On 1 July 2014, Klaus Deller will take over from Klaus Rosenfeld as chief executive officer of major Continental shareholder Schaeffler AG; Rosenfeld has held this office on an interim basis since the departure of Jürgen M. Geißinger last year. Deller will also become a member of the Board of Directors of INA-Holding. The appointment was confirmed by Schaeffler’s Supervisory Board yesterday.
Moody’s Investors Service has affirmed Goodyear Tire & Rubber Company’s, Corporate Family Rating at Ba3 and Probability of Default Rating at Ba3-PD. In addition Moody’s has revised the company’s rating outlook to positive from negative. The Speculative Grade Liquidity Rating was affirmed at SGL-2. The news is likely to be interpreted as a signal of improved financial performance at Goodyear, following the publication of good financial results from the US tyremaker yesterday (13 February 2014). The timing of the announcement is also interesting in light of the new that Goodyear and Sumitomo are dissolving their joint venture.
On 13 February, Bridgestone Corporation entered into a plea agreement with the US Department of Justice; this deal will see the company plead guilty to an antitrust conspiracy related to the sale of automotive anti-vibration rubber products. Bridgestone will also pay a US$425 million fine, and says it now intends to “take appropriate disciplinary action against certain responsible employees” in accordance with applicable corporate standards.
As of 10 February, Dr. Karsten Obenaus is the new CFO of alloy wheel manufacturer Uniwheels. Previously head of financial accounting, Dr. Obenaus has long held senior positions within Uniwheels’ finance department. He succeeds Eckehard Forberich, who has left the company. Forberich held the role of CFO since 1 July 2011.
Sustainable materials company Lehigh Technologies has elected Lamar Chambers, former senior vice president and chief financial officer at Ashland Inc, a leading specialty chemical company with more than $8 billion in revenue, to its board of directors. Chambers led Ashland’s financial organization during a period defined by multiple high-profile acquisitions and significant change in the […]
Pirelli & C. SpA has announced that the Board of Directors meeting it scheduled to review results for the year ended 31 December 2013 will now take place on Thursday 27 March 2014 and no longer on Tuesday 11 March, as previously announced. The company says this change follows the announcement from Prelios SpA – a real estate sector company that Pirelli is shareholder of – that it has postponed its Board of Directors’ meeting to review results for the year ended 31 December 2013 until 25 March 2014.
Kumho Tire has informed the Korea Stock Exchange that its 2013 sales, operating income and net profit were lower than the comparative figures for 2012. According to the company’s consolidated financial statements, total sales last year amounted to KRW 3,698.5 billion (£2.1 billion), a year-on-year reduction of 9.1 per cent. Operating income, at KRW 348.2 billion (£197.8 million), was down 7.2 per cent on the 2012 result. Net income for 2013 was KRW 117.4 billion (£66.7 million) and 10.1 per cent less than a year earlier.
Recent tax reassessments have given the Nokian Tyres Group a negative bottom line in the fourth quarter of 2013. The Finnish tyre maker’s pre-tax profit of €57.7 million (already down 44.6 per cent year-on-year) was dragged down to €-36.4 million by the additional €100.3 million in taxes and interest that Finland’s Tax Administration requires Nokian to pay for the 2007 to 2010 financial years.
A survey by The Parts Alliance has revealed that garage owners are feeling confident about the future with many planning to invest in equipment and training, and some looking to take on extra staff. Some 67 per cent of those who responded said they expected the first half of 2014 to see an upturn in trade and, looking further ahead, some 73 per cent felt ‘very confident’ about the year as a whole. The survey was conducted among garages belonging to the Servicesure Autocentre garage programme run by The Parts Alliance.
The trading price of shares in Pirelli & C. SpA jumped to €12.96 late on 29 January after financial website FT Alphaville published information from “usually well-informed sources” about manoeuvres to change the company’s ownership structure. The release of a statement from Pirelli chairman and CEO Marco Tronchetti Provera denying any deal ensured the descent from this peak, however, and by 11:00am GMT today the share price had declined 7.3 per cent from this high to €12.01.
There are now 2.5 million uninsured on UK roads, according to the new Private Motor Insurance Market Report, published by Lake Market Research. The report also suggests that 84 per cent of motorists want car insurance to be more tightly regulated and only 49 per cent of motorists completely trust the price comparison websites.
The Board of Directors at Titan International, Inc. has approved the promotion of Paul Reitz from his current position as the company’s chief financial officer to the open position of president. Reitz’s promotion takes effect 3 February. Taking his place as chief financial officer is John Hrudicka, who was previously presiding chief financial officer at Elkay Manufacturing.
Major US-based replacement tyre wholesaler American Tire Distributors (ATD) has acquired Hercules Tire & Rubber for approximately US$310 million. Details of the purchase – described as a merger – were submitted to the United States Securities and Exchange Commission on 24 January. Subject to closing conditions, the transaction is expected to be consummated by the end of January 2014.
Hankook Tire says sales of its UHP tyres were a “key growth driver” in boosting operating profit last year. Accumulated UHP segment sales accounted for 26.5 per cent of Hankook Tire’s entire global sales; UHP tyre sales rose 3.4 per cent year-on-year, growth led by the Chinese and European markets, where accumulated UHP tyre sales rose 13.6 per cent and 12.9 per cent year-on-year respectively.
In a regulatory filing submitted to the Korea Stock Exchange, Hankook Tire reports sales of KRW 1,708.5 billion (£953.8 million) for the fourth quarter of 2013, a year-on-year increase of 0.5 per cent. Operating income, at KRW 254.8 billion (£142.2 million), was up 14.6 per cent compared to the fourth quarter of 2012. Net profit from continuing operations (before corporate income tax) was reported as KRW 237.0 billion (£132.3 million), a 15.1 per cent year-on-year increase. Net income was not reported.
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