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Conti planning to grow workforce by 7,000 this year

Company News, International News

Assuming the market develops according to expectations, Continental intends to increase its global employee count by around 7,000 in 2014. This would bring the number on its payroll to approximately 185,000 by the end of the year. This is about 50,000 jobs more than in 2009, during the midst of the financial crisis. At the end of 2013, the employee count had reached around 178,000, with 50,000 of these positions based in the company’s home country, Germany.

13th March 2014/by Tyrepress Editors

Stamford profits hammered in Q3

Newly-published third quarter results show a Stamford Tyres experienced slight decline in turnover and a marked year-on-year drop in profits during the period. In the three months ending 31 January 2014, the Singapore-based company’s revenues decreased 2.94 per cent in the quarter to S$71.7 million (£34.0 million). Gross profit was down 2.35 per cent to $16.6 million (£7.9 million). Net profit fell 62.66 per cent to S$838,000 (£397,560).

12th March 2014/by Tyrepress Editors

Brembo revenues, profits up in 2013

Brake manufacturer Brembo S.p.A. has posted positive results for 2013 despite an 11.2 per cent drop in net profit during the final quarter of the year. The company’s revenues grew 12.8 per cent to €1.6 billion in 2013 while EBITA rose 23.5 per cent to €212.1 million, with a margin of 13.5 per cent. EBIT increased 35.6 per cent to €121.4 million, with a margin of 7.8 per cent. Net profit rose 14.4 per cent year-on-year to €89.0 million in 2013.

11th March 2014/by Tyrepress Editors

April start at Lanxess for Heitmann replacement Zachert

Career Tracks, Company News

Lanxess shares that Matthias Zachert, named Axel Heitmann’s successor as Board of Management chairman following the latter’s departure from the specialty chemicals firm at the end of February, will resume his career with the company on 1 April. Zachert is currently chief financial officer of Merck KGaA and the functions he will take on at Lanxess are at present being performed by chief financial officer Bernhard Düttmann.

6th March 2014/by Tyrepress Editors

Conti anticipating minor tyre market growth in 2014

This year, Continental expects to sell a total of 11 million more tyres in the European and the NAFTA replacement markets than in 2013. Speaking at the company’s press day in Hannover, Germany today, Continental CEO Dr. Elmar Degenhart stated that the tyre maker anticipates an increase of two per cent in these two regions, markets he said were “very important to our tyre replacement business”. He added that together with further growth effects in Asia and South America, Continental is looking forward to its global replacement tyre business rising three per cent this year. In regards to the original equipment segment, the CEO said Continental expects global production of passenger cars, SUVs and light commercial vehicles to increase by about two per cent.

6th March 2014/by Tyrepress Editors

Long awaited Cooper 2013 3Q report reveals Apollo, Chengshan damage

Cooper Tire has released its 2013 third quarter financial report, carrying with it the scars of the failed Apollo Tyre deal and the linked issues with the Cooper Chengshan (Shandong) Tire Company (CCT) joint venture. Cooper could not report before now as a result of unrest and lack of cooperation at CCT’s Rongcheng facility in reaction to Apollo’s attempted acquisition. The company said that it will produce Q4 and full 2013 financial reports later in March.

3rd March 2014/by Andrew

Age of new car buyers is increasing

A report in the Financial Times, which focussed on the expectations of German car producer companies, showed that younger people are shunning buying new vehicles. According to the report, the average age of a new car buyer in Germany rose to a record 52.2 years in 2013, three years older than the average a decade ago, reflecting a trend observed in other industrialised countries.

25th February 2014/by Tyrepress Editors

Trelleborg Wheel Systems posts positive 2013 results

Depending on whether you prefer the figure for continuing operations or the total consolidated result, Trelleborg Group net sales either rose 1.0 per cent – or declined 14.9 per cent – to SEK 21,262 million (£1.96 billion) in the 2013 fiscal year. The consolidated result was down from SEK 25,237 million in 2012 and includes the impact felt from the formation of TrelleborgVibracoustic, the joint venture formed with Freudenberg in 2012. Operating profit for 2013 came to SEK 2,815 million (£259.47 million).

25th February 2014/by Tyrepress Editors

BEN offers support to automotive flood victims

UK automotive industry charity BEN has extended its support for colleagues in the business. As the devastation caused as a result of the extraordinary series of weather storms in the UK continues, BEN said it recognises the likelihood that members of the automotive community are extremely likely to be amongst those being challenged by the experience.

21st February 2014/by Andrew

Nexen makes little progress in 2013

In the previous financial year, Nexen Tire only managed to slightly increase its global turnover. The third-largest Korean tyre maker reported a 2013 turnover of KRW 1.73 trillion (£973.38 million), just 1.3 per cent higher than in 2012. Income also came under pressure. While operating profit amounted to KRW 177 billion (£99.38 million) and lay 1.9 per cent below the previous year’s result, net profit decreased 7.8 per cent to KRW 124 billion (£69.63 million).

19th February 2014/by Tyrepress Editors

SRI net income up 26.4% in 2013

Japan’s Sumitomo Rubber Industries has reported net sales of ¥780,608 billion (€4.57 billion) for the 2013 financial year, 9.9 per cent higher than in 2012. Annual operating income amounted to ¥77,055 billion (£450.74 million), up 10.5 per cent year-on-year. Net income, at ¥44,794 billion (£262.03 million), was 26.4 per cent higher than in 2012. Net income per share was ¥170.75 (£1.00).

19th February 2014/by Tyrepress Editors

Bridgestone sales, profit up – ¥57 dividend per share announced

The latest annual results from Bridgestone Corporation show a rise in sales, operating income and net income, although the latter was pared back by fines linked to antitrust cases and the cost of product recalls during the year, including the 1.2 million tyre recall announced in Japan in November 2013. The company also anticipates that sales and operating income will further increase in 2014.

18th February 2014/by Tyrepress Editors

Toyo increases turnover and operating profit – but net profit down in 2013

Turnover at Toyo Tire & rubber rose 27 per cent during the 2013 financial year to ¥370 billion (£2.2 billion), the company reports, while operating profit almost trebled to ¥38.3 billion (£224.6 million); operating margin was 10.3 per cent. Despite these favourable figures, Toyo’s bottom line was significantly below its result a year earlier; net profit fell 12.3 per cent to ¥11.6 billion (£68.0 million).

17th February 2014/by Tyrepress Editors

Further growth for Apollo Tyres in prior quarter

For the third quarter of its financial year – October to December 2013 – Apollo Tyres reports an 8.0 per cent year-on-year rise in consolidated revenue to Rs 34.75 billion (£336.1 million). Operating profit increased 51.2 per cent to Rs 6.19 billion (£66.7 million), a result that includes exceptional items of Rs 1.12 billion (£10.8 million) from non-operational income, and a 17.8 per cent operating margin. Net profit, including the aforementioned non-operational income, rose 86.7 per cent to Rs 3.38 billion (£32.7 million).

17th February 2014/by Tyrepress Editors

Yokohama 2013 net income climbs 7.3%

Net sales, operating income and net income at Yokohama Rubber rose to record levels during the 2013 financial year, the company reports. It says this performance mainly reflected a tyre business recovery in North America and China along with strong winter tyre sales in the Japanese market. Net income increased 7.3 per cent over the previous year to ¥35.0 billion (£206.0 million), on a 14.0 per cent increase in operating income, to ¥56.6 billion (£333.1 million) and a 7.5 per cent increase in net sales, to ¥601.6 billion (£3.5 billion).

14th February 2014/by Tyrepress Editors