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Analysts praise Nokia’s ‘very strong’ fourth quarter, predict 30% capacity increase

Financial analysts lauded Nokian’s “very strong” fourth quarter results, with Morgan Stanley predicting the news will raise the share price, while Deutsche Bank increased its price target from 37 to 38 euros. Strong demand is also expected to lead to a significant increase in unit output during 2011.

The analysts concurred that Nokian’s pre-released sales and operating income headline figures were in line with the actual results – making the focus on the company’s net debt and continuing outlook. And these, in Morgan Stanley analyst Edoardo Spina’s words are both “great news.” Net debt totalled only 1 million euros, implying cash generation of 383 million euros, according to the analysts.

10th February 2011/by Tyrepress Editors

Don’t put tyre purchases on the backburner – Delticom

Online tyre retailer Delticom has referred to passenger car tyres as the new “black gold” and comments that these guarantors of vehicular safety and mobility can now very often only be obtained at far higher prices than in 2010. Discussing the issue, Delticom AG CEO Rainer Binder makes it clear that “car drivers are likely facing drastic price increases in 2011.” Binder elaborates that “raw material prices are virtually exploding. Many manufacturers purchase the raw materials needed for tyre production months in advance. The drastic increase in raw material prices in the last few weeks will thus become noticeable in retail prices after a time lag. But further substantial price increases are expected in the course of the year. Against this backdrop I can only urge drivers who need new tyres to buy them now and not put purchasing tyres on the back burner.”

10th February 2011/by Tyrepress Editors

Hankook appoints new managing director for UK market

Hankook Tyre UK Ltd has appointed Gang Seung Lee (Tony) to head up its Daventry based operations. He takes over the role from Richard Page who will continue to work for Hankook for the next 12 months during the handover period ahead of his retirement.

Lee is no stranger to Hankook in the UK having worked closely with Richard Page for four years before working in Hankook’s European head office in Neu-Isenburg, Germany for two years where he worked in both sales and marketing together with distribution channel planning.

9th February 2011/by Tyrepress Editors

Matador sells share in Addis Tyre

Ethiopia based newspaper Addis Fortune reports the sale of a majority share in the country’s sole tyre maker, Addis Tyre SC. According to “reliable sources” that spoke to the English language weekly, Matador AS has sold its 69 per cent share in Addis Tyre to Horizon Plantations Ethiopia Plc. This purchase comes more than two years after a Memorandum of Understanding for the acquisition was signed – Addis Fortune notes that the share transfer was put on hold as the Ethiopian government owns the remaining 31 per cent of shares and therefore the country’s Privatisation and Public Enterprises Supervising Agency had right of first refusal on Addis Tyre.

8th February 2011/by Tyrepress Editors

Pellon Autocentre celebrates 21 years

The people at Pellon Autocentre are celebrating the company’s 21st year in business, following the firm’s anniversary in February. To mark the occasion they are having a new website built, which is designed to bring all their online web services into one place.

7th February 2011/by Tyrepress Editors

Lanxess appoints new CFO following Zachert’s resignation

At its February 3 extraordinary meeting, the Lanxess AG Supervisory Board agreed to revoke the contract of chief financial officer and Board of Management member Matthias Zachert. This measure was taken at Zachert’s request, Lanxess reports. The 43-year old has served on the Lanxess Board of Management since 2004.

3rd February 2011/by Tyrepress Editors

Indian Govt Ready to Divest TCIL

India’s Department of Disinvestment has begun the process of completely divesting the government's stake in the Tyre Corporation of India (TCIL), the first outright sale of a public sector company to take place in India since 2003-04. The Economic Times comments that, should all go to plan, the divestment should be complete this year. Commenting to the financial daily, the chairman of the Board for Reconstruction of Public Sector Enterprises, Dr. Nitish Sengupta, said that TCIL’s balance sheets have now “been cleaned up” and the board has advised the disinvestment department “to proceed with their sale on an ongoing concern basis.” Sengupta added that many bidders may find the tyre enterprise attractive on the basis of its land assets alone.

3rd February 2011/by Tyrepress Editors

Corghi introduces Exact Black X aligner, column lift series

The latest Corghi products on the UK market include the Exact Black Tech X 3D wheel aligner series and the Four Columns (ERCO4004 and ERCO5004) and Two Columns (ERCO H4002 and ERCO H5002) lift series. An extensive range of Corghi products have been distributed exclusively in the UK for over 40 years by Apaseal, which offers full training, installation and technical service back-up. In the past three years Apaseal says it has increased investment throughout its resources and specialised workforce that, together with Corghi’s products, has permitted a quick and constant increase in wheel aligner sales.

2nd February 2011/by Tyrepress Editors

Yokohama sales growth ‘more than compensates’ rising material costs

Sales for Yokohama Rubber’s tyre operations increase 13.7 per cent in the first nine months of the fiscal year ending March 31, 2011, the company reports. During the nine months to December 31, 2010 Yokohama recorded tyre business sales of 310.2 billion yen (₤2.36 billion) and operating income of 23.2 billion yen (₤176.42 million), up 37.4 per cent year on year. The company reports this sales growth came through gains both in its domestic Japanese and international markets and it more than offset the adverse effect on profitability caused by rising raw material prices as a strengthening yen. Domestic market sales were helped by an economic rebound and heavy snows, which prompted strong winter tyre sales, while overseas growth was most notable in the US and China.

2nd February 2011/by Tyrepress Editors

Marangoni North America expands supplies and accessories line

Marangoni Tread North America has added Presti, AmerSeal, and Counteract products to its supplies and accessory line, which includes envelopes, sealing rings, cushion gum, envelope lube, J-hooks, tire paint and buffing blades, reports Tire Review. MTNA is also adding new Gaither Tool selections to support fleet tyre maintenance needs with a variety of environmentally-friendly product options.

28th January 2011/by Tyrepress Editors

Nexen Setting Up European Technology Centre

Korean tyre manufacturer Nexen is in the process of establishing a European Technical Centre in Frankfurt/Höchst, Germany. The company says that the Centre underscores its efforts to establish itself further on the European market. Two experienced tyre specialists and developers have been involved with the interface between Europe and Korea since the beginning of the year – engineer Hee-Jong Lee and Dr. Hendrik Stevens.

26th January 2011/by Tyrepress Editors

Michelin North America Secures Tax Help for Possible New Indiana Plant

While Michelin North America officially says it has not committed to expanding its Woodburn, Indiana tyre plant, behind the scenes it has secured tax breaks to make that investment happen, reports Tire Review. The Allen County Council unanimously supported tax breaks, voting last week to provide incentives worth between $50 million to $75 million to the tyre-maker.

25th January 2011/by Tyrepress Editors

Chinese Auto Production Rose by Nearly a Third in 2010

Statistics released by the China Association of Automobile Manufacturers state that the country produced 18,264,700 units in 2010, an increase of 32.44 per cent on 2009.

24th January 2011/by Tyrepress Editors

2010 a Record Year for Infinity Tyres

Infinity Tyres Europe reports that 2010 was the brand’s biggest ever sales year both in terms of unit sales and turnover. Company representatives told Tyres & Accessories that there were a number of prevailing factors contributing to the achievement including: a prominent presence in Hall 3 at Reifen 2010; a new, clear brand concept “Welcome to Infinity World”; heavy multi-lingual national trade press advertising campaign; focus on key patterns, key sizes and competitive pricing.

21st January 2011/by Tyrepress Editors

JK Tyre Announces 2-4% Price Hike

Indian manufacturer, JK Tyre has decided to raise its prices by between two and four per cent on the back of raw materials prices going “up to an all time high, touching Rs 210 or even Rs 220 per kg of natural rubber,” the company’s marketing director AS Mehta told newspaper The Economic Times.

19th January 2011/by Tyrepress Editors