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Tyre industry jobs, appointments and personnel-related information.

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Pirelli reshuffles executives

Following official confirmation of the resignation of Pirelli COO Francesco Gori, the company has detailed revisions to organisational model. According to the company, Pirelli has decided to reinforce its technological and commercial organization apparently completing a re-definition which began in October 2011. As a result Pirelli will replace its “executive office” with two new roles reporting directly to chairman and chief executive officer Marco Tronchetti Provera.

10th May 2012/by Tyrepress Editors

Apollo’s 2011 sales topped US$ 2.5 billion

Apollo Tyres Ltd has released fourth quarter and full-year 2011 results that show revenues across operations in Asia, Africa and Europe, grew 37 per cent to 121.5 billion rupees (£1.409 billion; 1.81 billion euros; US$2.5 billion). According to the company, Indian operations grew fastest (up 49 per cent) while the firm’s Europe business saw a growth of 27 per cent. Apollo’s African operations witnessed 10 per cent growth.

10th May 2012/by Tyrepress Editors

Conti could re-join Dax in June

Continental AG could re-join the German DAX index as early as June or September. Financial analysts also expressed support for continued growth at Conti, with Morgan Stanley summing up the firm’s expectations of the company in a single word – “confidence.” In an investor’s note dated 9 May, the bank continued by explaining its view that the latest feedback on vehicle production orders and tyre price discipline indicates that company targets “may prove conservative.”

9th May 2012/by Tyrepress Editors

Pirelli's Gori to resign?

Ahead of Pirelli’s latest financial results, rumours are circulating between the press and financial analysts that Pirelli COO Francesco Gori could be about to resign. A report from analysts Morgan Stanley cites an article in the Italian newspaper "Il Corriere della Sera" today (8th May) making this suggestion.

Pirelli itself has reportedly been quite non-committal in its response. Morgan Stanley reports that it has “spoken to the company this morning and this was neither denied or confirmed. The company have signalled before that they are looking to simplify their organisational structure, however unconfirmed rumours in the industry are that there were clashes between the CEO (and owner) Tronchetti on Pirelli’s long term strategy."

8th May 2012/by Tyrepress Editors

Hankook records double-digit global growth in Q1

Hankook Tire has reported continued sales growth during the first quarter of 2012. Growth was experienced in North American and European markets, and the company said demand for its ultra high performance tyres had rapidly increased during the first three months of the year. Seung-Hwa Suh, vice chairman & global CEO of Hankook Tire said: “Despite continued global economic downturn, we have been able to set global sales growth and operating profit based on consistent tyre quality improvement as well as brand equity enhancement.

1st May 2012/by Tyrepress Editors

Goodyear refinances $3.2bn credit facilities

The Goodyear Tire & Rubber Company has completed refinancing its principal US credit facilities. Darren R Wells, executive vice president and chief financial officer, said the actions “position the company” to continue implementation of its Strategy Roadmap: “We see this refinancing as a proactive step to improve our financial position, leaving us with no term debt repayments required until 2019.”

20th April 2012/by Tyrepress Editors

Kramer presents Goodyear 'Roadmap' to shareholders

Goodyear's 2012 annual shareholder meeting was held on 17 April at the company’s headquarters in Akron, and chairman and CEO Rich Kramer told those in attendance that he was “pleased” with the tyre-maker’s 2011 performance, outlining the company’s “strategy roadmap”, Tire Review reports. Pointing to record sales of $22.8 billion and record segment operating income, Kramer said, “What is most gratifying is that our record results across all global businesses were achieved in the midst of continued economic uncertainty around the world through successful execution of our strategy. Our ‘strategy roadmap’ is the foundation for decisions on every aspect of the business, from marketing and product development to investment and team building.”

18th April 2012/by Tyrepress Editors

Goodyear to address 2012 Q1 results

The Goodyear Tire & Rubber Company has announced that it will report first quarter 2012 financial results on Friday, 27 April, to be followed by an investor conference call at 8:30 EST (13:30 GMT). The conference call will be taken by Richard J Kramer, chairman and chief executive officer, and Darren R Wells, executive vice president and chief financial officer.

13th April 2012/by Tyrepress Editors

Analysts predict Schaeffler will sell more Conti stock

Some financial analysts are recommending Continental shares ahead of a possible further sale of some of the stake directly owned by current 49.9 per cent shareholders Schaeffler Group. “Even if Schaeffler were to do another private placement of Conti shares, we think it might not be enough to satisfy investor appetite. We regard Conti as a structural, earnings and free cash flow driven overweight offering an attractive entry point,” Morgan Stanley analysts wrote in an investor’s note published 22 March.

22nd March 2012/by Tyrepress Editors

Schaeffler reports record sales and earnings in 2011

Schaeffler Group has reported record 2011 sales of 10.7 billion euros and a 12 per cent increase in pre-tax profits to 1.7 billion euros. It is the first time in the company’s history that sales topped the 10 billion euro mark. Schaeffler Group directly owns a 49.9 per cent stake in Continental AG.

Commenting at the press conference where the news was announced, Schaeffler AG CEO Dr Juergen Geissinger said: “Following our success in 2010, we were able to further improve our earnings across the board in 2011. That demonstrates the dedicated commitment of our employees around the world. Our wide range of components and systems for the automotive and the industrial sectors puts us in a very good strategic position as a globally oriented company.”

22nd March 2012/by Tyrepress Editors

Analysts: Pirelli target upgrade a big surprise

While pleased that Pirelli’s figures were “in line” with expectations, financial analysts have reported their surprise at the Italian-based tyre manufacturers’ decision to raise its targets for 2012. According to advice sent out by Morgan Stanley the upgrade news is “a big surprise so soon after the investor day in the fourth quarter.” They expect target upgrade in the region of 8 to 10 per cent and immediately issued the succinct advice “buy”.

12th March 2012/by Tyrepress Editors

Pirelli sales up 16.6% in 2011, profits beat target margin

Pirelli & C. SpA’s has released fourth quarter and full year 2011 results showing consolidated revenues in 2011 totalled 5,654.8 million euro, an increase of 16.6 per cent from 4,848.4 million euros in 2010. Consolidated operating income after restructuring charges was 581.9 million euros compared with 407.8 million euros in 2010, and with a 10.3 per cent margin compared with the target of “around 10 per cent” announced last November. This is almost two percentage points higher than the 8.4 per cent achieved in 2010.

12th March 2012/by Tyrepress Editors

Analysts up Conti share price target

Financial analysts have expressed a vote of confidence in Continental AG’s present and future financial performance by increasing the price their expect the company’s shares to achieve in the medium term. Recommending a new, higher price target to its investors, Morgan Stanley analysts raised their price target for Continental stock to 90 euros per share, up some 15 euros from the previous target of 75 euros.

9th March 2012/by Tyrepress Editors

Analysts: Fourth quarter results key for Pirelli 2012 outlook

When Pirelli releases its fourth quarter financials on Monday, the results are likely to be a barometer of what can be expected from the company in the rest of 2012. That’s the view of financial analysts from Morgan Stanley that published their view in an investors note dated 8 March.

Their prediction is that Pirelli will report figures on the positive side of being in line with expectations: “We believe Pirelli will deliver 139 million euros of reported EBIT, a touch higher than the street and Pirelli’s targets.

8th March 2012/by Tyrepress Editors

Goodyear declares quarterly dividend

The Goodyear Tire & Rubber Company has declared a quarterly dividend of 73.44 cents per share of mandatory convertible preferred stock. The payout represents an annual rate of $2.9375 per share.

7th March 2012/by Tyrepress Editors