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Tyre and wheel business news from the segment’s most important companies.

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Hankook share sale a boost for Michelin entry-level and medium production

In order to place a greater focus on its own production of tier two and three tyres, Michelin plans to sell its share in Hankook Tire Co. Ltd. The French tyre maker announced on November 8 its intention to sell up to 15,195,587 shares, an amount representing approximately 9.98 per cent of Hankook’s share capital, through its 100 per cent owned subsidiary Compagnie Financière Michelin. According to Michelin, the sale of its Hankook share forms part of its portfolio optimisation efforts in line with the new growth strategy the company first presented a year ago and reiterated during its October 2011 investor day, specifically the optimising and strengthening of factories dedicated to producing passenger car and truck tyres in the entry-level and medium-range segments.

8th November 2011/by Tyrepress Editors

Nokian gearing up for strong 2011 sales, operating profit growth

On the back of a 41.3 per cent year-on-year increase in net sales in the first nine months of 2011, Nokian Tyres retains its outlook that it is “positioned to provide strong sales growth and to improve operating profit clearly compared to 2010.” The Finnish tyre maker recorded group net sales of 974.3 million euros, up from 689.4 million euros between January and September 2010. During this same period operating profit doubled from 130.4 million to 261.0 million euros. Earnings per share also effectively doubled, from 0.85 euros to 1.66 euros per share. Net sales increased 41.2 per cent in the third quarter to 346.3 million euros, operating profit jumped 97.4 per cent to 95.4 million euros and earnings per share increased 122 per cent year-on-year to 0.60 euros per share.

4th November 2011/by Tyrepress Editors

Conti share price sinks, net income rockets in first 9 months of 2011

Upon publishing its results for the nine months to September 30, Continental states its expectation of annual sales reaching at least 29.5 billion euros remains unchanged. The tyre maker and automotive supplier also believes it can still achieve an adjusted EBIT margin of around ten per cent for the full year, however Executive Board chairman Dr. Elmar Degenhart concedes this “must meanwhile be viewed an an ambitious target owing to the higher-than-expected burden we are experiencing from raw material costs.” Yet these costs, Degenhart adds, should be “roughly offset” by the “very good utilisation” of Continental’s capacities, with strong order books aiding the company’s fortunes.

3rd November 2011/by Tyrepress Editors

Brisa 9-month revenues up 36%

Turkish tyre maker Brisa reports a 36 per cent year-on-year rise in revenues between January and September. In a statement released on October 30, the company disclosed it earned some TL942.5 million (₤329.8 million) during the nine-month period. Net profits rose 35 per cent year-on-year over the same timeframe, to approximately TL47,500 (₤16,600) while EBITA grew 41 per cent to TL114 million (₤39.9 million).

2nd November 2011/by Tyrepress Editors

Pirelli to attract American investors through ADR programme

In order to diversify its shareholder base and attract a greater number of American investors, Pirelli & C. SpA is launching a Level 1 American Depositary Receipt (ADR) programme for the United States market. Pirelli has nominated J.P. Morgan as the depositary bank to manage the ADRs when the programme goes operational; this is expected to occur on or about 2 November 2011. Each Pirelli ADR (CUSIP 724256201) will correspond to one Pirelli & C. SpA ordinary share traded on the Milan stock exchange.

31st October 2011/by Tyrepress Editors

UK wing mirror supplier moves into export market

The UK’s leading supplier of wing mirrors, based in Bury, Lancashire, is entering the export market, taking its product to numerous countries, including Australia, Brazil, Singapore, Japan, Malta, Norway and France. Wing Mirror Man started in January 2006 and provides new wing mirrors to the public and trade. It supplies mirrors suitable for 29 vehicle manufacturers, covering more than 500 car models, and in excess of 4,000 different types and makes of wing mirrors.

25th October 2011/by Tyrepress Editors

September continues car manufacturing growth

The Society of Motor Manufacturers and Traders has hailed September’s 7.4 per cent growth in vehicle manufacturing as showing that a positive trend is developing in the sector in the UK. Car manufacturing rose by 7.5 per cent in the month, making the first three-quarters of 2011 up 4.8 per cent over 2010’s. Commercial vehicle output rose by 6.2 per cent in September, but is still down 2.7 per cent over the January-September period.

21st October 2011/by Tyrepress Editors

Annunziato to replace Ohashi as Bridgestone Europe chief

As of 1 January, 2012, Makio “Mac” Ohashi will end his tenure as CEO and president of Bridgestone Europe NV/SA. He will be succeeded in this role by Franco Annunziato, who is now chief quality officer and senior vice-president – technology at Bridgestone Europe as well as managing director of Bridgestone Technical Center Europe S.p.A. After taking on Ohashi’s current duties, Annunziato will remain chief quality officer of Bridgestone Europe and managing director at the Technical Center Europe. Annunziato also serves as a vice-president and officer of Bridgestone Corporation.

17th October 2011/by Tyrepress Editors

Report: 2010’s new car sales helped repair puncture in tyre market

Higher new vehicle registrations in 2010 helped to repair a price deflation puncture in the UK tyre and tube market in 2009. According to a new report published by Key Note, the tough economic conditions in 2009 resulted in the UK market value for tyres and tubes deflating by 8.4 per cent at manufacturers’ selling prices (msp). Their view is that a boost in new vehicle registrations in 2010 and inflationary price increases helped the apparent market undo this, growing by 12.6 per cent in 2010.

13th October 2011/by Tyrepress Editors

Hayes Lemmerz purchased by Brazil’s Iochpe-Maxion

Following an all-cash transaction valued at approximately US$725 million, wheel manufacturer Hayes Lemmerz International, Inc. has been acquired by Iochpe Holdings, LLC, a subsidiary of Brazilian automotive and railway wheel and chassis manufacturer Iochpe-Maxion S.A. The deal will combine Hayes Lemmerz’s global wheels business with that of Iochpe-Maxion.

7th October 2011/by Tyrepress Editors

Emerging markets, Tier 3 central to Michelin growth

At its most recent Investors Day, held at the company’s Cuneo site in Italy, Michelin confirmed its growth outlook for the coming decade. The French tyre major anticipates the global passenger car and light commercial vehicle tyre market reaching 1.5 billion units in 2015, a figure representing a 25 per cent growth on 2010 figures. Looking further ahead, an additional 20 per cent growth in the years between 2015 and 2020 is expected, with 1.8 billion tyres sold in this sector worldwide in 2020. Michelin notes that 70 per cent of this volume growth should occur in ‘new’ markets.

6th October 2011/by Tyrepress Editors

Strong demand prompts Titan to up 2011 projections

The sales and EBITA guidance issued by Titan International on May 19 has been revised, with increases made to both figures. In a September 28 press release announcing these alterations, Titan chairman and CEO Maurice Taylor stated: “Agriculture is booming, mining is hot and construction is rebounding.

29th September 2011/by Tyrepress Editors

Michelin announces notes repurchase

In a press release intended for all markets excepting the US, Compagnie Générale des Etablissements Michelin announced that on 21 September it repurchased more than 10 per cent of the company’s lowest-ranking subordinated notes (titres subordonnés remboursables de dernier rang), due 3 December 2033, for an aggregate nominal amount of 500,000,000 euros admitted to trading on the regulated market of NYSE Euronext Paris under ISIN FR0010034298. Following the repurchase, the outstanding nominal amount is 140,628,000 euros.

28th September 2011/by Tyrepress Editors

Schaeffler to become public company

As a step towards achieving capital market viability, major Continental shareholder Schaeffler is to be transformed into a public company. The decision for the privately-owned Schaeffler GmbH to become Schaeffler AG (Aktiengesellschaft) – an entity similar to a British public limited company – was announced by Supervisory Board chairman F.W. Schaeffler on September 26. The stock corporation is expected to be entered into the commercial register in October and Schaeffler Group operations will henceforth be managed by an Executive Board.

27th September 2011/by Tyrepress Editors

Infinity launches online media site

Infinity Tyres has announced the launch of its online Press & Media Room at which news and press releases related to Infinity Tyres, the Infinity Tyres Foundation, and, any stories and media related to the Infinity family, will be first published and stored online. Infinity says it believes that this new digital platform will help journalists find “new ways of engaging their audiences.” Jorge Crespo, Infinity’s European general manager, said the Press Room is a very important digital tool because “millions of people and potential clients will now have access to Infinity’s message, whether this is regarding our product range, or the company’s interests, achievements and goals. And all of this is aimed at giving our potential customers and clients further information about all that happens within Infinity’s world.”

21st September 2011/by Tyrepress Editors