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Sibur to Strengthen the Strategic Direction of its Tyre Holding

Sibur-Russian Tires’ (SRT) current restructuring programme brings with it a lot challenges. Hundreds of millions have already been invested, meaning some of the company’s figures are in the red. Talking to Tyres & Accessories, SRT’s new director for strategy and business development explains what the Russian market leader is aiming for and where the company is looking for assistance. There is even the possibility that the company could be the subject of a merger talks.

According to Igor Karavajev, director for strategy and business development at Sibur-Russian Tires, increasing the tyre manufacturer’s competitiveness is of utmost importance at the moment. Although SRT still supplies 39.6 per cent (SRT figures) of the Russian tyre market with its products, competitors Nizhnekamskshina (30 per cent) and Amtel-Vredestein (22.6 per cent) are not far behind.

1st June 2006/by Tyrepress Editors

Credential Automotive Boosted by Sale of Hazardous Division

Credential Environmental has sold its hazardous waste division for £8.13 million giving the company’s tyre and waste business – Credential Automotive – a multi-million pound platform for growth through acquisition and new projects.

31st May 2006/by Tyrepress Editors

Cooper Net Sales up 16 per cent

(Akron/Tire Review) Cooper Tire & Rubber Co. announced that net sales set a new quarterly record of $597 million for the three months ending on Mar. 31, compared to $514 million in the same period of 2005.

Cooper said its acquisition of Cooper Chengshan (Shandong) Passenger Tire Co. Ltd. and Cooper Chengshan (Shandong) Tire Co., Ltd. increased sales by $48 million in the quarter, and higher prices, improved product mix, and higher unit sales volumes in North America and Europe added $39 million.

3rd May 2006/by Tyrepress Editors

Conti to Hire 1,000 Graduates

This year again, Continental AG is taking on well over 1,000 highly qualified graduates and young professionals throughout the world, around 500 of them in Germany. “We invest in knowledge and innovation, especially the skills and talent brought by new employees, with the objective of further consolidating our position as one of the world’s leading automotive suppliers”, states Thomas Sattelberger, Human Resources Director at Continental. The company primarily recruits engineers and scientists as well as management and administrative experts. As in previous years, more than 800 workplaces are to be filled with university graduates in 2006, around 40 percent of them in Germany.

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28th April 2006/by Tyrepress Editors

Sibur to Strengthen the Strategic Direction of its Tyre Holding

Sibur-Russian Tires’ (SRT) current restructuring programme brings with it a lot challenges. Hundreds of millions have already been invested, meaning some of the company’s figures are in the red. Talking to Tyres & Accessories, SRT’s new director for strategy and business development explains what the Russian market leader is aiming for and where the company is looking for assistance. There is even the possibility that the company could be the subject of a merger talks.

26th April 2006/by Tyrepress Editors

Amtel-Vredestein CEO Calls for Government Backing for Businesses

Speaking at the Russian Economic Forum staged in London, Amtel-Vredestein CEO, Alexei Gurin called for President Putin and the Russian Federation to help boost quality, competitiveness and profitability through backing companies in acquiring businesses, technology and skills. He stressed that Russia should use oil windfall revenues to support companies who acquire western businesses and technology.

25th April 2006/by Tyrepress Editors

GPX Completes Purchase of MITL

GPX International Tire Corporation (GPX), has purchased Maine Industrial Tire Limited (MITL) of Gorham, Maine. MITL is a leader in the design and manufacture of premium quality solid industrial tyres which are sold under the Maine and ITL brands. In addition, MITL produces and markets a line of solid tires for use on skid steers and loaders under the Brawler brand.

19th April 2006/by Tyrepress Editors

Nick Manning to Assume Buying Responsibility at Group Tyre

Group Tyre (UK) Ltd has announced the appointment of Nick Manning as director of purchasing. Joining Group Tyre after a substantial career within the Continental Tyre Group Limited, he assumes the full buying responsibility from Larry Cross, whose role as Coordinating Director of Group Tyre continues.

Welcoming Nick Manning’s appointment Larry Cross, said, “Nick’s huge depth of experience of the industry will be a huge asset to Group Tyre. His substantial business development and brand strategy expertise, together with his unique insight into every aspect of the UK tyre market is an invaluable resource. This can only further strengthen the position of Group Tyre as the UK’s leading independent wholesaler and hugely benefit both our members and their customers.”

13th April 2006/by Tyrepress Editors

Smithers Group Buys Rapra Technology

The Smithers Group, an independent testing, consulting and contract research organization based in the US, has announced that it had closed a deal to purchase UK company Rapra Technology. Terms of the transaction were not disclosed. The announcement ends weeks of speculation of the fate of Rapra Technology, which was forced into Administration on 8 March.

6th April 2006/by Tyrepress Editors

Wennemer Says More Acquisitions On the Cards

Continental has recently purchased the Automotive Electronic business of Motorola and, say analysts, this deal looks reasonable. The acquisition price is only 60 per cent of sales (in line which the acquisition price of Temic five years ago), and only 10 per cent of Continental, which makes it easier to absorb and integrate.

4th April 2006/by Tyrepress Editors

Continental Acquires Motorola’s Auto Electronics Business

Continental AG and Motorola, Inc. have jointly announced that the
companies have entered into an agreement under which Continental will acquire Motorola’s automotive electronics business for approximately US$ 1 billion in cash. The transaction includes Motorola’s controls, sensor, interior electronics and telematics businesses.

3rd April 2006/by Tyrepress Editors

Credential Automotive Formed Following TCS Acquisition

Credential Environmental Ltd has made another key acquisition, announcing the further integration of its tyre collection and reprocessing businesses into one division under the Credential Automotive banner.

Credential Environmental already owned the Automotive Waste Solutions (AWS) and Waste Tyre Solutions (WTS) recycling businesses, and has now acquired Wednesbury-based Tyre Collection Services (TCS) to complement its growing portfolio of automotive sector recycling businesses bringing the group’s turnover to around £16.5 million in 2006.

27th March 2006/by Tyrepress Editors

National Tyres to Double Number of Outlets

Axle Group executives have announced plans to acquire up to 200 independent retail outlets across the UK in an effort to double the number of branches in the company’s National Tyres chain. Group financial director, John Kemp told Tyres & Accessories that National Tyres is “actively looking” for the right kind of acquisition targets and is “prepared to borrow” to do this. In his words, expanding the retail network is a great opportunity to “further enhance (the) bottom line.”

The announcement coincides with the publication of the company’s financial results, which show that the company achieved £121.4 million of sales in 2005, up 7 per cent on the previous year. During the period Axle Group recorded an operating profit of £883,000, almost £9 million more than the company reported in its 2004 accounts.

17th March 2006/by Tyrepress Editors

Continental AG Publishes Record Sales and Earnings

Continental AG’s consolidated sales rose by 9.8 per cent to 13.82 billion euros (prior year: 12.59 billion) in 2005. The company’s operating result (EBIT) increased at an even higher rate of 30.2 per cent to 1.5 billion euros (prior year: 1.15 billion). The return on sales amounted to 10.9 per cent (prior year: 9.2 per cent). “When adjusted for scope of consolidation and one-time effects, EBIT in 2005 rose by 165.1 million euros over the previous year,” explained Dr Alan Hippe, executive board member responsible for finances.

24th February 2006/by Tyrepress Editors

MG Production to Re-start in Longbridge

Nanjing Automobile Corporation (UK) Ltd (NAC), the company that bought the remains of MG Rover after its collapse, has signed a 33-year lease with site owner St Modwen Properties. Nanjing says it plans to renew production of the MG TF sports car in 2007.

The agreement will see Nanjing pay rent of £1.8 million per annum on 105 acres of the 469-acre site. This comprises the South Works of the former MG Rover plant, which incorporates two car assembly plants, the paint shop and administrative offices, together totalling more than 2 million square feet. Interestingly, the lease terms incorporate a six-month break clause in case Nanjing is unable to confirm a viable long-term future for the site.

22nd February 2006/by Tyrepress Editors