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.
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.
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).
(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.
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.
(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.
Cam Systems has recruited a new finance and operations manager to join the senior management team at its Gloucestershire head office. The new appointment is 39-year old Kieran Burroughs, who will replace long-serving financial director Richard Abolins, who has left the company to work closer to his home in Taunton.
(Akron/Tire Review) Strong rumours continue to persist that Pirelli SpA will strike a deal to sell a 39% share in its global tyre operations to a consortium of banks. The deal is reportedly worth 750 million euros.
(Akron/Tire Review) After weeks of review, TIA has decided to support the tyre fuel efficiency program bill (HR 5632) written by the RMA and recently passed by the House Energy Committee. In making the announcement, TIA said, “The TIA Government Affairs Committee was able to come to consensus after weighing the pros and cons of the legislation.” Separately, SEMA announced earlier this month that it would not support the bill, which calls for NHTSA to create a national tyre fuel efficiency consumer information program that would include a fuel efficiency rating system, requirements for providing such information to tire buyers, and a national consumer tire maintenance consumer education program.
(Akron/Tire Review) Cooper Tire & Rubber Co. plans to unveil its second quarter and first half financial results before the market opens on Thursday, 3 August. Goodyear Tire & Rubber Co. has not said when its second quarter/first half figures will be issued.
(Akron/Tire Review) Bridgestone Firestone North American Tire has confirmed that it will close its Oklahoma, City, Oklahoma, passenger and light truck/SUV tyre plant. The plant, which opened in 1969, employs some 1,400 workers. The plant will be closed by 31 December, according to BFNAT.
Amtel-Vredestein N.V. has named Hubert A. Pandza as an independent director of the company’s supervisory board. The announcement was made at the company’s annual general meeting held in Amsterdam 26 June.
Mr Pandza is the outgoing Business Group Director of EBRD and a former executive of Deutsche Bank, Moscow. He had headed EBRD’s Russia & Central Asia Business Group and the Group for Small Business from the company’s London Headquarters since 2002. Previously, he worked for over 25 years at various posts in Deutsche Bank, including the position of CEO of Deutsche Bank, Moscow.
Banks advising Pirelli Tyre on its initial public offering withdrew the company from floatation at the last minute (30 June). The state of the Italian floatation market was blamed for the decision. Pirelli Tyre had been scheduled to make its debut on the Milan stock exchange on Wednesday 5th July, and was valued at between 1.9 and 2.3 billion euros.
A lot has happened for Slovakian tyre manufacturer, Matador, since it first exhibited under its new name back in 1994. Back then a 3×3 metre cubicle sufficed, this year Matador covered about 200 square metres of floor space in Hall 3. It is no coincidence that this is the case because about 10 years ago the Slovakian manufacturer founded its distribution subsidiary on the German market under the leadership of Dr Miroslav Rosina. Since then Germany has become one of the most important markets for Matador.
Bridgestone Corporation has revised its full-year financial projections, cutting net income predictions 35 per cent to 65 billion yen (£306 million).
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