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Schaeffler Holding refinances debt, issues bonds

On 17 July, Schaeffler Holding signed a new €3.875 billion credit agreement that it is said to offer improved terms. As part of the transaction, Schaeffler Holding intends to issue high yield bonds in euro and US dollar tranches, with an issue size equivalent to approximately €1.5 billion. This will go towards repaying the company’s debt. Schaeffler says these measures will further reduce borrowing costs and significantly improve capital structure at the holding level.

18th July 2013/12,345 Comments/by Tyrepress Editors

Toyo’s US expansion plans – update

Following publication of news that Toyo Tire & Rubber may be looking to increase production in the US, a representative from the Japanese tyre maker contacted Tyres & Accessories to clarify the information presented in our text from 10 July.

16th July 2013/12,345 Comments/by Tyrepress Editors

EU, DfT support for MWSD wheel safety campaign

Motor Wheel Service Distribution has welcomed news that the European Parliament (EP) has voted to support the testing of commercial vehicle wheels fitted onto non-standard axles as part of the EU Roadworthiness Package. The measure has also received the endorsement of the Department for Transport (DfT) in MWSD’s home UK market. The company, distributor of Wheels India’s xlite wheel range, has campaigned for many years to achieve greater recognition for the dangers associated with what it believes to be unsuitable wheel safety check requirements. Managing director John Ellis has lobbied for more stringent checks to be carried out on wheels, first to guard the distribution chain against potentially faulty take-off wheels, and latterly to catch signs of premature fatigue and damage for wheels fitted to incompatibly shaped hubs. Ellis presented expert testimony to the EP’s Committee on Transport and Tourism (TRAN), and this was raised as an amendment by Transport Committee chair and North West MEP, Brian Simpson following the initial report in March. As a result the compatibility of wheels and the hubs on which they are mounted has been included within new TRAN legislation.

15th July 2013/12,345 Comments/by Tyrepress Editors

New date for Pirelli board meeting

Pirelli’s Board of Directors will now meet to review results for the six months ended 30 June on 5 August 2013, instead of on 29 July as previously announced. Other planned dates remain the same; Pirelli will present its new 2013-2017 Industrial Plan to the financial community on 6 November 2013, after the approval of results for the nine months ending 30 September 2013, scheduled for 5 November, as previously announced.

15th July 2013/12,345 Comments/by Tyrepress Editors

June motorcycle sales "encouraging" says NMDA

The latest new motorcycle and scooter figures for June show sales overall were up 3.6 per cent against June 2012. Sales of scooters under 50cc were down 16.3 per cent in June, while all larger over 50cc motorcycle sales have increased by 6.4 per cent.

12th July 2013/12,345 Comments/by Tyrepress Editors

UK automotive industry agrees £1 billion investment plan

The UK government has agreed to match automotive industry investment of £500 million, resulting in a £1 billion 10 year automotive investment plant designed to secure the growth and development of its vehicle and component manufacturing sector.

This new funding supports multi-billion pound investments announced in the last few years by global automotive companies to boost production levels and develop new technologies and models. And when the term “automotive industry” is used it includes original equipment components such as tyres, with the full report pointing out tyre plants in Northern Ireland and Scotland as the wider British impact the investment programme is likely to have.

12th July 2013/12,345 Comments/by Tyrepress Editors

Bridgestone donates £2k to Warwick voluntary ambulance service

Bridgestone has donated £2,000 to a voluntary first aid service in Warwick in order to buy a defibrillator, new uniform and premium tyres for its four ambulances. The Leamington based brand says the Warwick Ambulance Association support demonstrates its commitment to vital community causes.

10th July 2013/12,345 Comments/by Tyrepress Editors

Kal Tire exhibiting at RWM show

With a full range of tyres designed for each part of the waste/recycling market Kal Tire hopes to communicate how it has become the UK’s number one at this year’s RWM show.

In addition to an available supply of new tyres in a comprehensive range of sizes and tread patterns, the company offers Kal ‘Fil’ tyres as a cost effective long-term solution to tyre related machine downtime in hazardous environments. According to the company, Fil tyres are guaranteed 100 per cent and can be retreaded up to three times; (depending on casing quality) giving further cost savings and environmental benefits on replacement tyres. The Kal Tire
Fil service is available at depots throughout the UK.

10th July 2013/12,345 Comments/by Tyrepress Editors

Apollo investors call for Cooper rethink

Shareholders ‘voted with their feet’ following the announcement that Apollo Tyres would acquire Cooper Tire & Rubber for US$2.5 billion, causing share prices to plummet from Rs 92.60 on 12 June – the day the deal was announced – to a low of Rs 54.60 (£0.61) nine days later. Now, several institutional investors are said to be speaking with the Indian tyre maker in the hope it will reconsider the transaction.

10th July 2013/12,345 Comments/by Tyrepress Editors

Conti Eurobond worth €750M

Continental reports its latest Eurobond has a nominal amount of €750 million; it is expected to be issued on 16 July and has a term of five years, with a 3.0 per cent annual interest rate. Interest will be payable semi-annually in arrears. The issue price is 98.95 per cent. The bond will be listed on the Luxembourg Stock Exchange’s Regulated Market and BNP Paribas, Citi, Deutsche Bank, ING and UniCredit will as joint-bookrunners for the transaction.

10th July 2013/12,345 Comments/by Tyrepress Editors

ATS-E develops Service Value Calculator

ATS Euromaster has developed a new Service Value Calculator (SVC) in order to demonstrate the financial benefits of managing tyres to truck, bus and coach operators. Programmable with customers’ operation-specific information the SVC measures the financial benefits available through regrooving, retreading, pressure optimisation and general tyre husbandry, such as turning tyres on the rim and twinning. ATS-E produces a 10-page tyre savings report based on the inputted operational data partially yielded from a preliminary fleet inspection, summarising the annual projected savings from introducing ATS-E’s tyre management service.

9th July 2013/12,345 Comments/by Tyrepress Editors

Linglong rated “most valuable Chinese tyre brand” for 2nd year running

World Brand Lab has named Linglong in its latest brand valuations ranking – the ‘Top 500 Most Valuable Chinese Brands’. And what’s more they report places Linglong as the highest Chinese tyre brand, with its brand value judged to have increased from 11.652 billion yuan (US$1.86 billion) to 14.372 billion yuan ($2.30 billion) over the past 12 months. This increased the company’s ranking on the ‘Top 500’ list to 127th place.

8th July 2013/12,345 Comments/by Tyrepress Editors

Conti to offer another Eurobond

Continental has released details of its upcoming Eurobond offer. It says it will issue a bond with a volume of at least €500 million and a term to maturity of five years, and intends to use the issue proceeds thereof for the partial refinancing of its bond issued in September 2010. The offer is open to investors residing outside the US, Canada, Australia and Japan. The issue volume and bond conditions are expected to be determined in the next few days.

8th July 2013/12,345 Comments/by Tyrepress Editors

New car demand recovering, registrations break million car mark in June

There are signs that new car demand is recovering as the SMMT reports that new vehicle registrations broke the million car market in the year to June 2013. This represents growth of some 10 per cent in the first half of 2013 totalling some 1,163,623 units. It was the 16th successive monthly rise in June, with this figure growing 13.4 per cent to 214,957 units.

All sectors grew, but private demand increased the most over the first half of the year, up 17.1 per cent, after a 21.3 per cent rise in June.

4th July 2013/12,345 Comments/by Tyrepress Editors

Analysts: Korean tyre companies outperform index

Korean tyre manufacturers have outperformed the Korean Kospi index year-to-date. According to an investor’s note published by financial analyst at Deutsche Bank, the strong showing has come thanks to “a sharp decline in raw material costs, strong earnings delivery and expectations of demand recovery in in the second half of 2013”, with the latter point welcome news for everyone.

4th July 2013/12,345 Comments/by Tyrepress Editors