Career Tracks Archives - Page 12 of 39 - Tyrepress

Tyre industry jobs, appointments and personnel-related information.

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Michelin operating income, margin stable as 1H sales increase

Michelin has released its first half financial results, showing stable operating income of €971 million for a 9.6 per cent operating margin, with net sales up 21 per cent. The Group says the figures are in line with its corporate “road map”, revising its full year sales volumes objectives upwards – after 12.6 per cent market growth in the first half – and reconfirming its profitability estimates. The Group suggests market growth should accelerate in line with long-term trends by the end of the year, targeting an 8 per cent growth in full-year sales volumes.

29th July 2011/by Tyrepress Editors

Continental ups 2011 sales and EBIT forecasts

Continental is raising its outlook for 2011, based on what it called “a very successful first half-year” that included double-digit growth rates for sales and EBIT. “We had previously forecast sales of more than 28.5 billion euros, but we are now expecting at least 29.5 billion euros. We are also targeting an adjusted EBIT margin of around 10 per cent, slightly more than the good 2010 figure of 9.7 per cent,” said Continental executive board chairman Dr. Elmar Degenhart on Friday 29 July on publishing figures for the first half of the year.

29th July 2011/by Tyrepress Editors

Analysts on Pirelli results: ‘fewer tyres…more profits’

Following the publication of second quarter/first half 2011 financial results showing Pirelli doubled net profits year-on-year, financial analysts have lauded Pirelli “over any other auto part or tyre maker in EU.”

28th July 2011/by Tyrepress Editors

Pirelli to raise European prices 6% in September

Following the release of its second quarter financial results yesterday, Pirelli announced that it would implement a further round of price increases at the end of the summer. The latest six per cent prices hike will be effective in all European markets across the company’s car, SUV and van tyre product ranges from 1 September. The company reported that the it has had to raise prices as a consequence of the rising costs of “key raw materials, in particular natural and synthetic rubber, and oil.”

28th July 2011/by Tyrepress Editors

Hankook Q2 “disappointing” – Deutsche Bank analyst

While Hankook’s second quarter represented a record in terms of sales, a Deutsche Bank report has provided a metaphorical cold shower with the “disappointing” news of a 34 per cent slide in year on year operating profit. On a consolidated International Financial Reporting Standards accounting basis, pre-tax profit was also down 20 per cent, while operating profit margin fell to 7 per cent from 12.8 per cent.

27th July 2011/by Tyrepress Editors

90% UHP surge in Europe helps Hankook to quarterly sales record

Hankook Tire has announced second quarter global sales of KRW 1,580 billion (£917 million), a rise of 21 per cent year on year, and the company’s best ever quarter. Operating profit for the quarter was KRW 110.7 billion. The region where the company experienced the greatest growth was the emerging Russian market, where Hankook nearly doubled its sales. In other major territories, sales grew by between a third and a half, with European figures at the top end of this scale. Hankook said its figures demonstrate the “increased recognition” of the quality of its tyres, as the ultra high performance segment outstripped total sales growth in its major markets, most notably in Europe, where the Korean manufacturer sold 89.6 per cent more UHP tyres year on year. Original equipment sales in the segment were also up 90 per cent in consolidated non-domestic markets.

26th July 2011/by Tyrepress Editors

Goodyear to announce 2Q 2011 financial results

Goodyear’s Richard J. Kramer, chairman and chief executive officer, and Darren R. Wells, executive vice president and chief financial officer will participate in an investor conference call following the company’s second quarter 2011 financial results report. The report will be delivered before markets open on Thursday, 28 July, with the call following at 10:00 EST (15:00 GMT). The financial information will be posted on Goodyear’s investor relations website at around 9:45 EST. Goodyear also says that the call can be accessed on the website or via telephone by calling (706) 643-2869 before 9:55 on July 28. A taped replay will be available later that day by calling (404) 537-3406, Conference ID 83080825, and on the website.

14th July 2011/by Tyrepress Editors

GITI arranging US$225 million loan

Six banks have reportedly agreed to support a Deutsche Bank-arranged US$225 million 3.5-year term loan for China’s GITI Tire. According to Thompson Reuters’ ifre.com website, unnamed banking sources shared the information with the publication. No details of what the loan is intended for have yet been released, but it looks likely to be a refinancing tool. GITI has not officially commented on the reports.

13th July 2011/by Tyrepress Editors

Rhein Chemie buys Wacker’s tyre release agents business

Rhein Chemie Rheinau GmbH has opted to expand its product range for into tyre release agents by acquiring this part of Wacker Chemie AG’s operations on 8 July 2011. The two parties agreed to keep the purchase price confidential. According to the companies, Wacker’s tyre release agents business achieved sales amounting to a mid single-digit million euro amount in 2010. The acquisition reportedly makes Rhein Chemie the world leading supplier of tyre release agents. Rhein Chemie is itself a wholly-owned subsidiary of Lanxess from Leverkusen, Germany.

11th July 2011/by Tyrepress Editors

Itochu: Kwik-Fit and Stapleton’s to remain separate

The Itochu Corporation has sought to re-iterate its position that its Kwik-Fit retail business and its Stapleton’s wholesale operation will be run as “entirely separate entities.” Answering questions raised widely within the market following the appointment of Stapleton’s MD Kenji Murai as Kwik-Fit head, an Itochu representative explained: “Subsequent to the recent departure of Kwik-Fit CEO Ian Fraser, Kenji Murai is temporarily leading both Stapleton’s and Kwik-Fit. This is an interim measure that was forced upon us. We can confirm that the two businesses will continue to be run individually and an announcement regarding the organisational structures of both companies will be made within the coming few weeks.”

8th July 2011/by Tyrepress Editors

Comment: A change will do you good?

As the July issue of Tyres & Accessories went to press, Kwik Fit Group announced the arrival of Stapleton's boss Kenji Murai as its new group head. Of course we are all aware of the fact that Itochu now owns both Stapleton’s and Kwik Fit (who could have missed all the coverage reporting the purchase from 2 March onwards?); and it is of course natural that a company will want to have their own people integrated into a business they have purchased (and congratulations and best wishes to the new boss); but there are at least two reasons why this news will raise some eyebrows.

4th July 2011/by Tyrepress Editors

Stapleton's MD Murai now in charge at Kwik Fit

Kwik Fit Group has announced the arrival of Stapleton's boss Kenji Murai. Itochu, which owns Stapleton's, completed its acquisition of the fast fit giant this week. Itochu also announced the departure of chief executive officer Ian Fraser and group finance director Michael Healy. Itochu stated: “We would like to thank Ian and Michael for their work in establishing Kwik Fit as the clear market leader and creating a very strong position. The company has substantially developed under their leadership and we wish them well for the future.

1st July 2011/by Tyrepress Editors

Infinity Tyres sponsors England cricket at Lord’s

Infinity Tyres has announced that it is to sponsor the Lord’s One Day International between England and Sri Lanka in London on 3 July. The game is the third in the five-match ODI series following a crushing victory for England in the first at The Oval and tomorrow’s game (1 July) at Headingley. The brand will have a static publicity panel at the ground.

30th June 2011/by Tyrepress Editors

Goodyear to webcast Deutsche Bank presentation

The Goodyear Tire & Rubber Company will broadcast its Deutsche Bank Securities Inc. Global Industrials and Basic Materials Conference on its investor relations website. The conference takes place in Chicago on Thursday, 16 June, where Darren R Wells, executive vice president and chief financial officer, will discuss the company’s strategies and field questions from analysts and investors.

14th June 2011/by Tyrepress Editors

Analysts: 1 in 9 firms in the UK tyre market could change hands

Nearly 10 per cent of UK tyre firms could change hands due to the disparity between cash-rich and debt-stricken firms in the market. According to analysts from Plimsoll Publishing, 1 in 9 companies in the UK Tyre Manufacturers & Distributors industry could change ownership as a result of the current economic climate. Their prediction is that, with a surprising number of “cash rich” competitors waiting in the wings, the market could be set for a prolonged period of consolidation.

13th June 2011/by Tyrepress Editors