Company News Archives - Page 19 of 40 - Tyrepress

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

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Titan Takes Over Goodyear’s Europe, Latin America Agri Businesses

The European and Latin American agricultural tyre businesses run by Goodyear Tire & Rubber have a new owner following their sale to Titan Tire Corporation. On December 13 the Titan International subsidiary announced its acquisition of the businesses, including a licensing agreement permitting Titan to manufacture and sell Goodyear-brand farm tyres in Europe, Africa, Eastern Europe, Russia, Latin America and North America. The deal is valued at approximately US$130 million, subject to post-closing adjustments.

14th December 2010/by Tyrepress Editors

Delticom Acquires Asian Retail Portal

On December 13 German online tyre retailer Delticom AG announced its acquisition of a majority stake in Singapore-based Tyrepac Pte Ltd, for an undisclosed amount in cash. The transaction, Delticom reports, is structured as a capital increase at Tyrepac.

13th December 2010/by Tyrepress Editors

Brisa Acquires Bandag’s Turkish Operations

Brisa, the Turkish joint venture company owned by Bridgestone and the Sabanci Group, has agreed to purchase Bandag’s Turkish operations for US$3.6 million. The company says this move provides Brisa with a “cost-cutting advantage” to the logistics sector and will increase the quality of service it can offer. The acquisition was made by the purchase of 7,508 shares in Bandag Lastik Mamülleri Ticaret Limited Şirketi; the transaction is subject to the usual legal approvals.

13th December 2010/by Tyrepress Editors

Michelin Raises European Truck Tyre Prices

Michelin says it is “maintaining its firm pricing policy” in response to rising raw material prices. What this means to consumers is that prices for replacement market new and retreaded truck tyres will increase by an average of around five per cent. The tyre maker says these increases are being gradually implemented between December 1, 2010 and January 1, 2011.

13th December 2010/by Tyrepress Editors

Delticom Raises 2010 Forecast

Delticom has once again raised its guidance for 2010 due to a surge in demand for winter tyres leading to supply shortages. As a result of this market-wide scarcity, winter tyre prices have increased starkly across Europe. Delticom management's guidance for the 2010 financial year from November 26th has thus been overtaken by the recent developments. On the back of strong fourth quarter sales, the company should be able to grow 2010 revenues by more than +30 per cent year-on-year (previous guidance: more than +20 per cent). Due to the “very beneficial pricing environment” throughout the year and especially in the fourth quarter, profitability will be “unusually elevated” and thus significantly better than last year. Management sees a 2010 EBIT margin on the order of 11 per cent as realistically achievable (previous guidance: around 10 per cent, last year: 9.4 per cent). Depending on how the next weeks will evolve with regards to demand, stock levels and prices, margins could come in even higher than currently estimated.

9th December 2010/by Tyrepress Editors

Goodyear Announces Finance Leadership Changes

Several changes in Goodyear Tire & Rubber’s finance leadership have been announced. Filling the soon to be vacant position of vice president and controller, North American Tire is Richard J. Noechel, currently vice president of finance for North American Tire. Noechel replaces Thomas A. Connell, who intends to retire on March 1, 2011. The position at present occupied by Noechel will be filled by Laura K. Thompson, who currently serves as vice president of business development. Stepping a rung up the ladder into Thompson’s old job is David Campopiano, currently senior director of business development. All abovementioned changes will take effect on March 1, 2011.

8th December 2010/by Tyrepress Editors

2011 to be Titan’s “Best Year Ever,” says Taylor

Ahead of a company conference call scheduled for December 9, Titan International chairman and CEO Maurice M. Taylor Jr. declared “2010 has been a great building year for Titan and I believe that 2011 will be our best year ever from what I see today.”

8th December 2010/by Tyrepress Editors

Divestment Part of Trelleborg’s Continued Focus on Selected Segments

Some two weeks after it acquired Watts Tyre Group – a purchase that Maurizio Vischi, president of the company’s Trelleborg Wheel Systems business area, described as a “further step in our strategy to continuously strengthen our positions in selected segments,” the Swedish firm has taken a further step towards focusing on its core business areas by entering into an agreement to divest its roofing operations. This part of the Trelleborg Engineered Systems business area will be taken over by Axcel, a Nordic private equity fund with offices in both Copenhagen and Stockholm. The acquisition requires approval of the appropriate authorities, and is expected to be finalised in the first quarter of 2011.

7th December 2010/by Tyrepress Editors

Conti Names Replacement for “Controversial” Koerfer

The seat on Continental AG’s Supervisory Board left vacant by Rolf Koerfer’s resignation on November 29 is to be filled by Professor Siegfried Wolf. The 53-year old Austrian, who is also chairman of the Board of Directors at Russian Machines OJSC, was nominated to the Conti board on December 4; Wolf’s nomination received the Board’s unanimous support and his appointment will be applied for at the local court in Continental’s home town of Hannover, Germany early this week.

6th December 2010/by Tyrepress Editors

Pirelli Broadband Solutions Sale Finalised

Pirelli’s sale of its broadband business is a done deal. On November 29, the Italian company reported the sale of Pirelli Broadband Solutions SpA to Advanced Digital Broadcast Group has been finalised and the transaction is now completed and closed. Advanced Digital Broadcast paid approximately 25.1 million euros in cash and 400,000 listed shares, equal to approximately 7.2 per cent of its capital, for the broadband business. With regard to these shares, Pirelli & C. has undertaken a lock-up commitment for the first two months following the closing, as well as a put option for Pirelli & C. and a call option for ADB, which can be exercised within two years.

30th November 2010/by Tyrepress Editors

Ceat Ltd. Acquires ‘Ceat’ Name from Pirelli, Pushes Exports

India’s Ceat Ltd. now holds global ownership of the ‘Ceat’ brand name after purchasing the rights from Pirelli & C. SpA for nine million euros. The company is said to have made an upfront payment of 4.5 million euros to Pirelli with a bank guarantee for the balance. The purchase allows Ceat to export tyres under the eponymous brand anywhere in the world, and Ceat shares jumped 7.4 per cent to 138.85 rupees as details of the deal became known.

29th November 2010/by Tyrepress Editors

Conti Gives Employees a Cash ‘Thank You’

As a means of thanks for their contribution to the company’s recovery from the recession, Continental AG’s 146,000 employees worldwide will receive a one-off payment. Executive Board member responsible for human resources, Heinz-Gerhard Wente, announced that a total of 45 million euros has been set aside for this purpose. “After the serious economic and financial crises last year, our employees throughout the world demonstrated their commitment, working hard to contribute substantially to Continental’s speedier-than-expected recovery,” he said. “In recognition of this commitment, the Executive Board decided on the one-off payment for the spring of 2011, even though the company is still facing several major challenges.” Exactly how much an employee will receive depends on where he or she lives, however. While Continental’s 45,000 workers in Germany will receive 400 euros, those employed in lands with ‘lower living costs’ will receive only 200 euros.

22nd November 2010/by Tyrepress Editors

Pirelli Debt Refinancing Reported

Rome based newspaper Il Messaggero reports that Pirelli & C. SpA is negotiating a 1.2 billion euro loan in order to refinance its debt. Although Pirelli has yet to comment on this news, Il Messaggero says the tyre maker has hired Banca IMI SpA, BNP Paribas SA, UniCredit SpA, Royal Bank of Scotland Group Plc, Bank of America Merrill Lynch and Societe Generale SA to arrange the debt. This deal is, the paper adds, expected to be completed within a few weeks.

22nd November 2010/by Tyrepress Editors

OE Truck Tyres Sole European Market Highlight in October

First the good news: Sales of truck tyres to European OEM customers during October 2010 were significantly above those of a year earlier. According to market data made public by Pirelli and Michelin, OE truck tyre sales rose by at least 75 per cent year-on-year (Pirelli’s figure is 75 per cent, Michelin reports segment growth at an even healthier 81.2 per cent). Strong growth in the original equipment business was not matched by the aftermarket, however. Pirelli reports a three per cent drop in European replacement market truck tyre sales during October, while Michelin’s figures show the decline to be 1.5 per cent.

19th November 2010/by Tyrepress Editors

Bridgestone to Cut More than 400 North American Jobs

On November 16, Tyres & Accessories reported a number of redundancies at the Bridgestone Bandag Tire Solutions facility in Muscatine, Iowa. These job cuts were announced within the context of restructuring taking place within Bridgestone’s North American operations. It now appears the 18 job losses at the Muscatine site are not an isolated occurrence within Bridgestone’s restructuring plans; the company expects to cut approximately 425 North American jobs before the end of August 2011.

18th November 2010/by Tyrepress Editors