(Akron/Tire Review) The board of directors of Pirelli SpA has said it will consider launching an IPO for its global tyre division, though the Italian tyre and telecommunications company said it would hold a majority share in the spin-off.
Transrent, the UK commercial road transport and financial services group, has Michelin a five year supply deal worth an estimated £15 million. The deal will see Michelin equip Transrent’s fleet with new and replacement tyres and is thought to be the longest commitment given by a trailer rental company to a tyre manufacturer.
Amtel-Vredestein has named Antonius (Ton) Tholens, as its new Chief Financial Officer. Tholens, who also serves as a member on AV’s executive board, replaces outgoing CFO, Victor Nekrassov.
“Ton is already one of our group’s most valued executives. We are delighted that he will now be at the financial helm of Amtel-Vredestein NV,” said CEO, Alexei Gurin.
Amtel-Vredestein NV (AV), a pan-European tyre manufacturer with operating facilities in Russia and the Netherlands, today announced that its chief financial officer, Victor Nekrasov, will leave the company to join a leading international investment bank.
Sibur-Holding has completed the formation of Sibur-Russian Tires and has transferred stakes in companies to Sibur Russian Tyre’s books. Omskshina, Yarshina, Voltyre-Prom, Matador-Omskshina and Uralshina Saranskrezinotehnik now all come under the news name. “In 2008 the new holding is planned to be sold wholly or in parts, also a possibility of an IPO is considered,” Russian analysts added.
Hankook Tire Co Ltd expects a difficult global market this year due to higher raw material costs and oversupply, a senior company executive told Reuters.
Hankook, which exports up to 70 per cent of what it produces, has also been under pressure from a softer euro against the dollar, which cuts profits for exporters to the region.
(Akron/Tire Review) Tire and wheel maker Titan International Inc has settled a dispute with the City of Brownsville, Texas, home of its now closed tyre plant, agreeing to give the city 73.5 acres of land. The agreement ends a two-year lawsuit filed by Brownsville in the wake of Titan’s sudden closing of the plant in 2003.
Sibur Holding member, Uralshina has started producing a new ultra-low profile large-size tyre, under the brand name “Shaina.” According to Russian media reports, the new tyre is intended for “high floatation amphibian automobiles” such as Shaina, Ataka and others. The targeted vehicles are used for crossing impassable, swamped or snow-covered land and can cross rivers and lakes, the Russian Financial Information service reported.
While Continental remains bullish about its prospects in 2006, some analysts are questioning how long the company’s strong run of results can last. Needless to say, the Deutsche Bank market watchers are not complaining about the German business’ financial strength. As one report says “Continental’s CFO was bullish 12 months ago. And he was right.” As far as they are concerned its more a question of “how long can the company continue to grow at this pace?” rather than “when will the bubble burst?”
Hayes Lemmerz International, Inc. has confirmed that it has sold Hayes Lemmerz International – Cadillac, Inc, a wholly-owned subsidiary that operates its Cadillac, Michigan facility. The Cadillac operation was sold to a group of private investors and will now be renamed Cadillac Casting, Inc.
In tyre safety terms the 3mm campaign has been the principal initiative for the tyre industry in 2005, according to the NTDA’s Richard Edy. And this is something that is demonstrated by the fact that Tyre Awareness Week in October, got a total of 75 minutes of local radio airtime. Due to this success it is more than likely that the organisers will use the same approach next year.
(Akron/Tire Review) Continental Tire North America (CTNA) launched what it called “the first online financial claims management system” for dealers in the North American tyre industry. The online effort is “designed to streamline the processing of financial claims for CTNA’s business partners and to eliminate a majority of the documentation which was previously submitted in hard copy format,” the company said.
(Akron/Tire Review) No sooner had the ink dried on the merger of Galaxy Tire & Wheel and Dynamic Tire Corp than the combined company – GPX International Tire Corp. – has sold a share of the company to private equity firm Sterling Investment Partners for a reported $41 million.
During the year 2006, Nokian Tyres plc will publish Financial Statement Bulletin and 3 Interim Reports as follows:
The 2005 Financial Statement Bulletin, Tuesday, February 14, 2006
Interim Report, 1st quarter 2006, Wednesday May 10, 2006
Interim Report, 2nd quarter 2006, Tuesday August 8, 2006
Interim Report, 3rd quarter 2006, Thursday November 2, 2006
The Annual General Meeting of Nokian Tyres plc is tentatively scheduled for Thursday April 6, 2006.
The 2005 Annual Report with Financial Statements will be available on Nokian Tyres home pages, www.nokiantyres.com on Thursday 30th of March 2006 at the latest. The mailing of the printed Annual Report to the largest shareholders will start the same day.
Degussa AG, Dusseldorf, and Rizhao Lanxing Chemical Industry Co, Ltd (Lanshan-Rizhao, Shandong Province) have agreed to establish a joint venture for the manufacture of sulphur-functional silanes for rubber applications. This agreement represents the successful conclusion of negotiations that followed a memorandum of understanding signed by the two companies in July.
Degussa will own a 50 per cent share in the new joint venture, and Lanxing 40 per cent. An unnamed financial investor will assume the remaining 10 per cent. Degussa is the worldwide leading manufacturer of silanes for rubber applications. Lanxing has operated as a well-established local manufacturer on the Chinese market since 1998. The new joint venture company will begin operating under the name Degussa Lanxing (Rizhao) Chemical Industrial Co, Ltd, following approval by the responsible bodies, and having obtained all licenses from the Chinese authorities. The company is scheduled to produce sulphur-functional silanes in liquid form and as a blend with carbon black.
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