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Apollo a Recommended Buy – Broker

The online stock broking firm India Infoline has indicated that Apollo Tyres is a prudent share purchase, and has placed a recommended buy rating on the stock with a target of Rs 397 (£4.74). India Infoline describes Apollo as the leading commercial vehicle tyre player in India and adds that the company is expanding at a rapid pace, both organically and inorganically. The brokerage firm expects Apollo’s topline and bottom line to grow by 14.3 per cent and 26.2 per cent respectively between the 2006 and 2009 financial years.

Apollo is expanding passenger car tyre capacity by 1,100,000 units and light commercial tyre capacity by 100,000 units by the end of the 2007 financial year, increasing total production to 410 tonnes per day. To add to the tyremaker’s sharemarket desirability, Apollo have also recently commenced production of its Dura Tyre range of retreads, scheduled for initial launch in northern India in May 2007.

17th April 2007/by Tyrepress Editors

Sibur-Russian Indicate Willingness to Work with Conti

Sibur Russian Tyres has announced their readiness to work in cooperation with Continental in the area of the joint venture company Matador Omskshina. The Russian-Slovakian 50/50 joint venture Matador Omskshina was established in 1995 by Sibur Russian Tyres and Matador to produce passenger car tyres under the Cordiant and Matador brands. Output trebled to 2.7 million units in 2006, and it is anticipated that by 2009 this figure will reach 4 million.

Following Continental’s 51 per cent acquisition in Matador it became a co-owner of the aforementioned joint venture, creating a vehicle through which mutual cooperation with Sibur-Russian can be conducted. At present the German tyremaker has not discussed what form such cooperation, if any, would take.

17th April 2007/by Tyrepress Editors

US Court Approves Solutia’s Acquisition of Flexsys

Approval has been granted for Solutia Inc.’s agreement to acquire chemical firm Akzo Nobel NV’s share in Flexsys as well as its Japanese Crystex business. The US Bankruptcy Court for the Southern District of New York granted its consent to the transaction on April 11. The court’s consent was required as Solutia is emerging from Chapter 11 bankruptcy, which it filed for in 2003.

Flexsys, headquartered in Brussels, is a 50/50 rubber chemicals joint venture between Akzo Nobel and Solutia, formed in 1995. According to Solutia, Flexsys reported 2005 sales of about US$600 million and employs more than 1,000 people worldwide. Crystex is a Flexsys product, but produced by a separate Japan-based entity.

17th April 2007/by Tyrepress Editors

Bandag Shareholders Approve Sale

Bandag Inc. held their final shareholders’ meeting on April 3, at which shareholders approved the sale of the retreader to Bridgestone Americas Holding, subsidiary of the Japanese tyre major, for US$1.05 billion. Bandag will become part of the US Bridgestone operation once the deal closes, which is expected to take place during the second quarter. Bandag spokesman Bill Block said the companies are awaiting regulatory approval in Europe and Canada before the deal is completely finalised, but anticipate no complications.

4th April 2007/by Tyrepress Editors

Goodyear Engineering Was Sale “Bad News” for Contitech

Following the news that Goodyear Tire & Rubber Co has sold its engineering products division to Carlyle group, Deutsche Bank analysts have reported that the sale would have been a good purchase for Contitech. It has been widely reported that Continental was interested in both Goodyear Engineering products and Siemens VDO.

26th March 2007/by Tyrepress Editors

Michelin: Domestic Sales now 30% of Eastern Europe Turnover

Although the commonly held perception of Eastern Europe is principally that of a low overhead production base from which tyres are exported to western markets, statistics released by Michelin Romania show that 30 per cent of this branch of the Michelin group’s turnover is now generated from sales in the Balkan region. And sales are growing; Michelin Romania estimates that the division will have an annual turnover amounting to about 325 million euro, 25 per cent higher than the 260 million euro turnover attained last year.

13th March 2007/by Tyrepress Editors

Pirelli Releases 2006 Results

On the evening of March 12 Pirelli & C. Spa disclosed their 2006 full year results, and while the figures reflected well on Pirelli Tyre, the parent company’s stake in Telecom Italia made a sizeable loss for the group as a whole inevitable.

13th March 2007/by Tyrepress Editors

Accuride Posts Q4, Annual Results

Components manufacturer Accuride Corporation has released its financial results for Q4 2006 and for the twelve months ending December 31, 2006. The company reported Q4 net sales of US$344.9 million, an increase of 15 per cent compared with the same period the previous year. Accuride attributes this expansion primarily to the continued robust demand in the commercial vehicle industry and the partial pass-through of raw material costs.

7th March 2007/by Tyrepress Editors

New Tool Takes Gamble out Company Acquisitions

A unique new commercial tool is set to transform the way companies go about acquiring other businesses, according to its developers. VIBE, which has been devised by Plimsoll Publishing, draws on a database of information covering virtually every company in Britain and Northern Ireland. It shows at a glance if a company is ripe for takeover – and why.

2nd March 2007/by Tyrepress Editors

Conti Ready to Flash the Cash

German tyre and automotive systems major Continental AG has said they would prefer to deal in cash during the potential takeover of Siemens AG’s VDO unit or Goodyear Tire and Rubber Co’s engineered products division, according to the company’s chief financial officer Allan Hippe.

27th February 2007/by Tyrepress Editors

Continental’s Earnings Growth Slows

For the second quarter in a row Continental AG, has not shown any earnings growth. Deutsche Bank analysts have observed that even if EBIT was 5 per cent above consensus in the fourth quarter, pre-tax earnings were down 1 per cent year on year. According to the market analysts this is because the group lost market share in winter tyres, and margin recovery at Motorola is slower than expected.

23rd February 2007/by Tyrepress Editors

Atlas Copco Acquires ABAC’s Compressor Company

Atlas Copco has received conditional approval from the anti-trust authorities to acquire the Industrial Division of the ABAC Group. It had a turnover in 2006 of approximately 190 million euros and some 650 employees. The estimated operating profit margin in 2006 was around 10 per cent. The acquisition is scheduled to close on 2 April.

19th February 2007/by Tyrepress Editors

Trelleborg acquires Gummiteknik GTM AB

Through its Trelleborg Engineered Systems business area, Trelleborg has signed an agreement to acquire Swedish company Gummiteknik GTM AB, with approximately 30 employees and annual sales of about £2.6 million. Gummiteknik is privately owned and is based in Bålsta, on the outskirts of Stockholm.

19th February 2007/by Tyrepress Editors

Bosch to Acquire Beissbarth and Sicam

The Bosch Group has unveiled plans to further consolidate its foothold in the workshop equipment market through the acquisition of Munich-based Beissbarth GmbH, and Italy’s Sicam s.r.l., companies that both belong to parent company Beissbarth Automotive Group GmbH. An agreement between Bosch and Beissbarth Automotive was signed on February 14.

19th February 2007/by Tyrepress Editors

Columbian Acquires Chinese Carbon Black Plant

On January 31 Columbian Chemicals (Weifang) Holdings S.àr.l., completed the acquisition of Shandong Haihua Carbon Black Chemical Co., Ltd. located in the city of Weifang, in China’s Shandong province. This purchase represents Columbian’s first entry into the Chinese carbon black market.

2nd February 2007/by Tyrepress Editors