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Continental AG Takeover Bid Mutually Terminated

Continental AG’s executive board and “a private equity investor” have mutually halted a public takeover bid. “The Continental Executive Board has decided to make the termination of this process public to dismiss any rumours on the capital market. Continental AG did not enter into any material commitments in connection with this process,” an official company statement read. According to a Financial Times report, Bain Capital LLC led a group of private equity firms that offered to pay more than Continental’s 13 billion euro market value.

20th September 2006/by Tyrepress Editors

Scania Rejects MAN Bid

Scania has rejected MAN’s takeover offer. The news follows speculation and then confirmation that German truck and bus maker MAN launched an unsolicited bid worth 9.6 billion (£6.5 billion) for its Swedish rival Scania. Volkswagen and Investor, a Wallenberg family firm, each own major blocks of Scania shares and the Financial Times suggested Investor may reject the offer. The FT also hinted at possible counter bids from other firms, including Paccar. Swedish truck maker Scania says its board met on Sunday 17 September and “unanimously decided not to support the proposals” from MAN AG.

18th September 2006/by Tyrepress Editors

SRI to Make Sport Equipment IPO

Japanese corporation Sumitomo Rubber Industries will soon take its golf and tennis equipment business to the stock exchange, financial news sources have reported. What the company plans to do with the funds remains unclear. Sumitomo Rubber Industries is currently the sixth largest tyre manufacturer in the world.

15th September 2006/by Tyrepress Editors

Sibur-Russian Tyres Opens Credit Line

Sibur-Russian Tyres Company, the leading manufacturer of truck and agricultural tyres in Russia, has obtained a credit line worth $300 million from Evrofinance Mosnarbank. The loan’s fixed interest rate is 8.5 per cent per annum.

13th September 2006/by Tyrepress Editors

Predictions: Pirelli First Half Net Profit Down 6.7 per cent

A consensus of financial analysts has predicted that Pirelli’s first half consolidated net profit will come in at 165 million euros (down 6.7 per cent) compared with 177 million euros at the same point last year. The projections are based on the estimates of eight analysts polled by Dow Jones. Higher tax payments than last time are expected to have weighed on the first half 2006 result. Analysts are expected to pay particularly close attention to the conference call for more details on Telecom Italia’s new strategic shift.

12th September 2006/by Tyrepress Editors

Developer Eyes Ex-Amcast Plants

In the US, property developer Bill Bean is close to acquiring the two Indiana factories closed last April by Amcast, putting 500 workers out of a job. The factories made wheels for General Motor’s Corvette and light trucks and were shut down after Amcast failed to agree terms with GM, which was undergoing substantial financial restructuring.

31st August 2006/by Tyrepress Editors

Amtel-Vredestein Won’t Buy Back Shares – Gurin

Amtel-Vredestein has rebuffed reports that suggested it plans to buy back its shares. Responding to the news with an official statement, the Russian/Dutch tyre manufacturer countered what was “erroneously reported and editorialised by Russian Business Consulting’s daily online newspaper RBC Daily.”

23rd August 2006/by Tyrepress Editors

Report: Tyler Preps Plan to Keep Goodyear Plant

(Akron/Tire Review) KLTV in Tyler, Texas, reported that Tyler city officials, concerned that Goodyear will close its tyre plant in that city, are preparing a financial incentive package to keep the plant operating. “We’re working with community leaders, business representatives to be sure that if we need it, we have a package to put on the table for Goodyear so they know we’re serious about keeping that plant here in Tyler,” Tyler Economic Development Council President Tom Mullins told the station. Goodyear has not indicated that the Tyler plant is in peril. The company is currently in talks with the United Steelworkers for a new master contract, and plant closures may be part of those talks.

23rd August 2006/by Tyrepress Editors

3-5 per cent Conti Price Increase “Likely”

Continental AG is “likely” to raise its European tyre prices by 3-5 per cent in October in response to rising raw material costs, an unnamed source told Focus-Money magazine. The news follows a spring price rise that saw the manufacturer increase prices by between 3 and 5 per cent.

23rd August 2006/by Tyrepress Editors

Beru Reports Double-Digit EBIT Growth in First Half 2006

Beru AG increased its total sales revenues in the first half of the 2006 financial year by 10.4 per cent to 223 million euros. During the same period, operating profit (EBIT) increased by 23.2 per cent to 30.9 million euros. The Company, which has been listed on the Frankfurt Stock Exchange since the end of February 2006, generated a group net profit of 20.6 million euros.

15th August 2006/by Tyrepress Editors

Nizhnekamskshina Increases 6-month Production to 6.9 million Tyres

Between January and July 2006, Nizhnekamskshina OJSC increased tyre production by 13.5 per cent compared with the same period of last year to 6.974 million tyres. Russia’s Financial Information Service reports that this number includes 4.173 million tyres for passenger cars, a 9.7 per cent growth compared with the same period of 2005. The company also increased the production of tyres for trucks by 19.7 per cent to 2.585 million; and agricultural tyres by 21 per cent to 204,000. Production of ‘other’ tyres declined by 17.2 per cent to 12,000.

14th August 2006/by Tyrepress Editors

Yokohama OP down 64.6 per cent

Yokohama Rubber Co., Ltd., posted an 11 per cent increase in net sales, to 106.8 billion yen (£486.7 million), in the three months ended 30 June. The increase resulted primarily from robust growth in overseas tyre business, according to the company. Tire sales also benefited from increased shipments to automakers in Japan. However, the rising prices for raw materials offset the sales growth in the Tire Group, and operating income in the group declined 64.6 per cent, to 1 billion yen (£4.56 million).

9th August 2006/by Tyrepress Editors

Conti Has 3 Billion Euros to Invest, CFO Says

(Akron/Tire Review) Continental AG’s chief financial officer claimed yesterday that the German tyre and auto system maker has at least 3 billion euros in a ‘war chest’ to finance future acquisitions. Company CFO Alan Hippe, who is also president of Continental Tire North America, made the remarks in an interview with Handelsblatt newspaper.

7th August 2006/by Tyrepress Editors

Pakistan Bans Indian Retread Imports

Pakistan has published a list of 38 items, which are banned from being imported into the country from India. Interestingly retreaded tyres and part-worn tyres feature on the list alongside a string of unsavoury items including: Cannabis, Opium, tanks, machine guns, automatic rifles and armoured vans! A number of more innocuous items including lambs, rabbits and freezers also feature on the list. The 2006 Import Policy Order issued by the Pakistani Ministry of Commerce lists 773 items that can be imported into Pakistan during the 2006/07 financial year. India has complained that the law is against the letter and spirit of the South Asia Free Trade (SAFTA) agreement, which came into force on 1 January 2006.

3rd August 2006/by Tyrepress Editors

Cooper Increases Sales, But Posts Loss for Half

(Akron/Tire Review) On the same morning that its chairman, president and CEO resigned, Cooper Tire & Rubber Co. released its first half and second quarter 2006 financial results. For the first half, the company posted sales of $1.2 billion, up 19 per cent over the same period last year. But Cooper posted a net loss of $26 million for the half. Second quarter sales of $625 million were up 22 per cent year-to-year, and were driven largely by Cooper’s business in China, the company said. Cooper acquired Cooper Chengshan (Shandong) Passenger Tire Co. and Cooper Chengshan (Shandong) Tire Co. in February.

3rd August 2006/by Tyrepress Editors