci, managing director of Pirelli Tyres Ltd said: “I’m delighted that we have been able to continue our long term relationship with the British Rally Championship. This is good news for Teams and Competitors alike, as it provides stability and a foundation which will allow the Championship to continue to flourish. Pirelli is committed to developing young talent with a view to driving the sport forward and our new agreement allows us to continue to do this within the BRC.”
Continue ReadingHurricane Damaged Firestone Retail Centre Re-Opens
Four years after Hurricane Katrina caused extensive damage throughout the city of New Orleans, Firestone Complete Auto Care has celebrated the reopening of one of its centres in the city. The outlet on Carrolton street was forced to close its doors due to damage received on August 29, 2005, and to-date has been one of only a handful of automotive retailers to have returned to the area. “Our Firestone Complete Auto Care stores are important parts of their communities,” said Ottis Lewis, vice-president, South Central Zone, Bridgestone Retail Operations (BSRO). “Our teammates not only care about our customers, but we care about the communities that we call home. Since the aftermath of Hurricane Katrina, it has been BSRO’s goal to reopen this store – we are thrilled to be able to serve this close-knit community once again.”
Continue ReadingTire Maker Gajah Tunggal To Roll Out Bond Exchange
Indonesia’s PT Gajah Tunngal has said a plan for restructuring its debt will probably gain approval with investors following changes made to a bond exchange offer. A second bondholder meeting was held on July 21 after a quorum was not previously reached. The company intends to swap US$420 million of 10.25 per cent bonds due in 2010 for new notes maturing in 2014. “In the absence of any substantial blocking votes, the issuer and the company expect to reach the requisite quorum and approval,” a company release stated.
Continue ReadingApollo Chairman Speaks on ‘Signs of Revival’
While addressing shareholders at the Apollo Tyres Annual General Meeting, company chairman Onkar S Kanwar expounded upon what Apollo has gained and learned in the past year. His topic, titled ‘Navigating a Slowdown’, centred upon the company’s business model, which according to Kanwar has enabled Apollo to remain afloat during the recent slowdown. This business model, Kanwar explained, covers Apollo’s three main principles: domestic markets, cost and quality initiatives. Sticking to this tried and tested business model has paid dividends during the past twelve months, he added. “Last year’s crisis has allowed your company the opportunity to break structures and behaviours that sap productivity and effectiveness out of organisations. It has allowed your company to realign itself to a new reality.
Continue ReadingApollo Net Sales Up 24% in Q1
The unaudited Apollo Tyres results for the first quarter of the 2009-10 financial year, announced on July 23, show an overall year-on-year 24 per cent growth in revenues to Rs 16.3 billion (£204.8 million). Operations within India alone generated sales of Rs 11.8 billion (£148.3 million). Earlier in the day, shareholders approved an annual dividend payout of 45 per cent per share for the year ended March 31, 2009. “Your company’s continuing attention to increasing efficiencies across the board and re-aligning costs to protect margins have paid high dividends,” commented Apollo Tyres chairman Onkar S Kanwar. “This has assisted us in improving margins and enabled your company to remain competitive.”
Continue ReadingYokohama Awarded for Performance in Philippines
Established in 1996, Yokohama Tire Philippines was the first international company to establish a presence in the Clark Freeport Zone, the redevelopment of the United States Air Force’s former Clark Air Base. In acknowledgement of its long-term contribution to the zone in terms of investment, employment, environmental management and employee heath and safety, on July 13 the company received an Outstanding Recognition for Overall Performance award from the Clark Development Corporation (CDC). At the ceremony, Philippines president Gloria Macapagal-Arroyo presented the certificate of commendation to Yokohama Tire Philippines president Takayuki Hamaya.
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