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Michelin announces notes repurchase

In a press release intended for all markets excepting the US, Compagnie Générale des Etablissements Michelin announced that on 21 September it repurchased more than 10 per cent of the company’s lowest-ranking subordinated notes (titres subordonnés remboursables de dernier rang), due 3 December 2033, for an aggregate nominal amount of 500,000,000 euros admitted to trading on the regulated market of NYSE Euronext Paris under ISIN FR0010034298. Following the repurchase, the outstanding nominal amount is 140,628,000 euros.

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  1. Michelin makes notes repurchase
  2. Titan Doubles Convertible Senior Notes Offer
  3. Cooper Appoints New HR Senior VP
  4. Michelin Raises European Truck Tyre Prices
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ATS Euromaster prepares for snow in next 8 weeks

With fevered anticipation – to use an inappropriate idiom – developing in the UK tyre business about the next winter season and the growth opportunities it may offer, ATS Euromaster has seized upon the predictions of meteorologist James Madden at Exacta Weather. He predicts October will see below average temperatures and snow in places, with heavier and more widespread snow storms in November and worse to come in December and January. ATS-E has taken the opportunity to remind businesses to prepare for difficult travelling conditions.

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  1. ATS Euromaster urges drivers to prepare for "worst winter on record"
  2. MSP calls for Highland community nurses to get winter tyres
  3. HiQ Chapel Ash inaugurates seasonal tyre hotel
  4. Talking winter tyres in the desert with Deldo
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RTA’s Brodsky to address India conference

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Harvey Brodsky, managing director of the Retread Tire Association, will be a featured speaker at the Asian Tyre & Rubber Conference. The conference will be held in Chennai, India, on 2-3 December. Brodsky’s presentation will be retread quality and its importance to India.

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  1. Westlake Gains ‘Daily’ Exposure
  2. Retreading MDs to speak at China show
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BKT reports Bhuj plant progress on schedule

Indian off-road tyre specialist BKT reports progress on construction work at its new factory in Bhuj, Gurarat state is “perfectly in line with schedules.” Work began on the greenfield facility last December and the company anticipates its completion in the third quarter of 2012.

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Michelin names new Guides director

A replacement for Michelin Guide director Jean-Luc Naret has finally been named – New Yorker Michael L. Ellis has filled the shoes vacated last December. In announcing the appointment, Michelin states that Ellis, vice-president of marketing and sales for the French manufacturer’s Two Wheel Tire Division since 2007, has “always been a food enthusiast” and previously “studied the culinary arts” in the US and Europe.

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  1. Trax Maintains Wheel Weight Investment Despite Recession
  2. Ed Wilson to Head Two Wheel at Michelin UK
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Guides costing Michelin 15 million euros a year

Michelin’s tyre business is experiencing strong growth, yet an article published by the Financial Times indicates that the French company’s guide business – which accounts for less than one per cent of Michelin’s total annual sales – is losing more than 15 million euros a year. Cost cutting measures have already been taken as a result of this, including the business unit’s relocation from Paris’ prestigious 7th arrondissement, a stone’s throw from the Hôtel des Invalides, to an address outside the city. Yet the company appears unsure how best to approach the 111-year old institution.

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China appeals WTO tyre tariff ruling

China has appealed the World Trade Organization’s December 2010 ruling that upheld the three-year tiered added tariff placed on consumer tyres exported from China to the US. China insists the US violated international trade rules when it imposed the tariffs, a WTO spokesman said.

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ShengdaTech: ‘Business as usual’ while Nasdaq delisting is appealed

Nano-precipitated calcium carbonate manufacturer ShengdaTech, Inc. reports its business operations will continue to be conducted as usual during its appeal against the delisting determination issued by The Nasdaq Stock Market LLC’s Listing Qualifications Department. The appeal, ShengdaTech reports, has temporarily stayed the delisting pending a hearing on the matter on May 26. ShengdaTech acknowledges there is no assurance its appeal for continued listing will be granted and even goes as far as admitting that, should it be granted, it can not assure it will “be able to execute upon such request in a timely manner or to the satisfaction of Nasdaq.” Should the Nasdaq confirm the delisting determination, ShengdaTech’s securities will be subject to imminent delisting from Nasdaq and will be quoted for trading in over-the-counter securities markets.

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Higher sales, profits in revised Bridgestone projections

A combination of successfully implemented cost-cutting initiatives plus increased tyre prices in international markets are behind Bridgestone Corporation’s release of revised consolidated financial projections for the fiscal year ending December 31, 2011. The Japanese tyre maker now expects to achieve net sales of 1,480,000 million yen (£11.2 billion) during the first half of the current financial year and 3,190,000 million yen (£24.1 billion) for the full year to December 31 – an increase of 10,000 million yen on the projected figures released on February 18. Operating income for the first half has been bumped up to 72,000 million yen (£544.7 million) and 167,000 million yen (£1.3 billion) for the full year, both 27,000 million yen more than projected in February. Ordinary income projections for the half and full year have both also been upwardly revised 27,000 million yen, to 64,000 million yen (£484.2 billion) and 151,000 million yen (£1.1 billion) respectively. Projected net income for the half and full year has been increased by 12,000 million yen to 35,000 million yen (£264.8 million) and 94,000 million yen (£711.1 million).

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IndyCar teams to Bridgestone: We don’t want to lose “best partner ever”

US publication Tire Review reports IndyCar teams are petitioning Bridgestone Americas to reconsider its position with the race series. Following the tyre maker’s March 4 announcement that its sponsorship and Firestone brand tyre supply contract would not be renewed after 2011, a “near-unanimous” vote is said to have been taken amongst teams to “stick with Firestone – regardless of the price.”

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Energy management system certification for Bridgestone TCE

In December 2010 Bridgestone Europe have achieved the distinction of being the first tyre maker to gain EN 16001 certification for one of its facilities. The EN 16001 standard, currently held by fewer than 100 companies in Europe, was obtain by the Bridgestone Technical Center Europe (TCE) and certifies that the centre has successfully implemented an energy management system and developed and implemented an energy policy. To achieve this, Bridgestone says the TCE identified all areas of significant energy consumption, targeting energy savings, while also introducing projects to produce energy from renewable sources. These activities are now fully integrated within the centre’s daily working procedures.

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Profits up at Kelani Tyres

Sri Lanka’s Kelani Tyres reports that despite a steep rise in costs its net profits rose 11.7 per cent year-on-year to LKR 74.9 million (£419,000) in the quarter to December 31, 2010. Revenues during the quarter increased 37.1 per cent to LKR 1.028 billion (£5.8 million) while sales volumes grew 5.2 per cent to 3,753 tonnes and production rose 10.6 per cent to 3,826 tonnes.

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Quarter loss for Dunlop India

A filing submitted to the Bombay Stock Exchange shows Dunlop India to have experienced a net loss of Rs 1.644 million (₤22,200) during the quarter ending December 31, 2010 – down from a net profit of Rs 6.383 million in the corresponding quarter a year earlier. This net loss occurred despite a year-on-year 37.68 per cent increase in income during the quarter to Rs 576.9 million (₤7.8 million).

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European Tyre Markets Experience Steady Growth in 2010

Market figures released by Pirelli Tyre show Europe’s OE passenger car and light commercial vehicle tyre market to have grown 13 per cent year-on-year during 2010, while eight per cent growth was witnessed in the replacement market. The tyre maker’s information for the European truck tyre market shows 18 per cent growth in the replacement segment during the year. Information for the OE truck sector is currently not available.

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Bridgestone Remains Tight Lipped on Firestone IndyCar Plans

In light of rumours regarding Firestone’s departure from motorsport, Bridgestone Americas has released a statement explaining its position, yet the tyre maker’s official words clarify little. Speculation that Bridgestone will dump the IndyCar Series after the 2011 season has existed after it failed to renew its tyre supply contract before the December 31 deadline.

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  1. IndyCar teams to Bridgestone: We don’t want to lose “best partner ever”
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  4. Firestone IndyCar supply deal extended
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