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ATS Euromaster, Michelin chosen for 40,000+ Volkswagen lease fleet

Volkswagen Group Leasing (VGL), the fleet and corporate hire arm of Volkswagen Financial Services (UK), has chosen Michelin as its preferred tyre brand and appointed ATS Euromaster to fit and service tyres across its fleet for the next two years. Both contracts commenced on 1 April 2013 and cover VGL’s fleet of more than 40,000 cars and vans, which are supplied to customers on a mixture of contract hire and fixed cost maintenance agreements. The fleet also includes cars supplied to Volkswagen Financial Services’ employees.

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

Apollo in final stages of selecting Asia plant location

Apollo Tyres is said to be finalising plans to establish a new greenfield factory in Asia. Indian financial daily The Economic Times reported on 8 April that the tyre maker is close to making a decision on location.

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

Conti supporting ‘Favelas’ project in Brazil

Kick off at the opening match of the next World Cup is just over 14 months away, and Germany’s Continental AG is once again a sponsor of the FIFA-organised event. As part of its World Cup involvement, Continental has committed itself to the UERE education project in the Favelas, or the Baixa do Sapateiro slum district of Rio de Janeiro. The UERE project targets children and youths aged between 4 and 18, and over a three-year period Continental will use the media attention the football world’s premier event will give Brazil to raise the profile of UERE and what the project has achieved.

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

Bosal UK ceases production – 116 redundancies

Product News, UK News

Philip Duffy and David Whitehouse, both of global financial advisory and investment banking firm Duff & Phelps and Joint Administrators of Preston based Bosal (U.K.) Limited, have announced the sale of certain assets of the Company which relates to sales and marketing activities to Bosal International N.V. and Bosal Tobo B.V.

28th March 2013/12,345 Comments/by Tyrepress Editors

Croatia could join EU in July

International News, News

Croatia has been cleared to join the European Union (EU) as earlier as July, according to online news reports including BBC News.

However, the process is not yet complete. It won’t be until all 27 member states have ratified the agreement that it can go ahead. That said 19 member states have reportedly signed off on the Balkan state's EU accession. But it was not without criticism. A commission monitoring report is quoted by theparliament.com as saying the country needs to take further steps to tackle organised crime and corruption. Nevertheless Deutsche Welle cited an EU report as saying: "The commission concludes that Croatia will be ready to join the EU on 1 July 2013.”

27th March 2013/12,345 Comments/by Tyrepress Editors

Myers cited on Forbes trustworthy list again

For the second consecutive year, Myers Industries Inc. was named one of America’s 100 Most Trustworthy Companies in an annual Forbes magazine survey. To determine the yearly rankings, according to Forbes, GMI Ratings provided the magazine with “in-depth quantitative and qualitative financial analysis, which looks beyond the raw data of companies’ income statements and balance sheets. Non-traditional risk measures are assessed to interpret the highest quality of corporate accounting transparency, solid corporate governance and management practices, lowest incidence of high-risk events, and appropriate board supervision.”

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

Furthering the Blue Dimension range a Trelleborg priority

In its latest annual report, Trelleborg Group CEO and president Peter Nilsson describes 2012 as being “a good year” for the company. “In a turbulent economic climate, we improved our geographic balance and portfolio of operations, and strengthened our market positions,” he says. “Net sales and earnings rose slightly despite an increasingly challenging market environment. The group has a strong financial base.”

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

Moody's downgrades ATU’s corporate family rating

Moody's Investors Service has downgraded the corporate family rating of Germany’s A.T.U. Auto-Teile-Unger Investment GmbH & Co. KG from Caa1 to Caa2 and the company’s probability of default rating from Caa1-PD to Caa2-PD, while affirming the Caa3 rating of the issuer's 143 million euro senior subordinated floating rate notes. At the same time, Moody's has downgraded the 75 million euro senior secured floating rate notes issued by ATU from B3 to Caa1. The outlook on all the existing ratings has been changed to negative from stable.

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

GiTi Tire introduces new HR director – Europe

Giti Tire has announced the appointment of Dr Gabriele Bosselmann to the newly created position of HR director – Europe. Dr Bosselmann will join the EU leadership team and be responsible for HR policies, processes and procedures, as well as hold a key role in the development of business plans and objectives.

11th March 2013/12,345 Comments/by Tyrepress Editors

Delticom net income down 38.5% in 2012

According to audited financial statements for the 2012 fiscal year, internet tyre retailer Delticom AG recorded revenues of 456.4 million euros, 4.9 per cent less than a year earlier. The company’s EBIT margin was also down, from 11.0 per cent in 2011 to 7.1 per cent last year. Consolidated net income was 22.2 million euros or 1.87 euros per share, as compared with 3.04 euros a share in 2011.

11th March 2013/12,345 Comments/by Tyrepress Editors

Half of tyres changed at illegal tread depths

Micheldever Tyres Service’s latest quarterly tread depth analysis shows that between March 2012 and March 2013 between 50 and 60 per cent of tyres taken off in depots were already below the 1.6 millimetre legal limit. A further 40 per cent were on or just above it and only around three per cent were above 2 millimetres. Flicking back to when the research began in June 2008 it is clear to see that that the situation has deteriorated markedly over the last four or five years. Back then only around 15 per cent of tyres brought into depots were already illegal. Now it is more than triple that.

28th February 2013/12,345 Comments/by Tyrepress Editors

2012 a ‘record year in every way’, says Titan

Maurice Taylor may not be cut out for a high level diplomatic posting, but the man certainly knows how to run a profitable company. In the 2012 financial year Titan International increased its sales 22.4 per cent US$1,820.7 million – a record for the company. Gross profit for the year grew 26.7 per cent $294.1 million, or 16.2 per cent of net sales, as compared to $232.1 million, or 15.6 per cent of net sales in 2011. Income from operations in the current year was $174.7 million, compared to $132.2 million in 2011, an increase of 32.2 percent, while net income for year-end 2012 was $95.6 million, compared to $58.2 million in 2011, an increase of 64.3 per cent.

26th February 2013/12,345 Comments/by Tyrepress Editors

Taylor-Montebourg correspondence a ‘private matter’ – US Department of State

The verbal fisticuffs between Titan International’s Maurice Taylor and France’s minister of industrial renewal Arnaud Montebourg, first leaked to the world by financial newspaper Les Échos on 19 February, has been played down by the US Department of State. During the department’s daily press briefing on 21 February, Taylor’s disparaging comments regarding the French work ethic were broached and spokesperson Victoria Nuland asked whether the US administration considers investing in France any more (or less) difficult than investing in other European countries.

22nd February 2013/12,345 Comments/by Tyrepress Editors

Pirelli reschedules meetings, presenting new industrial plan in May

Pirelli intends to present its new 2013 – 2017 industrial plan to the financial community on 8 May 2013, in London. As a result, the Italian firm’s Board of Directors meeting, which will review the operational results for the three months ending 31 March, will now take place a day earlier, rather than on 8 May as announced. Furthermore, Pirelli’s annual shareholders’ meeting will now be held on 8 May 2013, and not on 13 May as previously announced.

21st February 2013/12,345 Comments/by Tyrepress Editors

Taylor letter ‘ignorant’, replies French minister

Maurice Taylor’s run for the Republican Party nomination in the US presidential election of 1996 ended in failure, and following recent events it is also unlikely the party will keep him in mind as a future Secretary of State. As expected, French industry minister Arnaud Montebourg has responded to the Titan boss’s strongly-worded letter with a few choice comments of his own.

21st February 2013/12,345 Comments/by Tyrepress Editors