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Chinese tyremakers headed for consolidation?

International News, News

While falling demand for truck and bus radials is putting pressure on sales of premium and import brands alike, the number of factories and the amounts of tyres each are producing continue to proliferate. Tyres & Accessories recently met with several companies in the same boat at the recent Reifen Show in Essen Germany in June. While the consensus agreed in general terms about the decline in truck tyre demand across Europe as a whole, clearly not everyone’s experience is the same and there could be key strategic reasons why production output seems to carry on regardless.

21st June 2012/by Tyrepress Editors

Sava sales up in 2011

Slovenian tyre maker Sava has reported a 19 per cent growth in local net sales for 2011. The Goodyear subsidiary earned 132 million euros in local markets last year; in total, the company achieved net sales of 264.7 million euros and made a 6.83 million euro net profit.

18th June 2012/by Tyrepress Editors

Malaysian operation now a full Conti subsidiary

Since 2003, Continental has held an increasing share in the Malaysian tyre business it ran together with Sime Darby Allied Products Berhad. Now the German company has acquired the outstanding 30 per cent share in Continental Sime Tyre Sdn. Bhd still owned by its joint venture partner, and the operation has become a fully-owned subsidiary of Continental Corporation. To mark the business’s 100 per cent Conti-owned status, it has been renamed Continental Tyre Malaysia Sdn. Bhd. Upon reporting the transaction, Conti comments that the share acquisition underlines the “long term interest and the commitment of Continental to Asean and to the Asia Pacific Region.”

14th May 2012/by Tyrepress Editors

Conti optimistic about meeting 2012 goals

A week ago, Continental gave word that its performance in the first quarter of this year was “very good”. The company has now released its full report for the quarter, providing additional details on the three-month period to 31 March.

4th May 2012/by Tyrepress Editors

The figures point to a good start to 2012, says Conti

At its Annual Shareholders’ Meeting on 27 April, the Continental Corporation reported a “very good start” to this year. During the first quarter of 2012, the company experienced a double-digit year-on-year growth in sales to 8.3 billion euros, with sales in both its tyre and automotive markets stronger. Reported EBIT, at 766 million euros, exceeded the previous year’s figure considerably, and with a margin of 10.6 per cent, adjusted EBIT before acquisition-related amortisation and special effects amounted to roughly 875 million euros, up from last year’s figure of 734 million euros. Continental will publish its first quarter report in full on 3 May.

27th April 2012/by Tyrepress Editors

Bridgestone UK, Ireland retail networks brought “under one roof”

Bridgestone has detailed the new organisation of its retail network, bringing together its current UK and Ireland operations. As part of the company’s regionalisation strategy – essentially northern European operations being streamlined from the UK – the division is headed by Alex Watson, retail managing director UK and Ireland, who takes up responsibility for Kingsway Tyres Ltd, Fast Fit Tyres and also the First Stop network. He has been involved in Kingsway Tyres Ltd since 1996 and stayed with the company when it was bought by Bridgestone in 2004, becoming its managing director during the acquisition. There are 170 First Stop centres in the UK, and around 2,000 across Europe.

26th April 2012/by Tyrepress Editors

Ryder becomes Bridgestone's largest truck customer

Ahead of the CV show, news has been released that commercial vehicle hire specialist Ryder has extended its exclusive deal with Bridgestone, becoming that company's largest truck customer in Europe.

The contract, which started in March this year has been extended to cover Ryder's expanded network, following its acquisition of Hill Hire in June 2011. Ryder now operates from 29 locations and has an enlarged fleet of more than 24,000 trucks and trailers.

16th April 2012/by Tyrepress Editors

Liquidator takes control of Dunlop India assets

On 26 March the Calcutta High Court appointed a provisional liquidator to assume charge of the assets belonging to Dunlop India Ltd. This measure has stripped the company’s board of directors and chairman Pawan Kumar Ruia of the power to transfer further assets or property from the company. The court’s official liquidator will serve as provisional liquidator, and in addition to conducting an inventory of existing assets he will attempt to recover any prior Dunlop India asset transfers deemed to be fraudulent in nature; according to Justice Sanjib Banerjee, the liquidator will take steps to reclaim properties sold by Dunlop in 2006-07.

27th March 2012/by Tyrepress Editors

Official opening for Cooper Tire’s Serbian facility

Today Cooper Tire & Rubber held a grand opening ceremony at its recently-acquired former Trayal tyre manufacturing facility in Kruševac, Serbia. Approximately 500 dignitaries, employees and members of the media were invited to attend the ceremony, including Serbian President Boris Tadić, Minister of Economy and Regional Development Nebojša Ćirić, and US Ambassador Mary Warlick. The guests, together with Cooper chairman, president and CEO Roy Armes, and International Tire Division president Hal Miller, celebrated the plant’s official opening.

23rd March 2012/by Tyrepress Editors

Sibur-Russian Tyres divests Volzhsky Azot gas business

US-based industrial gases company Praxair, Inc. has entered into an agreement to acquire Sibur-Russian Tyres’ industrial and packaged gases business in the Volgograd Region of the Russian Federation. The business operates under the name Volzhsky Azot and includes two air separation units and a bulk and packaged gas business. Financial terms of the agreement were not disclosed.

23rd March 2012/by Tyrepress Editors

TPMS maker Schrader sold for US$505 million

News, Product News

Tyre Pressure Monitoring System and valve supplier Schrader has been sold for US$505 million after parent company Tomkins agreed a deal with private equity firm Madison Dearborn Partners, LLC. The deal is subject to the normal conditions and is expected to close in the second quarter of 2012. Schrader, which produces both OE and aftermarket TPMS and valve products reported 2011 revenues of approximately US$451 million and adjusted EBITDA of approximately US$76 million.

21st March 2012/by Tyrepress Editors

Rhein Chemie acquires US bladder manufacturer

German specialty chemicals manufacturer Lanxess says its position as a premium supplier to the tyre industry has been strengthened by its subsidiary Rhein Chemie’s acquisition of US-based bladder manufacturer Tire Curing Bladders LLC (TCB) for an undisclosed sum. The deal, which closed with immediate effect, sees Rhein Chemie as the proud owner of a firm with the capacity to produce more than 400,000 bladders per annum. TCB primarily serves the North American market and achieved sales of more than US$21 million in 2011. The company employs around 100 people.

19th March 2012/by Tyrepress Editors

Best opportunity: Midas CEO comments on TBC deal

Following news that Midas will be acquired for an estimated US$310 million, company CEO Alan Feldman described the deal with TBC Corporation as being “the best opportunity for Midas to go forward.” Speaking to the Chicago Tribune newspaper, Feldman described the acquisition as a “strategic, compelling marriage of two leading brands in the automotive repair aftermarket.

15th March 2012/by Tyrepress Editors

Pirelli sales up 16.6% in 2011, profits beat target margin

Pirelli & C. SpA’s has released fourth quarter and full year 2011 results showing consolidated revenues in 2011 totalled 5,654.8 million euro, an increase of 16.6 per cent from 4,848.4 million euros in 2010. Consolidated operating income after restructuring charges was 581.9 million euros compared with 407.8 million euros in 2010, and with a 10.3 per cent margin compared with the target of “around 10 per cent” announced last November. This is almost two percentage points higher than the 8.4 per cent achieved in 2010.

12th March 2012/by Tyrepress Editors

Conti buys out Indian brake JV partner

Continental AG has acquired the 50 per cent share of its Indian brake joint venture (Rico Hydraulic Brakes India Ltd) belonging to Rico Auto Industries Limited. In buying out Rico Auto Conti has made Rico Hydraulic Brakes into a fully owned subsidiary of Continental.

Since 2009 the plant in Gurgaon near New Delhi has been producing and supplying components for hydraulic brake systems to OEM customers in India. These include products and services consisting of calipers for front and rear axles, drum brakes, master cylinders, brake boosters and load sensing proportioning valves for all kind of passenger cars.

9th March 2012/by Tyrepress Editors