Company News Archives - Page 15 of 40 - Tyrepress

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

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Trelleborg refinances through new syndicated loan

On March 24, Trelleborg AB and Trelleborg Treasury AB finalised a 750 million euro and US$625 million syndicated multicurrency revolving credit facility. The total volume of this new credit facility corresponds to some SEK 10.6 billion (£1.03 billion) and it is scheduled to mature in March 2016. The new credit facility replaces and refinances Trelleborg’s existing 750 million euro and US$600 million multicurrency revolving credit from 2005, which had an original final scheduled maturity date in March 2012.

25th March 2011/by Tyrepress Editors

Gajah Tunggal 2010 sales up 24% – Deutsche Bank

Indonesia’s PT Gajah Tunggal Tbk is expected to report its fiscal year 2010 results on March 26, 2011. Pre-empting the full release of the company’s financials, DB Equity Research Automotive reports the tyre maker achieved annual sales of Rp 9.9 trillion (£693.6 million), a 24 per cent year-on-year increase. This figure is, the Deutsche Bank analysts comment, three per cent above consensus and five per cent above Deutsche Bank estimates. Gross profit is reported to have increased six per cent year-on-year above 2009’s Rp 1.821 trillion (£127.6 million), implying a full-year gross margin of 17.9 per cent. This margin is, DB Equity Research Automotive notes, “much better than expected” given the steep (around 16 per cent) average increase in natural rubber prices in the fourth quarter of 2010 versus the average in the first nine months of the year.

24th March 2011/by Tyrepress Editors

Bridgestone a GM ‘Supplier of the Year’

Every year for the almost two decades General Motors has acknowledged its best global automotive suppliers at its Supplier of the Year awards. These awards recognise superior performance in four key areas, namely innovative quality, superior quality, outstanding launch support and competitive total enterprise cost. On twelve prior occasions Bridgestone Corporation has been bestowed an award, and at the 19th annual awards ceremony on March 10 thirteen proved to be a lucky number for the tyre maker – Takashi Urano, vice president and senior officer of Bridgestone Corporation, accepted the tyre maker’s thirteenth award on behalf of the company.

24th March 2011/by Tyrepress Editors

Delticom announces “exceptionally strong” 2010 results

On March 23, Delticom reported another “extremely successful year.” The online tyre retailer says its fiscal revenues increased 34.8 per cent year-on-year in 2010 to 419.6 million euros, while EBIT rose 60.1 per cent to 47.1 million euros. Furthermore, the company’s 11.2 per cent EBIT margin reveals further growth in profitability. Whole year revenues for Delticom’s E-Commerce division increased 36.2 per cent year-on-year to 403.7 million euros, while Wholesale division revenues grew 7.6 per cent to 15.9 million euros. Other operating income increased 33.3 per cent in 2010 in line with revenues to 5.8 million euros.

23rd March 2011/by Tyrepress Editors

Another Step Forward: Trelleborg explains rationale behind recent acquisitions

Recent months have seen a flurry of expansion and acquisition activity at Trelleborg Wheel Systems. First the company enhanced its position in the European solid tyre market through the acquisition of Watts’ industrial tyre business towards the end of 2010 (it was officially finalised during February 2011). Then came the acquisition of the pneumatic tyre production lines at the former Hebei Starbright plant, which the company bought from Maine Tire in the US. Most recently the company launched its TMBlue eco-concept range at the SIMA show in Paris at the end of February. Tyres & Accessories was on hand to hear further details about the thinking behind the recent developments and noticed a significant nod in the direction of further expansion in the emerging markets.

21st March 2011/by Tyrepress Editors

Rhein Chemie sales up 40% in 2010

In 2010 the Rhein Chemie Group achieved a 40 per cent year-on-year growth in sales; the wholly owned Lanxess subsidiary says its 283 million euro sales for the year outstrip those of the “record” year 2008. “We can clearly see that the rigorous implementation of our growth strategy is bearing fruit,” stated Dr. Anno Borkowsky, CEO and president of Rhein Chemie Rheinau GmbH. “In Germany, we increased sales by 30 per cent while in Asia growth was even stronger.”

21st March 2011/by Tyrepress Editors

Emerging market interest in value-generating products key to expansion – Trelleborg

Emerging markets such as the BRIC countries are expected to drive growth for Trelleborg Wheel Systems over the next few years. In the Trelleborg Group’s 2010 annual report, Maurizio Vischi, president of the business area responsible for producing industrial and agricultural tyres, said “emerging markets as Brazil, China and Russia have begun to show more interest in high-tech products and products that generate value. This provides significant expansion potential through greater presence in these markets.” Vischi admitted that that Trelleborg expects only “restricted” growth in Western Europe and North America, where the business area already counts as “one of the principal players.”

21st March 2011/by Tyrepress Editors

Nokian 2010 annual report released

Nokian Tyres has released its annual report for 2010, a year in which, said CEO Kim Gran, “demand, sales and profitability saw a clear positive turn.” Order intake in the company’s core Nordic and Russian markets experienced “rapid growth” in the second quarter, Gran added, while Nokian was “delighted by the strong growth seen in the sales and profitability of our Central and Eastern European operations.” In the annual report the Finnish tyre maker stated its key strategic objectives into the year 2015, including Nordic market leadership as a tyre manufacturer and distributor plus the leading manufacturer and distributor of premium car tyres in Russia and the CIS as well as one of the top suppliers of special heavy tyres in this region.

17th March 2011/by Tyrepress Editors

Lanxess net income up tenfold in 2010

Demand for synthetic rubbers from tyre industry customers proved a strong driver of growth for Lanxess last year. The German specialty chemicals company describes its 2010 results as “outstanding” and believes its performance was aided by the company’s strategic set-up and a general business recovery. Announcing the firm’s annual results at its annual press conference on March 17, Lanxess chief executive officer Axel C. Heitmann said the company’s “growth story is set to continue” following last year and an “excellent” start to 2011.

17th March 2011/by Tyrepress Editors

Pirelli admitted into John Deere Hall of Fame

The ‘hall of fame’ is a uniquely American way of showing esteem to a person or company; typically, only those who display exceptional skill or merit in their specialty area are admitted. It is thus with pride that Pirelli has announced its Agro business unit has been admitted into the John Deere Hall of Fame.

15th March 2011/by Tyrepress Editors

SEC filing sheds light on Goodyear exec compensation

A Securities and Exchange Commission filing submitted by Goodyear Tire & Rubber reveals the tyre maker’s top executives received considerable compensation increases last year, despite the company posting another annual loss.

9th March 2011/by Tyrepress Editors

New Conti brand communication strategy targets changing demographics

A complete review of Continental’s passenger car tyre segment brand communication strategy has been carried out and the tyre maker reports that a resultant new global campaign is already starting to be implemented online in some markets. The new strategy is, says Conti, “integrated and highly target-group specific.” What this means is Continental recognises that “in the years to come, women and families will increasingly become one of the most important target groups alongside the still mainly male tyre buyers.” Thus the new campaign will focus on both female and male drivers, with and without children and in different driving situations.

9th March 2011/by Tyrepress Editors

100 new jobs to result from Schrader/Ford TPMS deal

A contract signed between Schrader Electronics and the Ford Motor Company has the potential to create up to 100 new automotive sector jobs in Northern Ireland. Under the terms of the agreement, Schrader Electronics will supply its direct tyre pressure monitoring systems for fitment to Ford’s European model range between 2012 and 2015. This supply deal includes equipment for fitment on the strong-selling Ford Fiesta and Focus ranges.

9th March 2011/by Tyrepress Editors

Trelleborg appoints new group CFO

The upcoming retirement of Trelleborg Group CFO Bo Jacobsson created a vacancy that has now been filled by newcomer to the company, Carolina Dybeck Happe. The 38 year old former CFO of Swedish firm Assa Abloy’s EMEA region will take over the role on April 26; to ensure a smooth transition Jacobsson will remain with Trelleborg until retiring in June.

9th March 2011/by Tyrepress Editors

CKT sale to have “no impact” on Kenda product supply

Company News, International News

Kenda USA officials say that despite Kenda Rubber’s decision to sell its ownership stake in Cooper Kenda Tire, the move is a positive for the company. At the start of March, Cooper Tire & Rubber bought out Kenda Rubber’s 50 per cent share in their joint venture passenger tyre production facility in China. According to Kenda, the plant only produced Cooper branded and Cooper associate brand passenger, 4×4 and light commercial tyres, and thus the sale “has no impact to the current supply of Kenda products.”

8th March 2011/by Tyrepress Editors