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Tyre industry jobs, appointments and personnel-related information.

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Analysts: Continental ‘can still surprise’

Some financial analysts have stated their faith in Continental AG’s continuing strong financial performance ahead of the company’s third quarter results.

Upgrading their estimates for the company’s shares performance, Morgan Stanley market watchers said they predict “10 per cent upside to 2012 consensus and circa 20 per cent in 2013-2014,” continuing: “We think valuation and third quarter catalyst make Continental the most attractive investment in the auto industry.”

24th September 2012/by Tyrepress Editors

Sumitomo Turkish JV to serve Europe, growing emerging markets

Sumitomo Rubber Industries has confirmed reports made by Japanese and Turkish media regarding a new joint venture company in Turkey. The Japanese firm says it will hold 80 per cent equity in a joint venture with Abdulkadir Özcan Otomotiv Lastik. An agreement was signed between the two companies on 21 September, and the yet to be named operation will be established next month. Sumitomo Rubber reports that the joint venture is being set up with initial capital of US$30 million and will involve a total investment of around $500 million. This sum will cover the cost of building a greenfield passenger car and light commercial vehicle tyre factory in Çankiri, Turkey.

21st September 2012/by Tyrepress Editors

Goodyear to present at Citi Industrial Conference

The Goodyear Tire & Rubber Company will webcast its latest presentation at the 2012 Citi Global Industrial Conference in Boston on 19 September. Darren R Wells, executive vice president and chief financial officer, will provide a business overview and discuss the company’s strategies for approximately 40 minutes.

14th September 2012/by Tyrepress Editors

Continental places first billion-dollar bond

Continental has placed US dollar-denominated bonds worth US$950 million with institutional investors in Germany and abroad. According to the company, the bonds have a seven year term and are being issued by Continental Rubber of America, Corp., USA, and guaranteed by Continental AG and selected subsidiaries. The annual interest rate will be 4.5 per cent and is substantially lower than the interest rate on the bonds issued by Continental in 2010. Interest will be payable semi-annually in arrears. The proceeds will be used for the early repayment of part of the debts scheduled to mature in April 2014.

13th September 2012/by Tyrepress Editors

Kumho Aims to Become Top Rubber Supplier

Kumho Petrochemical chairman Park Chan-koo has plans for the company’s future as a top global chemical-making company, marking over 20 trillion won in annual revenue with 20 original high-quality products that are number one in their respective sector by 2020.

12th September 2012/by Tyrepress Editors

Analysts: Conti’s DAX re-entry won’t make immediate waves

Following the news that Continental AG shares will once again be traded on the German DAX list, financial analysts have been assessing the impact that this likely to make on the company’s share price. For its part Morgan Stanley estimated that the impact will actually be “relatively small from a trading perspective – circa 1-2 days of trading volume and circa 1-2 per cent of the current available freefloat.”

10th September 2012/by Tyrepress Editors

Lanxess to join DAX in September

Tyre manufacturing chemical supplier Lanxess AG is to join German benchmark index DAX 30, effective 24 September 2012, according to the Stock Indices Working Group of Deutsche Boerse AG. Lanxess shares closed at 60 euros on 5 September (the day the news was announced.

The DAX (Deutscher Aktien IndeX) consists of 30 major German companies trading on the Frankfurt Stock Exchange. Prices are taken from the electronic Xetra trading system. According to Deutsche Boerse AG, the operator of Xetra, DAX measures the performance of the 30 largest German companies in terms of trading volume and market capitalisation.

10th September 2012/by Tyrepress Editors

ECP adds crash repair warehouse, 10 new branches

Euro Car Parts reports that it has invested in a second storage facility, following the opening of its National Distribution Centre in Tamworth, Staffordshire in 2010. The 141,000sqft warehouse in Swadlincote, Derbyshire will primarily store crash repair stock including Platinum Plus product lines and the company has signed a 10-year lease agreement with GE Capital Real Estate for the Tetron Point distribution unit. ECP has continued to expand its network too, with 10 new locations announced. They are anticipated to open in the fourth quarter of 2012.

29th August 2012/by Tyrepress Editors

Bridgestone OP beats analysts expectations

With Bridgestone having announced that first half operating profits grew 43 per cent year-on-year to 133.8 billion yen, the tyre manufacturer has upped its full-year operating profit guidance. Bridgestone had predicted that it would achieve 118 billion yen by this measure, with Deutsche Bank estimating nearer 136 billion yen. As a result the financial analysts now report that the company has lifted its full-year operating profit projections and is now looking at 50 per cent year-on-year growth to 287 billion yen (previous predictions were 269 billion yen, with Deutsche Bank expecting 316 billion yen).

13th August 2012/by Tyrepress Editors

Cooper achieves $2.04bn 1H sales

Cooper Tire & Rubber Co. reported net income of $86.6 million for the first half of 2012, against total sales of $2.04 billion for the period, Tire Review reports. The first half sales were up compared to $1.82 billion for the same period in 2011, and net income surpassed last year’s $32.9 million.

9th August 2012/by Tyrepress Editors

Goodyear to present overview at JP Morgan Auto Conference

The Goodyear Tire & Rubber Company has announced that it will make a business presentation to be webcast from the JP Morgan 2012 Auto Conference in New York on 13 August. Darren R Wells, executive vice president and chief financial officer, will provide a business overview and discuss the company’s strategies for approximately 35 minutes.

8th August 2012/by Tyrepress Editors

Tyres drive Continental group margin ‘surprise’

Continental AG may have delivered 948 million euros of adjusted pre-tax profits (EBIT) in the second quarter of 2012, compared with consensus expectations of 865 million euros, but the biggest surprise for analysts was said to have been the group margin figure. At 11.5 per cent this was nearly a percentage point (and therefore on the way to 10 per cent) higher than 10.6 per cent that was expected.

2nd August 2012/by Tyrepress Editors

Analysts: Michelin results ‘impressive’

Michelin’s EBIT result of 1.3 billion euros beat market expectations by a huge 14 per cent, according to financial analysts. At the same time the company also announced a virtually unprecedented margin of 27 per cent in its Specialty Tyre division.

30th July 2012/by Tyrepress Editors

Pirelli outperforms, but markets cautious about inventories

Pirelli’s financials means that the Italian tyre manufacturer outperformed market expectations of its second quarter EBIT performance by 5 per cent, according to financial analysts. The firm also maintained its full-year financial guidance, Morgan Stanley wrote in an investors note reflecting on the figures:

30th July 2012/by Tyrepress Editors

Pirelli increases revenues, EBIT and margin in 2Q

Pirelli reports that the company closed the first half of 2012 with revenues of 3,021.8 million euros, an increase of 8.3 per cent compared with the 2,789.3 million euros published for the same period in 2011.

30th July 2012/by Tyrepress Editors