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Goodyear Posts Loss on RMs despite Highest Sales in 2 Years

The Goodyear Tire & Rubber Company today posted its highest third quarter 2010 sales and tyre unit volumes since the third quarter of 2008. Yet under pressure from spiralling raw materials cuts, alongside charges for refinancing debt, the manufacturer ended up with a $20 million loss largely due to consistently high costs throughout the quarter, especially in raw materials. The company made a net profit of $72 million in the same period in 2009.

28th October 2010/by Tyrepress Editors

API Increases Select Brand Prices

American Pacific Industries increased prices by up to 10 per cent on all Achilles, Advance, Armour, Farmking, Gladiator, Hartland and Pegasus brand tyres, effective immediately, reports Tire Review. API cited “continued raw material escalation, led by the unprecedented increase in natural rubber” as the reasons for the increase.

27th October 2010/by Tyrepress Editors

Hankook Delays US Price Increase citing "Supply Difficulties"

Hankook Tire America , which previously announced it would raise prices on all consumer and commercial tyres effective with shipments on 1 November, has postponed the increase until 1 December due to “our current supply difficulty,” reports Tire Review.

27th October 2010/by Tyrepress Editors

Hankook Continues to Grow Sales in Q3, Operating Profit Down

Record quarterly sales in the emerging markets of Korea, China and Hungary helped Hankook achieve growth in sales following the slight downturn in 2010’s second quarter, though year-on-year operating profit remained 40.6 per cent down on the Korean manufacturer’s 2009 results. Sales topped 1.5 trillion South Korean won (£840 million), recording 7.1 per cent year-on-year increase. The company’s third quarter operating profit was KRW163.4 billion (£91.5 million), 8 per cent down on the second quarter, where rising raw materials costs have continued to be a factor. Hankook stated it aims to achieve a sales target that exceeds KRW5 trillion (£2.8 billion) this year.

27th October 2010/by Tyrepress Editors

Michelin 9-month Sales up 20%

Michelin has reported that its net sales for the first three quarters of 2010 shot up 19.4 per cent to 13 billion euros. According to the company, the growing figures reflect increased unit sales growth across all sectors and follow a particularly sustained recovery in unit sales of passenger car and light truck tyres. As a result of the good third quarter figures, Michelin reaffirmed is predictions that the company would achieve around 12 per cent growth in unit sales by the end of 2010, “close to 9 per cent operating margin before non-recurring items” and positive free cash flow for the year.

Referring to the company’s third quarter sales of 4.65 billion (which were up 24 per cent year-on-year), financial analysts praised the fact that the results were 6 per cent ahead of consensus estimates. However, writing in an investor’s note published 27 October, Morgan Stanley analysts wrote that this figure was largely down to better-than-expected foreign exchange rates. Sales growth is said to have equated to +15 per cent excluding foreign exchange effects during the quarter.

27th October 2010/by Tyrepress Editors

Trelleborg Relocates in North American Headquarters

Trelleborg Wheel Systems is relocating its North American Headquarters and distribution centre, reports Tire Review. The move from Hartville, Ohio, to Fairlawn, Ohio, allows space for further expansion, greater warehouse capacity and more efficient logistics, the company said. “This was a difficult decision after 80 years in our Hartville location,” said Ydo Doornbos, managing director of Trelleborg Wheel Systems Americas Inc.

25th October 2010/by Tyrepress Editors

Conti to Pump 500 million euros into Emerging Market Tyre Production

Continental AG chief executive Elmar Degenhart has shared details of how the automotive supplier is planning to invest 500 million euros into its tyre business in an interview Germany's Frankfurter Allgemeine Sonntagszeitung newspaper. According to the report, Degenhart admitted that Continental should have invested more in its tyre division during the past five years.

25th October 2010/by Tyrepress Editors

Analysts Welcome Pirelli Broadband Sale, Expect Aggressive Capital Investment

Despite affirming that Pirelli’s recent sale of its broadband business confirms the company’s focus is on its tyre operations, some financial analysts have responded by saying Pirelli’s stock sentiment has peaked for the time being. Their thinking is that the company is on the brink of announcing a series of capital expenditure investments. In response to news that Pirelli sold its broadband operations to ADB for 30 million euros, a Morgan Stanley investor’s note said: “We valued the business at 13 million equity value, the sale price is 30 million (the difference is irrelevant for the share price).”

22nd October 2010/by Tyrepress Editors

Pirelli Sells Broadband Business to ADB for 30 million euros

Pirelli & C has sold its broadband business to Advanced Digital Broadcast Holdings (ADB), a company quoted on the Swiss stock exchange for 30 million euros. Analysts received the move as confirmation that the company is wholly dedicated to its tyre business after the separation of its real estate arm earlier this year. The deal was announced on 21 October hours after the company confirmed that Prelios (the new name for Pirelli RE) would make it stock market debut on 25 October.

21st October 2010/by Tyrepress Editors

Kumho Edges Closer to Sale of Daewoo Engineering

Reports out of Seoul, South Korea say that the country’s financial regulators have approved a deal where Korea Development Bank will acquire controlling interest in Daewoo Engineering & Construction Co. from Kumho. The transaction for a nearly 40 per cent share of the construction firm was put at $2.93 billion. There was no word when the deal might close. (Tire Review)

20th October 2010/by Tyrepress Editors

Goodyear to Announce 3Q 2010 Results

Goodyear states it will report its third quarter 2010 financial results before markets open on Thursday, 28 October. An investor conference call will follow the announcement at 10:00 (15:00 local time in the UK). Richard J Kramer, chairman and chief executive officer, and Darren R Wells, executive vice president and chief financial officer will participate in the call.

20th October 2010/by Tyrepress Editors

Latest Pirelli Figures Show Tyre Market Was Strong in 3Q 2010

Pirelli’s latest “Tyre Market Watch” figures show that first half 2010 passenger car tyre volumes increased by approximately 20 per cent. Third quarter volumes are said to have remained strongly in the double digit growth range, but moving at roughly half the pace of the first half at +10 per cent. Truck tyre volumes were said to have been much stronger growing at +20 per cent and +25 per cent respectively.

19th October 2010/by Tyrepress Editors

PAI Partners Confirms it is considering £650 million Sale of Kwik-Fit

Talk of Kwik-Fit’s potential sale is nothing new – reports on tyrepress.com date speculation about another impending change of ownership since September 2008. However an unnamed source within the private equity house has reportedly told news organisations including the Financial Times and Reuters that PAI Partners, the French firm that currently owns the fast fit business, has appointed Credit Suisse and Morgan Stanley to analyse the possible sale of the company. Unconfirmed speculation suggests the trigger for this move was the receipt of two bids. The Financial Times suggests Bridgestone and Michelin as two potential bidders; the former as a rival bidder to PAI in 2005, the latter as the owner of rival fast-fitter ATS Euromaster.

15th October 2010/by Tyrepress Editors

Analysts: Michelin Rights Issue ‘Overly Prudent’

Michelin’s unexpected decision to announce a 1.2 billion euro rights issue at the Paris Motor Show on Tuesday 28 September may have knocked confidence in the company’s free cash flow generation amongst those observers that are concerned the company is being too cautious. But question marks also remain over what the company’s strategy is here. In the trading session following the announcement, Michelin shares dropped by more than 8.0 per cent according to the AFP News agency.

30th September 2010/by Tyrepress Editors

Goodyear Names New Latin America President

Goodyear has announced the appointment of Jaime Cohen Szulc as president of its Latin American region. Szulc will report directly to Goodyear's chairman-elect, chief executive officer and president Richard J. Kramer. Szulc succeeds Eduardo A. Fortunato, 57, who earlier this year announced his intention to retire at the end of 2010.

15th September 2010/by Tyrepress Editors