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Parts Alliance reorganises leadership

Career Tracks, UK News

Peter Sephton, who joined as Parts Alliance group CEO in August 2013 has announced some senior appointments. Sephton is aligning the four businesses into two regional alliances, the Western Alliance formed from GMF and CES and the Eastern Alliance, formed by SCMF and Allparts. Each Alliance will share resources, systems and best practice to accelerate growth, facilitate new branch openings, develop staff training and invest in tools to take customer service to world leading standards.

27th January 2014/by Tyrepress Editors

UK car makers back EU membership

UK car producers have come out as strong supporters of Britain’s membership of the EU, and a new group has commissioned a major research study into the benefits of belonging to the trading block to underline the ramifications of a potential exit.

27th January 2014/by Tyrepress Editors

Heitmann leaving Lanxess – former CFO filling his shoes

Career Tracks, Company News

Effective 28 February 2014, Axel C. Heitmann will step down as member and chairman of the Lanxess AG Board of Management. His successor will be Matthias Zachert, who served as chief financial officer at Lanxess between 2004 and 2011 and is currently chief financial officer at Merck KGaA. Zachert will begin his new role at Lanxess not later than 15 May 2014. Prior to Zachert joining the Lanxess Board of Management, current Lanxess chief financial officer Bernhard Düttmann will carry out Heitmann’s responsibilities.

27th January 2014/by Tyrepress Editors

How high is confidence among garage owners?

Automotive distribution group The Parts Alliance has conducted a survey of garage owners to gauge their confidence. With the UK economy wheezing its way back to growth, the survey asked whether garages within the group’s Servicesure Autocentres network were planning to invest in new equipment, take on new staff, seeking new capital, and how confident […]

24th January 2014/1 Comment/by Andrew

Marangoni appoints PwC to sell its Anagni car tyre plant

Company News, International News

Marangoni Group has appointed PricewaterhouseCoopers Corporate Finance (PwC) as its financial advisor to assist with the company’s sales of its car and light truck tyres plant in Anagni near Rome.

22nd January 2014/by Tyrepress Editors

Nokian handed additional tax bill

A famous saying posits that nothing is certain except for death and taxes, but Nokian Tyres may argue that taxes and then further taxes are more certain. Following on from the reassessment and €26.9 million bill received in December for the 2007 financial year, Nokian Tyres announced on 21 January that Finland’s Tax Administration has also reassessed Nokian’s tax for the years 2008 to 2010. According to this reassessment, the tyre maker must pay an extra €73.3 million tax and interest (€51.0 million of which is tax) for these three years. Payment must be made in February 2014.

22nd January 2014/by Tyrepress Editors

Cooper the target of securities class action lawsuit

Company News, International News

A securities class action lawsuit has been filed against Cooper Tire & Rubber and certain of the company’s senior executives by a number of investors. The lawsuit was filed in the US District Court for the District of Delaware. The complaint alleges that Cooper violated the federal securities laws by issuing a series of materially misleading statements and omissions in connection with the proposed acquisition of the company by Apollo announced on 12 June, 2013. In addition, the complaint alleges that Cooper misrepresented Cooper’s financial condition, financial prospects, and the effectiveness of the Company’s internal controls.

21st January 2014/by Tyrepress Editors

Cooper not yet ready to resume financial reporting

Although production of Cooper brand tyres at the Cooper Chengshan (Shandong) Tire joint venture facility will soon recommence, Cooper Tire & Rubber has cautioned that returning to normal financial reporting may take a little longer.

14th January 2014/by Tyrepress Editors

Kumho Tire tipped to exit workout programme this year

Korea Investment & Securities anticipates that a continually improving financial position at Kumho Tire makes the company good value for investors. In comments published by English-language Korean ICT publication IT Times, analyst Kim Jin-woo said the tyre maker’s debt burden is falling rapidly, and he opines that this financial turnaround isn’t yet reflected in the current Kumho Tire share price. Kumho Tire thus has been given a “buy” recommendation by Korea Investment & Securities and the target share price has been set at KRW 16,000.

14th January 2014/by Tyrepress Editors

Above-target EBIT, slight sales growth – Conti gives provisional figures for 2013

Continental’s newly-published provisional key figures for the 2013 fiscal year show the tyre and automotive component maker achieved an adjusted EBIT margin of 11.2 per cent, comfortably beating the target of at least 10.5 per cent set last November. Year-on-year sales increased slightly, rising from €32.7 billion to €33.3 billion.

13th January 2014/by Tyrepress Editors

Goodyear to webcast from DB industry conference

A webcast of Goodyear Tire & Rubber’s business overview and strategies will be held on 14 January; the live audio webcast of executive vice-president and chief financial officer Laura Thompson’s 40 minute presentation at the 2014 Deutsche Bank Global Auto Industry Conference in Detroit, US can be viewed from the http://investor.goodyear.com and will be available 1:35pm local time (6:35pm GMT, 7:35pm CET) on 14 January.

8th January 2014/by Tyrepress Editors

Binder elected chairman of Delticom’s Supervisory Board

Rainer Binder, one of the two founders of online tyre dealer Delticom AG, was appointed to the company’s Supervisory Board, effective 1 January 2014, by the district court (Amtsgericht) in Hanover, Germany. At its meeting on the following day, the Delticom Supervisory Board elected Binder its chairman. He has swapped roles with Andreas Prüfer, who on 1 January 2014 rejoined the company’s Management Board and was appointed co-CEO.

6th January 2014/by Tyrepress Editors

Sale of Carlisle Transportation Products completed

On 31 December, Carlisle Companies Incorporated announced it had completed the cash sale of Carlisle Transportation Products to American Industrial Partners; an enterprise value of US$375 million was paid for the tyre, wheel and transmission belt manufacturer.

3rd January 2014/by Tyrepress Editors

Nokian to appeal tax bill

On 30 December, Nokian Tyres received the unwelcome news that a reassessment made by Finland’s Tax Administration has determined the company must pay €26.9 million in additional taxes, plus punitive tax increases and interest, for the year 2007. The full amount will be recorded in Nokian’s 2013 financial statement and results. The company says it will appeal the ruling, however should it be upheld Nokian’s corporate tax rate will rise over the next five years to the maximum rate of 22 per cent, rather than to the previously announced 17 per cent.

2nd January 2014/by Tyrepress Editors

Goodyear announces changes to finance leadership

Goodyear Tire & Rubber’s Board of Directors has elected two members of the company’s finance leadership team to new roles. Scott Honnold, vice-president and treasurer, was elected vice-president, Business Development. Tom Kaczynski, vice-president, Investor Relations, was elected vice-president, Treasurer & Investor Relations. The changes take effect 1 January 2014.

18th December 2013/by Tyrepress Editors