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Comment: Stage fright

Whether the occasion is a corporate presentation or a theatre production, the moment immediately before you set foot on stage is probably the most nerve wracking. With a triple dip recession narrowly avoided and some first quarter results suggesting that the worst of the downturn is behind us, this is probably a good analogy for where the tyre market at large finds itself as the first half of 2013 draws to a close. One the one hand manufacturer supplied unit volumes, such as the first quarter figures supplied by the ETRMA, don’t exactly make easy reading and there is talk of restructuring. But on the other hand the worst could be over.

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

Pirelli profits dive in Q1, stronger full-year anticipated

The first quarter of 2013 appears to have been a "brutto trimestre" for Pirelli & C. SpA, with the Italian firm’s net profit dropping 41.7 per cent year-on-year between 1 January and 31 March. It was, in Pirelli’s words, a period “characterised by an economic scenario still strongly influenced by the crisis affecting Europe, where the demand for goods and services continues to shrink.”

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

Yokohama Tire Corp. names Tom Masuguchi senior VP, chief strategy officer

Tom Masuguchi has been promoted to Yokohama Tire Corporation’s senior vice-president, chief strategy officer and deputy chief financial officer. The former vice-president and chief accounting officer began in these new positions on 1 May.

3rd May 2013/12,345 Comments/by Tyrepress Editors

Kumho back in the black

The loss-making years are finally behind Kumho Tire. The Korean company has reported a net profit of KRW 123.67 billion (£71.9 million) for full-year 2012 – the best result since 2006 and a marked contrast from 2009, when the company posted a KRW 794.50 billion loss. Kumho Tire entered into a debt work out programme on 30 December 2009 as a result of financial difficulties faced by parent company Kumho Asiana.

30th April 2013/12,345 Comments/by Tyrepress Editors

Rising UHP sales drives Hankook operating profit higher

Although its first quarter sales are down 1.7 per cent year-on-year and 1.3 per cent lower than in the final quarter of 2012, Hankook Tire describes its consolidated sales for January to March 2013 as “well-sustained”, and the company’s bottom line faired well. The company earned global revenues of KRW 1.68 trillion (£975 million) in the first quarter, while operating profit amounted to KRW 254.4 billion (£147.8 million), a 10.4 per cent year-on-year improvement and 14.4 per cent higher than in Q4 2012. The operating profit to sales ratio reached 15.2 per cent.

29th April 2013/12,345 Comments/by Tyrepress Editors

Fuel price still major motoring cost concern

Despite several leading supermarkets dropping fuel prices at the pumps, new research from leading vehicle remarketing company BCA, highlights that fuel costs remain a major concern for motorists. When BCA polled over 720 used car buyers in March it found that three quarters claimed the price of fuel is their biggest worry when it comes to motoring costs and over a third are frustrated by the lack of action by the Government to tackle fuel prices. Three quarters of motorists use their car every day and one in five drivers are particularly concerned about the rising costs of motoring because they rely on their car for their work.

29th April 2013/12,345 Comments/by Tyrepress Editors

British breakthrough could cut fuel cell costs

Hydrogen fuel cell vehicles – seen by many people as the answer to clean, all-electric mobility without the range restrictions of battery-electric cars – could be a step closer and a lot cheaper as a result of the pioneering efforts of a British company. There are currently two major barriers to the full-scale introduction of fuel cells – cost and the lack of a hydrogen refuelling infrastructure. But ACAL Energy, a small company based at Runcorn in Cheshire, claims to have devised a cell which would cost no more than a four-cylinder petrol or diesel engine.

25th April 2013/12,345 Comments/by Tyrepress Editors

Michelin offers farmers ‘tyres on tick’

Financing is now available for UK purchasers of Michelin agricultural tyres through the company’s new ‘Flexelagri’ credit scheme. The tyre maker says qualifying UK farmers and contractors looking to purchase Michelin agricultural drive or trailer tyres, or the rims required for its Ultraflex technology, will be able to spread the cost over two years at a 0 per cent finance rate. No deposit is required, however a £100 administration fee applies.

19th April 2013/12,345 Comments/by Tyrepress Editors

Pearl River diversifying into non-tyre businesses

Pearl River Tyre (Holdings) Limited reports that the disposal PRT Capital Pte Ltd took place on 16 April 2013. Upon completion of the HK$85 million (£7.2 million) deal, PRT Capital will cease to be a subsidiary of Pearl River Tyre and the financial results will no longer be consolidated with that of the group.

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

Former Bridgestone Americas CEO Emkes retiring from finance role

Former Bridgestone Americas CEO Mark Emkes is retiring from his current role as commissioner of the Department of Finance and Administration in the state of Tennessee, reports US trade publication Tire Review. Emkes was selected for the role following an election held in 2010, and Tire Review shares that Emkes told a local newspaper that he now has “absolutely no political aspirations.” He will finish as commissioner on 31 May.

17th April 2013/12,345 Comments/by Tyrepress Editors

Reports: Continental 1Q may be worse than expected

In an interview with German Euro am Sonntag news source, Continental AG CFO Wolfgang Schaefer said he expected the company to report first quarter results "slightly worse" than anticipated. In March, the company said it estimates first-quarter sales to decline by between 1 and 3 per cent on the year, with roughly flat margin. However, during the interview Schaefer admitted missing the 1 to 3 per cent mark.

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

Titan appoints Fuglaar finance VP for North America

Titan International has hired Keith Fuglaar as its new vice-president of finance for North America. Fuglaar joins Titan from US-based heavy manufacturing firm The Egging Company, where he served as chief financial officer. Prior to his Egging commitment, Fuglaar was vice-president of finance for ARC Automotive, corporate controller at HNTB Corporation and director-FP&A with McLeodUSA. Fuglaar holds an MBA from the University of Tennessee and a BS from Louisiana Tech.

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

March motorcycle sales under the weather

The latest new motorcycle and scooter figures for March show sales overall were down 10.8 per cent against March 2012. Under 50cc scooter sales were down 27.3 per cent in March, while all larger over 50cc motorcycle sales have decreased by 8.9 per cent.

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

KKR confirms Alliance Tire Group purchase

Kohlberg Kravis Robert (commonly known as KKR) has confirmed reports that it is acquiring a controlling stake in Alliance Tire Group (ATG) from an affiliate of Warburg Pincus. KKR also confirmed that Yogesh Mahansaria, founder of ATG, will continue to maintain an ownership stake in the company and partner with KKR to continue to grow the business. Terms of the transaction were not disclosed and so details of current shareholdings and therefore the balance of power are not yet clear. As usual, the transaction is subject to customary closing conditions, including receipt of regulatory and third-party consents.

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

Aditya Birla Nuvo divests carbon black operation

Aditya Birla Nuvo, a company within India’s Aditya Birla Group, has divested its carbon black businesses to another group company, SKI Carbon Black (India) Pvt. Ltd. The company says the decision to divest was approved in a committee meeting held on 6 April, and the carbon black business will be divested at an enterprise value of Rs 14.51 billion (£173.2 million).

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