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

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Strike blamed for weaker Ceat profit

India’s Ceat Limited has released its results for the quarter between 1 October and 31 December 2011, a period in which net sales rose 18.2 per cent to Rs 10.48 billion (£132.45 million). Yet the tyre maker reports that “results for the quarter were adversely impacted by an illegal stroke of workers at [the] Nasik factory” which lasted from 30 September to 22 October. And when Ceat says results were adversely impacted, it means that quarter net profit sank 52.3 per cent year-on-year to Rs 23.90 million (£302,000).

25th January 2012/by Tyrepress Editors

Trelleborg divests light-vehicle component operation

Swedish firm Trelleborg has already indicated its intention to focus more intently on specific aspects of its business, and another move towards this goal is the divestment of its French light-vehicle component operation. The business, a unit within Trelleborg Automotive, has been sold to Germany’s Bavaria Industriekapital AG; financial and other details regarding the divestment will be published in Trelleborg’s Interim Report on 15 February.

24th January 2012/by Tyrepress Editors

Preliminary figures show 2011 growth at Delticom

Online tyre dealer Delticom reports that 2011 was “again a successful year.” The German-based company’s preliminary figures for the recently concluded financial year show a 14.4 per cent increase in revenues, to 380.0 million. During the 12 month period EBIT grew 9.6 per cent to 52.2 million and earnings per share were up 8.4 per cent to 2.99 euros.

19th January 2012/by Tyrepress Editors

UHP segment sales a highlight for ‘record’ Hankook year

Hankook Tire says its global sales last year reached record levels. The Korean company’s tyre sales in 2011 amounted to KRW 6.484 trillion (£3.7 billion), a 20.9 per cent year-on-year increase. Yet thanks to steep rises in raw material prices this bumper sales year was not accompanied by a corresponding increase in operating profit – in 2011 this reached KRW 566.3 billion (£325.1 million), a decline of 8.8 per cent on the previous year.

17th January 2012/by Tyrepress Editors

New CEO, COO at Bridgestone

Bridgestone Corporation has a new chief executive officer. On 11 January the company’s Board of Directors approved a number of senior personnel changes, including the appointment of Masaaki Tsuya to the role of CEO. Incumbent chairman of the Board, CEO and president Shoshi Arakawa will continue in the position of chairman of the Board, a role Bridgestone says has been “newly redefined”. The tyre maker has not named a successor to Arakawa as president.

11th January 2012/by Tyrepress Editors

Conti targets EV market with battery JV

Continental Corporation and Korean company SK Innovation have announced they will jointly develop, manufacture and market lithium ion batteries systems for electric vehicles. The two companies have signed an agreement to set up a joint venture for this purpose, with SK Innovation and Continental holding 51 and 49 per cent ownership respectively.

10th January 2012/by Tyrepress Editors

More fuel prices gloom

Bad news for hauliers and logistics companies from RMI Petrol, as their fuel price monitoring system, BIG OIL, has seen the steepest and fastest ever rise in wholesale costs over the festive period. From Monday 19 December to Thursday 5 January the cost of diesel increased by nearly 4.50ppl and unleaded petrol by as much as 5.00ppl with 20 per cent VAT to be added.

9th January 2012/by Tyrepress Editors

Cucchiani resigns from Pirelli board

Following his nomination as chief executive officer of Italian banking group Intesa SanPaolo, Enrico Tommaso Cucchiani has tendered his resignation as a member of Pirelli & C. SpA’s Board of Directors. In announcing his resignation, Pirelli thanked Mr. Cucchiani for his “valuable contribution to the company.” Cucchiani served as a member of the Board since July 2007.

19th December 2011/by Tyrepress Editors

Unipart buys Rapid Car Parts Limited

Joint administrators, David Baxendale, Rob Hunt and Chris Pillar of PwC have confirmed the sale of the business and assets of Rapid Car Parts Limited to Unipart Automotive Limited. Based in the South East, Rapid Car Parts is one of the UK's largest distributors of automotive parts and accessories and went into administration on 7 December 2011 following difficult trading conditions and significant cash pressure. Unipart have acquired the remaining five branches including the distribution centre based in Watford. The sale price was not disclosed.

13th December 2011/by Tyrepress Editors

Titan to announce 2012 sales guidance

Although Titan International intends to announce full details of its 2012 sales predictions in a conference call tomorrow, the company has already indicated its expects sales of up to US$1.9 billion next year – and the potential for even higher sales exists.

12th December 2011/by Tyrepress Editors

Who knows?

Editorial/Comment

As I write David Cameron has just vetoed Angela Merkel and Nicholas Sarkosy’s proposal for closer fiscal integration between European states. A day earlier Standard and Poor’s put the best part of Europe on credit watch, threatening to downgrade national credit ratings if nothing substantial happened to shore up the collective accounts. The day after the 10-hour long European fiscal integration talks concluded with all but three countries (UK, Sweden and Hungary) signing up to the treaty within a treaty, far from stabilising things, increased Italian bond rates actually made its governmental borrowing more expensive.

9th December 2011/by Tyrepress Editors

Cooper enters agreement to acquire Trayal assets

Cooper Tire & Rubber has announced its entry into an agreement to acquire the assets of an existing tyre plant in Kruševac, Serbia. Although Cooper’s statement on the deal did not name the Serbian company, the tyre maker’s interest in investing into Kruševac-based firm Trayal has been known since mid-2011. The agreement to acquire Trayal’s passenger car tyre business was signed on 8 December by Hal Miller, president of Cooper's International Tire Segment, and Serbia’s minister of Economy, Nebojša Ćirić.

9th December 2011/by Tyrepress Editors

Quarter profit plummets at Stamford Tyres

Stamford Tyres has reported its unaudited quarter earnings for the period between 1 August and 31 October 2011, a quarter in which its after-tax profit dropped 80.5 per cent. The Singapore-based company’s after-tax profit amounted to S$330,000 (£149,500) in the second quarter of the 2012 financial year, as opposed to $1.69 million a year earlier.

7th December 2011/by Tyrepress Editors

Mitsubishi to establish new subsidiary for tyre machinery

Japanese company Mitsubishi Heavy Industries, Ltd. (MHI) has announced plans to establish a new subsidiary that will take care of its industrial machinery business, including rubber and tyre machinery. This new, wholly MHI-owned company will come into being on 1 April, 2012 and be created by integrating MHI’s industrial machinery business, which is currently operated by the company’s Industrial Machinery Business, Technology & Solutions Division, and three existing MHI group companies, including MEC Engineering Service Co., Ltd. (MEC).

5th December 2011/by Tyrepress Editors

‘Screwed up’ – Titan’s Taylor responds to lapsed Goodyear agri deal

The put option Goodyear had for its Amiens plant in France, which was to be sold to Titan Tire Corporation following completion of a social plan for the closing of the site’s passenger car tyre business, expired on 30 November. It now appears that Titan will drop its tentative acquisition of the European component of Goodyear’s agricultural tyre business, shredding plans first drawn up in 2009, and pursue acquisition opportunities elsewhere.

2nd December 2011/by Tyrepress Editors