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Stapleton’s Acquires WSTyremasters

The news is now official; Letchworth-based Stapleton’s Tyre Services has completed the acquisition of WSTyremasters (WST), one of its largest competitors. This makes Stapleton’s by far the largest UK car tyre wholesaler. Neither side would reveal any financial details of the transaction. The agreement, reached between Stapleton’s and ATS Ltd, WST’s parent company, covers all of WST’s trading interests. It has also been fully supported and endorsed by Michelin, which owns ATS. The deal includes six WST distribution centres in Bristol, Watford, Dereham, Burton, Manchester and Glasgow, 115 members of staff and the exclusive UK distribution rights to the Ambassador budget tyre brand. The agreement has been rumoured for some time, but was only formally concluded on Tuesday. “This is a highly significant strategic acquisition for Stapleton’s which gives a very clear demonstration of our ambitious expansion and development plans for the UK,” said managing director Ashley Croft.

13th February 2002/by Tyrepress Editors

Net Sales of Federal Corporation Hit Record High in 2001

Federal Corporation, based in Taiwan, reported that, as a result of the success of its innovative quality ultra high performance tyre products coupled with the outstanding sales performance of its worldwide distribution network, the company grossed over $89,373,000 in 2001. This is an annual sales record for the company and a 13.26 percent increase on the year 2000.

8th February 2002/by Tyrepress Editors

Postponement of Automechanika Asia 2002

Messe Frankfurt, organisers of Automechanika Asia has announced the postponement of this years exhibition, which had been scheduled to take place in Singapore from 18th – 20th April. Citing the impact of recent global events and the regional economic crises, Wolfram Diener managing director of Messe Frankfurt went on to say. “This decision is based primarily upon our concern that exhibiting companies may not receive the returns they would expect for their time and financial commitments in participating in Automechanika Asia 2002”.

5th February 2002/by Tyrepress Editors

Buyback To End At Ford

Ford will cease its buyback offer for Firestone tyres at the end of March. Martin Inglis, the chief financial officer said that Ford had replaced around 9.5 million of the 13.5 million tyres included in the programme. The end date was intended to encourage the changeover of the remaining tyres at the earliest opportunity.

18th January 2002/by Tyrepress Editors

Sale of Kwik-Fit Becomes Increasingly Likely

Dated 8th January, The Financial Times refers to quotes from Ford top managers, Bill Ford and Sir Nick Scheele, that each part of the company is disposable, except the core business of production and sale of vehicles. Especially mentioned is the fast fit business chain Kwik-Fit, which cannot be counted as core business. Both managers expect a lot more problems for the Ford Motor Company in 2002.

9th January 2002/by Tyrepress Editors

Management Buy-Out At National Tyre Service And Viking

A double management buy-out of former Conti-owned tyre retailer National Tyre Service and wholesaler Viking International was announced today. The buy-outs, which were for an undisclosed sum, were led by Chairman and Chief Executive Alan Revie. The two companies will continue to trade as separate businesses, under the umbrella of a new holding company, Axle Group Holdings Limited. In addition to National and Viking, the group includes a property company.

3rd January 2002/by Tyrepress Editors

Manufacturing Plant Closure By Hayes Lemmerz In The US

The world’s largest wheel manufacturer, Hayes Lemmerz, which is facing heavy financial difficulties and is struggling for survival, has announced the closure of its manufacturing facility in Bowling Green, Kentucky in the middle of next year. 235 employees will lose their jobs. The closure will entail costs of about 55 million US-$ for the current fiscal year.

28th December 2001/by Tyrepress Editors

Sales Down And Net Loss For Titan In 3rd Quarter

Titan International’s financial figures for the third quarter have been released. Turnover was $100.5 million, compared with $119.8 m for the same period last year. Titan recorded a net loss for the quarter of $9.5 m (Q3 2000: $7.4 m). The net loss for the year to date was $13.3 m, compared to a net profit for YTD last year of $12.5 m. President and CEO Maurice Taylor Jr. was optimistic that Titan would turn the corner next year, pointing to the end of the 40-month strike at the Des Moines plant and the gaining of a $45 million military contract as positive factors.

30th November 2001/by Tyrepress Editors

Analysts Rate Goodyear Shares A “Buy”

Despite the admission of chairman and CEO Samir G. Gibara that Goodyear’s 4Q results were “disappointing”, some financial analysts have recommended the company’s shares as a “buy”. The results were better than forecast, plus the analysts are confident that Goodyear will start to turn things around before long.

30th November 2001/by Tyrepress Editors

Third Quarter Results For Cooper

Cooper Tire & Rubber has reported financial figures for the third quarter. Turnover was down 6 per cent compared with 3Q last year ($791 million against $844 million). Operating profit was $46 million (3Q 2000 – $60 m) and net income $14.4 m ($23.4 m). For the first nine months of this year, Cooper’s sales totalled $2.4 billion and net income was $36 million. These figures were down 7 per cent and 62 per cent respectively on figures for the same period last year. Cooper has embarked on a restructuring programme designed to save up to $30 million annually and $4 million was saved during the third quarter.

30th November 2001/by Tyrepress Editors

2000 Figures From Nokian

Nokian Tyres has released financial results for last year. Net sales were 398.5 m Euro, 23.5 per cent higher than 1999. Allowing for acquisitions made during the year, the figure was 359.8 m Euro, or 11.5 per cent higher. Operating profit was 39.4 m Euro (1999: 42.1 m), affected by a 1.7 m Euro loss incurred by the tyre retail chain. Net profit was 19.8 m Euro (1999: 25.7 m).

30th November 2001/by Tyrepress Editors

“Break Even” Forecast For South Pacific Tyres

Pacific Dunlop Chairman John Ralph told shareholders at the company’s AGM that joint venture company South Pacific Tyres could return to a break even position by the end of the financial year. Earlier this year, 890 jobs were lost at SPT as the company restructured in a bid to cut losses, blamed on an influx of cheap tyres from overseas.

30th November 2001/by Tyrepress Editors

Detention Order For GT Tycoon

Reports in the Straits Times claim that a 20 day detention order has been issued against Gajah Tunggal President Sjamsul Nursalim on money-swindling charges. There has been speculation that the move, which is one of a number against businessmen, might be politically motivated. A separate report asks whether the group will have to sell off assets to repay debts.

30th November 2001/by Tyrepress Editors

Tyre Maker Reduces Share In Car Manufacturer

Michelin on Thursday reduced a long held 3.8% share in the French auto manufacturer PSA Peugeot Citroën to 1%. The tyre manufacturer sold 1.27 million PSA shares which is estimated nearly 420 million Euro. The transaction will have positive effects on the financial structure of the company, Michelin announced.

30th November 2001/by Tyrepress Editors

ETRA-Conference In Leipzig

A year ago, the conference of the European Tyre Recycling Association (ETRA) was held in Schwerin, dealing with the present situation and future perspectives of scrap tyre disposal in Germany. Many questions and problems that were left unanswered in 1999 were also discussed at the following conference in Leipzig, which took place at the beginning of last December. Also this time there were few new answers to be found concerning the well-known problems in this area. Why is it so difficult to solve these problems connected with the recycling business? Some answers: the participants in this market are very diverse – and so are the individual aims. In addition, the market situation for recycled scrap tyres is still not the best, and new ideas for sensible and economical applications are few and far between at the moment. Even if they exist, they may still be blocked in many cases, e.g. the use of rubber in road surfaces. On the other hand there is a requirement for European quality standards for products which are already distributed. Furthermore, the knowledge of some companies in this sector is quite limited: it is either the tyre-, disposal- or the marketing-know how that is missing. In many cases the financial backing for new projects is insufficient. Not to mention a number of scandals concerning illegal landfills, which has negatively influenced public opinion about this business sector. Finally the serious market participants, as well as their association ETRA, have run up against a wall of disinterest on the part of the state and the tyre manufacturers.

30th November 2001/by Tyrepress Editors