Company News Archives - Page 9 of 40 - Tyrepress

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

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Huf to acquire Beru TPMS business

An agreement between Huf Hülsbeck & Fürst GmbH & Co. KG and BorgWarner Beru Systems GmbH has been reached regarding Huf Electronics’ take over of BorgWarner Beru’s tyre pressure monitoring system business and acquisition of all shares in its Beru Electronics GmbH subsidiary. Subject to approval by the antitrust authorities the acquisition and merger of the Bretten, Germany based subsidiary, which employs some 230 people, will take place at the end of this year or early in 2012.

1st December 2011/by Tyrepress Editors

Apollo still confident of global growth

In an interview with the Hindu Business Line, Apollo Tyres vice-chairman and managing director Neeraj Kanwar stated he expects to see more gains like those the company experienced in Europe during the second quarter of the financial year. “The trend will continue, Kanwar told the paper. “Already we are seeing good growth even in Q3. In fact, in Europe, Q3 will be much better than Q2, both on sales and profitability.”

28th November 2011/by Tyrepress Editors

Analysts: Nokian heavy tyre production cuts are warning to other tyremakers

Financial analysts have commented on Nokian’s plans to scale back its heavy tyre production, saying they are symptomatic of the macro-economic environment. Nokian announced the news of the 25 November, following a reported slowdown in orders for the first quarter of 2012. “While this is not huge news (Nokian expected weaknesses in 2012) it stresses how fragile demand is for the pro cyclical heavy and truck tyres is in a recessionary environment,” financial analysts from Morgan Stanley reported in an investor’s note published the day of the news.

28th November 2011/by Tyrepress Editors

Schaeffler “on course” to meet 2011 targets

Schaeffler AG, major shareholder in tyre maker Continental, reports it has “remained on its course of success” during the third quarter of 2011. Based on business development during the first nine months of the year, the company says it is confident of meeting its full-year targets – Schaeffler expects to increase sales by more than ten per cent and its EBIT margin by more than 13 per cent in 2011.

24th November 2011/by Tyrepress Editors

European truck sector – the “relatively healthy” tyre market’s only ailment

Reuters and Marketwatch have reported comments made by Michelin managing partner Michel Rollier regarding the global tyre market’s general good shape. Reuters quoted Rollier, who was speaking on the sidelines of a Comité des Constructeurs Français d'Automobiles (French Automobile Manufacturers Committee) event, as saying “today, overall, we see a situation which remains relatively healthy with one exception, which is nonetheless a worry, namely the heavy truck tyre market in Europe.” Marketwatch reported that Rollier said the Chinese market remains “very robust” while North America “remains at a good level.” The managing partner however noted, added Marketwatch, that the outlook for 2012 “remains very uncertain.”

24th November 2011/by Tyrepress Editors

FullChamp becomes a Ronal Group company

Wheel company Ronal reports that n October 2011 it signed a Memorandum of Understanding that integrates Taiwanese company FullChamp technologies Co. Ltd into the Ronal Group. FullChamp, which was founded in 2002, was already a Ronal production partner; the firm manufactures Ronal’s ‘Speedline Truck’ line of commercial vehicle wheels, a range developed by the Swiss company’s Italy-based subsidiary Speedline Truck S.r.l.

23rd November 2011/by Tyrepress Editors

Profumo resigns from Pirelli BoD

Pirelli & C. SpA has announced the resignation of Francesco Profumo from the company’s Board of Directors. Mr. Profumo submitted his resignation following his appointment as Italy’s Minister of Education, Universities and Research in the government being set up under new Prime Minister Mario Monti. In a statement, Pirelli said it “wishes to thank Mr. Profumo, an independent Board member and member of the Strategies Committee, for his valuable contribution.”

23rd November 2011/by Tyrepress Editors

Debica profits lower in Q3

In the third quarter of 2011 Polish tyre maker Debica S.A. reported sales of PLN 717 million (£138.6 million), a 38.9 per cent year-on-year increase. Operating profit in the July to September quarter rose 61.6 per cent year-on-year to PLN 59.9 million (£11.6 million) while net profit, at PLN 32.6 million (£6.3 million), was down 9.62 per cent compared with the third quarter of 2010.

22nd November 2011/by Tyrepress Editors

CZ Tire Holdings to acquire 26% Hangzhou Zhongce share

On 21 November, Hong Kong-based Bermuda corporation China Enterprises Limited announced it has entered into a definitive agreement to sell its share in tyre maker Hangzhou Zhongce Rubber Company to a company called CZ Tire Holdings Limited. According to China Enterprises, CZ Tire Holdings will pay RMB 600,000,000 (£59.6 million) for the 26 per cent share in Hangzhou Zhongce.

21st November 2011/by Tyrepress Editors

Schrader Electronics sale to fetch £550M?

The Telegraph reports engineering firm Tomkins plc is selling its Schrader Electronics Ltd. tyre pressure monitoring systems business for approximately £550 million. Tomkins has appointed Barclays Capital to manage the sale of the Northern Ireland based business; The Telegraphs states that Tomkins’ Sensors and Valves business, which is also located in Northern Ireland, is being sold along with Schrader. According to the newspaper, a “handful of private equity firms” have been approached regarding the sale.

21st November 2011/by Tyrepress Editors

Pirelli to set up Indonesian JV plant

Indonesian automotive component company PT Astra Otoparts Tbk has signed a Memorandum of Understanding with Pirelli to build a motorcycle tyre factory in a yet to be announced location in Indonesia. This plant, Pirelli’s first in the country, will focus on production to meet both local demand and for export to Asean and other global markets.

18th November 2011/by Tyrepress Editors

Sumitomo 9-month income slightly down

For the nine months from 1 January to 30 January 2011, Sumitomo Rubber Industries has reported net sales of 467.6 billion yen (£3.8 billion), a year on year-increase of 10.1 per cent. Sales in the third quarter alone amounted to 167.9 billion yen (£1.4 billion). Operating income for the nine month period totaled 29.4 billion yen (£238.2 million), a 2.5 per cent year-on-year improvement, while operating income in the third quarter came to 9.6 billion yen (£77.8 million). Net income between January and September was 13.7 billion yen (£111.4 million, 2.2 per cent lower than in the corresponding period of 2010, while net income for the most recent quarter totaled 4.8 billion yen (£38.9 million).

15th November 2011/by Tyrepress Editors

Yokohama’s bottom line hit in H1 2011

Although enjoying an 8.4 per cent increase in sales to 258.2 billion yen (£2.1 billion) in the six months to September 30, 2011, Yokohama Rubber experienced a decline in both operating and net income during this period. The company says rising raw material costs, an appreciating yen and an increase in selling, general and administrative expenses were chiefly responsible for the decline in operating income, which fell 8.3 per cent to 7.6 billion yen (£61.2 million) year-on-year between April 1 and September 30. These factors in turn led to net income falling 75.8 per cent to 294 million yen (£2.4 million). Yokohama notes however, that its actual operating income figure was 26.7 per cent higher than its earlier projection of 6.0 billion yen, the better result being achieved thanks to increased product selling prices and cost cutting measures.Net sales during the second quarter of the current financial year, between July 1 and September 30, 2011, increased 6.6 per cent to 128.8 billion yen (£1.0 billion). In this three month period operating income actually increased by 45.7 per cent, to 3.4 billion yen (£27.8 million), however second quarter net loss grew substantially year-on-year, from 222 million yen to 2.5 billion yen (£20.4 million).

14th November 2011/by Tyrepress Editors

Despite positive H1 results, Apollo wary of slowing growth

Commenting on a half-year that saw the increase in Apollo Tyres’ net profit fall behind sales growth, company chairman and managing director Onkar Kanwar noted that “currency fluctuations, especially a weaker rupee, and continued cost push have impacted our bottom line.” Kanwar described the “near flat growth” in India’s commercial vehicle tyre segment during the first half of the country’s fiscal year as “worrying” and a situation that “could pose a challenge in the coming quarters.” The Apollo chairman said the company’s European business is currently registering strong growth, however his view of the region remains cautious: “We are alert to the broader economic situation there and are keeping a close watch on developments,” he stated.

9th November 2011/by Tyrepress Editors

Bridgestone Q3 punctuated by growth

Results for the third quarter of 2011 show across the board year-on-year improvements at Bridgestone. During the June to September period, the Japanese company achieved sales of 775.3 billion yen (£6.2 billion), a 9.9 per cent improvement over the same three months of 2010. Operating income reached 49.7 billion yen (£396.9 million) in the quarter, reflecting year-on-year growth of 42.4 per cent, while operating profit margin rose from 4.9 per cent to 6.4 per cent. Net income, at 27.8 billion yen (£222.0 million), was up 25.2 per cent compared with the third quarter of 2010.

8th November 2011/by Tyrepress Editors