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Edouard Michelin Dies in Boating Accident

Tributes have been paid from politicians and industry figures following the tragic death last Friday of Edouard Michelin, Managing Partner of the Michelin group. Mr. Michelin (42) drowned in a boating accident off the Brittany Coast during a fishing trip. He is survived by his wife and their six children. The Michelin company was founded in 1889 by Edouard Michelin’s great grandfather and Mr. Michelin joined the family firm in 1985, after training as an engineer at the Ecole Centrale de Paris. He took over as head of the company in 1999, succeeding his father Francois.

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Analysts Upgrade Goodyear

Analysts at the Deutsche Bank are upgrading Goodyear shares to “Hold” from “Sell”, saying that Goodyear shares have experienced a material correction since the bank lowered its recommendation to Sell in January. In the short term, the analysts say that they continue to see earnings risk associated with very weak demand, which may force Goodyear to idle factories in order to bring down inventories.

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Continental Makes Forbes “Global High Performers” List

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Business analysts Forbes have published their “Global 2000 High Performers” list, featuring “companies that stand out among the rest.” Germany’s Continental AG is featured in the “consumer durables section” and makes the list at number 403. It is the only European company in the top six of this category.

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Bridgestone Quarterly Profits up 4 per cent

Bridgestone Corp. reported first quarter 2006 sales of 704.7 billion yen, up 16.7 per cent compared to the same period in 2005, resulting in a 4 per cent bump in quarterly net profits to $239 million.

The company said that strong global sales helped offset heavy increases in raw material costs. Bridgestone said its tyre sales in Japan rose 10 per cent for the quarter, while sales in the US increased 25 per cent, and sales in Europe increased 13 per cent. Sales elsewhere jumped 37 per cent, Bridgestone said.

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Michelin Q1 Sales Better Than Expected

Michelin announced an increase in first quarter sales of just over 10 per cent; easily surpassing the estimates of industry analysts, who had predicted a 6.7 per cent rise. The outlook, however, remains cautious and Michelin has increased its allowance for raw material costs by 170 million euros, from 360 million euros to 540 million).

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Analysts Forecast Good Q1 Results from Michelin

Industry analysts have forecasted first quarter sales figures for Michelin of around 3.85 billion euros ($4.75 billion) – a rise of 6.7 per cent. The figure is the average of estimates from 11 analysts, which ranged from 3.7 billion euros to 4.2 billion. Michelin’s actual first quarter financial results will be revealed after the close of the stock market today.

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Analysts – First Quarter Tough for Cooper

Cooper Tire & Rubber’s passenger replacement tyre volumes declined 4.3 per cent year-on-year in the first quarter of 2006, Deutsche Bank analysts have reported. While this was slightly better than the market watchers feared, raw materials rose by more than expected, ruling out any advantages. Even the $4.3 million Cooper is believed to have gained as a dividend from its shares in Kumho was not enough to offset the higher raw material costs.

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Japanese Tyre Sales up 1.3 per cent

Japanese domestic tyre shipments rose 1.3 per cent year-on-year in March, to 11.865 million units. This was the same increase as recorded in February and, according to Deutsche Bank analysts, suggests that demand for studless tyres has levelled out. This comes after heavy snowfall and anticipation of tyre price increases buoyed growth in December (+13.9%) and January (+9.6%).

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Analysts: Brazil Plant Will Help Conti Save 100 million

Following the news that Continental’s Bahia, Brazil plant is officially open, analysts have reported that the company’s decision to increase production in “low-cost” countries could save between 100 and 110 million US dollars. According to Deutsche Bank, this calculation is based on average per worker production of 6000 tyres/annum against “10 times lower” labour costs compared with the US. The report also suggested that the additional transportation/logistics costs incurred are equivalent two US dollars per unit.

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Motorola Deal Increases Conti Market Capitalisation

The recent purchase of Motorola’s Auto Electronics business by Continental has increased the German company’s market capitalisation by 900 million Euros this week. Financial analysts appear to approve of the deal, describing it as a good fit and, at US$1 billion (812 million Euros), they feel that the price was right. The analysts also believe that the deal will quickly add to the group’s operating profits.

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Goodyear Adds Tyre Buyer Package in China

(Akron/Tire Review) The Shanghai Daily reported last week that Goodyear Tire & Rubber Co. has launched a consumer tyre service plan in China, responding to a similar scheme unveiled by Groupe Michelin earlier in the week. Much like Michelin’s plan, Goodyear will offer Chinese tyre buyers a two-year package that includes 24-hour roadside assistance, flat tyre repair, towing and other services.

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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.

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Japanese Tyre Output Up in February

Tyre output in Japan rose 0.3 per cent year on year in February for the first time in three months, with domestic demand rising 0.5 per cent. Export volumes declined 5.2 per cent YoY in February (which fell for the first time in 20 months in January). Analysts attribute the decline to three main factors; firstly, unusual demand for studless tires, which they believe has led makers to divert output to domestic demand, and which they also believe has now run its course.

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Analysts: High Natural Rubber Price to Impact Michelin

Michelin’s budget for raw material costs is expected to increase by 11 per cent year-on-year in 2006. However, Deutsche Bank analysts report that natural rubber is up 15 per cent so far this year. “Natural rubber (RSS3) represents 25 per cent of raw material (24 per cent of sales or 4 billion euros), therefore should the natural rubber stay at these levels this would imply a discrepancy of around. 75 million euros on budgeted margins,” the analysts explained.

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Nizhnekamskshina to Build Truck Tyre Factory

Radik Ilyasov, CEO of Russian tyre maker Nizhnekamskshina, has described the company’s plans to build a $180 million new truck tyre manufacturing plant. Iiyasov told CentreInvest analysts that the company will build the plant by 2009 and it will be capable of producing 600,000 radial tyres a year. The project will involve foreign participation, either through a JV or via a licensing arrangement. In line with this, Nizhnekamskshina intends to complete its reconstruction of a $180 million rubber mixing line by 2007.

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