Company News Archives - Page 25 of 40 - Tyrepress

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Conti Reports Successful Eurobond Placement

Continental AG reports its €750 million euro-denominated bond has been successfully placed with qualified investors in Germany and abroad. With this, says Conti, the company has completed a further step in improving its debt maturity profile. The notes have a term of five years and will be issued by Conti-Gummi Finance B.V. and guaranteed by Continental Aktiengesellschaft and certain company subsidiaries. The coupon will be 8.5 per cent, with interest payable semi-annually in arrears.

12th July 2010/by Tyrepress Editors

The Right Information Changes Everything, ASA Tells Michelin

Bibendum, better known as the Michelin Man, can effortlessly wage colossal battles against evil fuel pumps to rescue motorists from high prices – but he appears to have found his kryptonite in the form of the Advertising Standards Authority. Following 15 complaints over its advertised claim that the EnergySaver tyre could save up to 80 litres of fuel, Michelin has accepted the ASA ruling that it must change the wording of its television commercial when wishing to continue with the “right tyre changes everything” campaign.

8th July 2010/by Tyrepress Editors

Yokohama Tire Implements Organisational Changes

The organisational structure at Yokohama Tire Corporation has been altered following Jim MacMaster’s retirement on June 30. President and CEO of Yokohama’s US operation, Takao Oishi, has not named a direct successor for MacMaster, who served as executive vice president and COO. Instead, Dan King, previously vice president of sales and marketing, will now also be responsible for corporate strategy and planning, while Gary Nash has been promoted to vice president, off-the-road (OTR) division and Yukio Kuroda now oversees technical services and product liability.

5th July 2010/by Tyrepress Editors

Toyo one of ‘Thailand’s Best Friends’

The Kingdom of Thailand has named Toyo Tire & Rubber one of ‘Thailand’s Best Friends 2010’ in acknowledgement of its importation of Thai natural rubber. Thailand’s Best Friends 2010 is a project implemented in line with a strategy to maintain and promote close relationships with purchasers and overseas importers of Thai products. The project, run by the country’s Ministry of Commerce, began in 2009.

5th July 2010/by Tyrepress Editors

Shandong Linglong Aims for 20% Export Increase in 2010

Last year Shandong Linglong reportedly exported 12.969 million tyres and earned an export delivery income of RMB 4.139 billion (£403.6 million), an amount said to be more than that earned by any other Chinese manufacturer. At the Reifen 2010 show in Germany, Shandong Linglong Tire Co., Ltd. CEO Wang Feng told Tyres & Accessories that the company’s aim for 2010 is to further improve on this already impressive result.

2nd July 2010/by Tyrepress Editors

Matador-Omskshina JV Marks 15th Anniversary

This year Continental Matador Rubber celebrates the 15th anniversary of the ZAO Matador-Omskshina joint venture project, which is based in Omsk in the Russian Federation. The founders, Slovakia’s Matador and Russia’s Omskshina, each contributed a 50 per cent capital share in order to establish a passenger car and light commercial vehicle tyre production facility. The joint-venture was officially registered in the Russian Federation on 17 May 1995.

30th June 2010/by Tyrepress Editors

Toyo Announces Death of Carlos Kibata

Toyo Tire Holdings of Americas Inc. has announced the death of its chairman, Carlos (Shozo) Kibata on June 26, 2010, following a brief illness. Kibata, aged 64, had been with the Toyo Tires organisation for more than 41 years and in addition to being chairman was until recently an executive corporate officer of Toyo Tire & Rubber Co., LTD. in Japan.

30th June 2010/by Tyrepress Editors

Delticom Increases Target EBIT Margin

Online tyre retailer Delticom AG reports a “significant” increase in revenues and earnings during the first half of 2010, and while admitting it may have to face “headwind” from a weakening consumer climate and negative base effects in the upcoming quarters, the company’s management board says it is now confident of achieving a higher level of profitability than initially expected for the full year.

29th June 2010/by Tyrepress Editors

Schaeffler Preparing For Conti Merger

As of June 28, the Schaeffler Group has consolidated its operational businesses and its share in Continental AG under a corporation called Schaeffler GmbH. This company, based in Herzogenaurach, Germany, will function as a management holding for the operational businesses of the Schaeffler Group and is wholly owned by the Schaeffler family.

29th June 2010/by Tyrepress Editors

Lanxess Boosting Butyl Rubber Capacity in Belgium

Production capacity at Lanxess’ butyl rubber facility in Zwijndrecht, Belgium is to be expanded by ten per cent to meet growing global demand for butyl and halobutyl synthetic rubber. The company has announced its intention to invest 20 million euros to lift annual capacity by 14,000 tonnes to around 149,000 tonnes, with the required work being mainly undertaken during a scheduled plant turnaround in the third quarter of 2011. The changes necessary to accommodate this higher capacity are anticipated to be in place and completed in the second quarter of 2012, and Lanxess comments the plant will produce a “superior quality” of butyl rubber.

28th June 2010/by Tyrepress Editors

Bridgestone Projects Significantly Improved Financial Result

Bridgestone has revised its financial projections the first half of the 2010 fiscal year and released its projections for the entire fiscal year. Its revised first half net sales figure of 1,360,000 million yen (£10.1 billion) is 1.5 per cent higher than that previously given on May 7 and projected net income, now 37,000 million yen (£275.0 million), is 37 per cent higher than the May 7 projection. The company now anticipated annual net sales of 2,900,000 million yen (£21.5), slightly higher than the 2,597,002 million yen earned in the 2009 financial year. Operating income, however, is projected to increase 58 per cent to 130,000 million yen (£966.3 million), projected ordinary income is 113,000 million yen (£839.9 million) and net income to skyrocket from 1,043 million yen to 77,000 million yen (£572.4 million). Despite rising raw material costs, the company still anticipates that operating income, ordinary income and net income will exceed the prior year’s results primarily due to increased tyre unit sales and a corresponding improvement in cost per unit due to increased production levels.

28th June 2010/by Tyrepress Editors

Apollo Does “Good Business” with Vredestein – Purchase Price Revealed

It is not just Apollo Vredestein CEO Rob Oudshoorn that considers Apollo Tyres’ acquisition of the Dutch tyre maker to have been “good business”.

25th June 2010/by Tyrepress Editors

Government Confirms Safety of Michelin Grant

A £3.9 million grant awarded to Michelin through the Advantage West Midlands regional development agency for the improvement of its Stoke-on-Trent facility has been confirmed by the Department for Innovation and Skills. The grant will allow the French manufacturer to make plans for the modernisation of the site.

23rd June 2010/by Tyrepress Editors

Nokian Confirms Lay-Offs

Nokian Tyres reports that statutory negotiations at its Nokia, Finland plan came to an end on June 21. The results of these negotiations have been 13 permanent and 37 temporary lay-offs. Nokian comments that these cuts concern “all personnel groups” and adjust the plant’s production and support function resources to meet the shift system currently in use.

21st June 2010/by Tyrepress Editors

Aftersoft Group Rebrands as MAM Software Group

MAM Software Ltd has held pride of place as the Aftersoft Group’s largest subsidiary of, and the significance of the automotive industry computer systems and data solutions supplier can be seen in the decision to rename the parent company; the Aftersoft Group has been rebranded as MAM Software Group, Inc.

21st June 2010/by Tyrepress Editors