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Michelin Joins the TRA

Five more companies, including Michelin Tyres Plc, have joined the Tyre Recovery (TRA) association. This raises membership to a total of 25 companies.

Commenting on the company’s association membership a Michelin spokesperson stated: “As members of the BRMA we are encouraged by the response of the Tyre Recovery Association and its members to the challenge of helping Government meet the EU Landfill Directive. Like a number of other BRMA companies we feel we must show more than just financial support and take an active role in the new body. Our own recycling volumes are considerable and will make a significant contribution to the overall audited figures of the group, as well as demonstrating our positive environmental credentials.”

In addition to Michelin, Cardiff Recycling, Creigiau Tyres, Re-Tyre and Western Tyres joined the TRA.

26th November 2004/by Tyrepress Editors

Conti to Raise 2004 Share Dividend?

According to German media publications, Continental AG is considering paying a higher dividend at the end of the current financial year. Chairman Manfred Wennemer told a European business magazine that because of growing earnings an increase would be possible. At the end of September Wennemer said that this year’s earnings per share (EPS) will be at least on the 2003 level of 0.52 euros. At the same time he confirmed the rather positive earning predictions for the financial year saying that 2004 will be ended with an operating profit of 855 million euros on 31 December.

24th November 2004/by Tyrepress Editors

Continental Plans Repayment of a Bond Loan

The German tyre manufacturer Continental plans to use its current financial capabilities and liquidity for the repayment of a 500 million euro bond loan. Continental Rubber of America, (Wilmington, Delaware), which is an indirect subsidiary of Continental AG, invited all holders to submit a sales offer. “By these means Continental practices active balance management using additional liquidity in order to redeem our debts. This repayment shows the improved financial situation of Continental,” explains Dr Alan Hippe, CFO and member of the board.

19th November 2004/by Tyrepress Editors

New Business Development Manager for Goodyear

Goodyear Tire & Rubber Company has appointed Joseph Copeland as senior vice president of business development strategy and restructuring. According to the company, the new appointment combines the business development responsibilities previously led by Rick Navarro, as well as the strategic and restructuring initiatives that were part of the previous assignment of chief financial officer Richard Kramer.

8th November 2004/by Tyrepress Editors

ArvinMeritor to Divest Businesses Units

Arvinmeritor has announced that it will divest the company’s Light Vehicle Aftermarket (LVA) business group and take a “non-cash goodwill impairment charge” of $190 million (£103 million) in its fourth quarter budget. In addition, the company announced its plan to divest its Roll Coater coil coating business, a wholly owned subsidiary.

3rd November 2004/by Tyrepress Editors

Amcast Vice President Resigns

Francis J Drew, vice president of finance and chief financial officer, has advised Amcast that he will resign his position as of 5 November, 2004. Mr Drew has informed the company that he will make himself available on a consulting basis for as long as necessary to ensure a smooth transition.

2nd November 2004/by Tyrepress Editors

Titan’s Promising Third Quarter

Titan International has reported net sales of $116.5 million for the third quarter ended 30 September. Sales were up 47 per cent from $79.2 million recorded in the third quarter of 2003.

1st November 2004/by Tyrepress Editors

Weak Third Quarter for Superior Industries

Analysts have suggested Superior is taking a “last man standing approach” while the company reports relatively weak third quarter results.

28th October 2004/by Tyrepress Editors

Stable Profits as Trelleborg Appoints Nominations Committee

The Trelleborg Group has reported what it calls “stable profit trends” in its third quarter results. According to the company, profit after financial items, before goodwill amortization and for continuing operations, rose by 36 per cent.

27th October 2004/by Tyrepress Editors

Michelin’s Sales Growth Slows

After “exceptional growth” in the first half of 2004, Group Michelin has posted third quarter results that show slowdown in sales growth.

26th October 2004/by Tyrepress Editors

Pirelli to Raise Prices

The AFX financial news agency has reported that Pirelli will increase its prices by between three and five per cent. The price increase is expected to be enforced by the end of the year and will affect all of the company’s Europe wide operations. Exactly how much prices will increase will be decided by each national Pirelli organisation individually. Pirelli says the price hikes are a result of the increasing raw material and energy costs that are affecting the tyre business.

20th October 2004/by Tyrepress Editors

Delphi Shows Signs of Cash Flow

Automotive supplier, Delphi Corp has reported third quarter revenues of $6.65 billion and a net loss of $114 million (20 cents per share). When this is compared with net losses of $353 million (63 cents per share) last year, this figure shows signs that the company’s cash is flowing again.

19th October 2004/by Tyrepress Editors

Slow Quarter for Tyre Manufacturers

Financial analysts are reporting that this quarter is likely to be a slow quarter for retailers and tyre manufacturers. According to the Deutsche Bank analysts, tyre shipments were weak in September declining 6 per cent year over year. This is said to have follow a 7 per cent decline in July and a further 1.5 per cent slip in August. As a result, the consultants are predicting that US tyre makers will experience, on average, a 5 per cent drop during the quarter. Industry players are attributing the weakness to weather in Southeastern US and the ever-increasing fuel prices, impacting on car maintenance spending. This analysis means that the bank is lowering is third quarter estimates for both Goodyear and Cooper.

11th October 2004/by Tyrepress Editors

SmarTire Settles Legal Action

SmarTire and the company’s debenture holders have settled their legal dispute.

28th September 2004/by Tyrepress Editors

Dax Return Makes an Impact for Continental

A year after returning to the Frankfurt’s DAX stock exchange, Continental’s management is saying that it “has profited noticeably from its return to the DAX.”

23rd September 2004/by Tyrepress Editors