In its financial results for the March to June quarter – the first quarter of its current financial year – JK Tyre posted a net profit of Rs 540.4 million (£5.7 million), a year-on-year increase of 265.9 per cent. Quarter net sales came to Rs 18,669.4 (£196.0 million), 3.3 per cent higher than in the first quarter of 2012.
Pirelli will gain a controlling share of the Kirov and Voronezh tyre factories in Russia by increasing its stake in the joint venture it operates with Russian corporation Rostec and financial group GHP. The tyre maker will repurchase from GHP 15 per cent of shares from the package that used to belong to Fleming Family & Partners, thus increasing its share to 65 per cent.
Bridgestone Corporation’s consolidated financial statements for the second quarter and first half of 2013 show a considerable increase in net sales, operating and net income during the period. Net sales amounted to 1,705 billion yen (£11.4 billion) between 1 January and 30 June 2013, 14.4 per cent higher than in the same period of 2012. Operating income rose 42.3 per cent to 190.4 billion yen (£1.3 billion) and net income was up 55.5 per cent to 117.0 billion yen (£784.3 million). Net income per share increased from 96.17 yen to 149.52 yen (£1.00).
Buying an electric car may seem to be the green option when the energy label states Zero CO2 emissions. But that's not the whole story when you factor in the electricity required to charge the batteries, and associated CO2 emissions created in electricity generation; the green benefits then become less clear.
While the European financial fug continues, brake suppliers are being required to show greater flexibility in their operations. The reactions of brands operating in the sector are shown in this feature to include a drive towards internationalisation – particularly with performance products generating improved revenues in the Americas and Asia Pacific – and a more varied product line-up to suit both OEM and end-user requirements. A new report published by Markets and Markets suggests that the global brake market will “grow to $28,532 million by 2018, as compared to $20,210 million in 2013, with a CAGR of 7.14% from 2013 to 2018. During this period of flux, the report suggests drum brakes will occupy the major share when compared to disc brakes systems, but that demand for discs will increase at a faster rate and slowly surpass the drum brakes market.
In its 2012-13 annual report, Apollo Vredestein B.V. has reported net sales of €425.5 million, a result comparable with its 2011-12 sales of €426.9 million. In terms of volume, passenger car tyre sales declined four per cent, and agricultural tyres decreased 11 per cent. However, the company’s market share went up – the Dutch manufacturer says the total replacement consumer tyre market in Europe for the 2012-2013 financial year was down 13 per cent – and a better sales mix resulted in higher average sales prices.
Wayne Culbertson has been appointed managing director of Michelin Tyre Plc, replacing Eric Le Corre who has taken up the Paris-based position of head of public affairs.
Titan International has announced the appointment of Peter McNitt, vice-chair of BMO Harris Bank, to its Board of Directors, effective immediately.
The Goodyear Tire & Rubber Company announced today that Tom Kaczynski has joined the company as vice president of investor relations. He will report to Darren R. Wells, executive vice president and chief financial officer. Kaczynski joins Goodyear from Affinia Group Inc., where he had been vice president and corporate treasurer. At Affinia Group, Kaczynski established the company’s treasury office and led financing and investor relations activities.
Carlisle Companies, parent of Carlisle Transportation Products, says it will investigate “strategic alternatives” for its tyre and wheel subsidiary following quarter results punctuated by poor sales for the business unit.
Although India’s Automotive Tyre Manufacturers Association recently expressed a measure of dissatisfaction about the domestic rubber situation, member company MRF Ltd’s latest quarter results show profits that have been helped by the commodity. In the three months between 1 April and 30 June (the third quarter of MRF’s financial year), the tyre maker’s net profit leapt 57.2 per cent to Rs 2.27 billion (£25.0 million).
The deadline for reaching a new contract agreement at a number of Goodyear, Michelin and Bridgestone plants in the US is Saturday, and the likelihood this will be settled to the satisfaction of both tyre makers and union decreases with every hour.
Michelin shares fell 5 per cent after the publication of its first half 2013 financial results. Writing just a couple of hours after the earning details had been published, the Wall Street Journal opined that because first-half net profit fell 45 per cent and because Michelin is taking a 250 million-euro restructuring charge to improve manufacturing efficiency some investors became unsettled and closed their positions. However, Michelin was the not the only firm suffering in Europe and mixed responses to British GDP improvements and German business confidence are thought to have affected investors too.
Pirelli is back at Silverstone this weekend following its recent Formula One visits for the Silverstone Classic. The manufacturer will sponsor a Porsche 911 parade of the GP circuit on Sunday 28 July to commemorate its 60th anniversary, having signed a minimum three-year deal to sponsor Porsche Club Great Britain. Pirelli’s financial support of Porsche Club GB, as well as providing it with tyres and on-event technical expertise, are part of this agreement, makes it the official tyre supplier to the 16-race Porsche Club Championship series for production-based Porsches. Pirelli will also bring its F1 simulator and hospitality unit to the annual three-day event, from which it will run a number of competitions with prizes including drive experience days at Thruxton race circuit.
Preliminary figures published by online tyre retailer Delticom show improved performance in what the company calls a “challenging market environment.” During the first half of the year, the company achieved revenues of €212.2 million, up 9.8 per cent year-on-year. During the April to June quarter, Delticom’s revenues amounted to €130.9 million, a 21.5 per cent year-on-year increase. Against the market trend, second quarter revenues in the company’s core E-Commerce division rose 24.0 per cent year-on-year to €128.9 million; division revenues in the first half of 2013 were €206.4 million, an increase of 11.6 per cent.
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